In recent weeks, major cryptocurrency exchanges have reignited interest in platform-native token utilities by launching innovative launch models that blend DeFi-style incentives with centralized exchange infrastructure. Following Binance and Huobi’s introduction of “new token mining” programs—often referred to as Launchpool—OKEx CEO Jay Hao announced that the exchange’s token launch platform, OK Jumpstart, will soon support similar staking-based token distribution. As all three giants require their native platform tokens (BNB, HT, OKB) for participation, a pressing question emerges: Are exchange tokens poised for a comeback?
This strategic pivot reflects a broader trend where centralized exchanges are adopting DeFi mechanics to stay competitive. While these models resemble earlier IEO (Initial Exchange Offering) formats, they’re enhanced with yield-generating mechanisms that appeal to both retail and yield-focused investors.
👉 Discover how leading exchanges are reshaping token launches with integrated yield opportunities.
DeFi-Enhanced IEO: The New Normal
Binance kicked off this renewed wave with the launch of its Launchpool initiative on September 9, offering users the chance to stake BNB, BUSD, or ARPA to earn tokens from Bella Protocol (BEL), a DeFi asset management platform aimed at simplifying user onboarding.
The distribution was heavily weighted toward BNB holders:
- BNB Pool: 4,500,000 BEL (90%)
- BUSD Pool: 450,000 BEL (9%)
- ARPA Pool: 50,000 BEL (1%)
This structure underscores Binance’s strategy: rewarding long-term platform token holders with preferential access to high-potential projects. Just one week later, on September 16, BEL was officially listed for trading on Binance, giving early stakers immediate liquidity.
Bella Protocol itself offers a suite of tools including one-click portfolio management, automated lending strategies, and robo-advisory services—positioning it as a user-friendly gateway into complex DeFi ecosystems. By aligning BNB stakers with such projects, Binance not only boosts engagement but also reinforces the utility and demand for its native token.
Huobi and OKEx Follow Suit
Huobi didn’t stay behind. On September 7, it launched two simultaneous DeFi mining campaigns. At 16:00 UTC+8, the exchange initiated a “Stake HT/HPT for CRV Rewards” program, allowing users to lock up Huobi Token (HT) or Huobi Pool Token (HPT) to earn Curve (CRV) tokens—a move clearly designed to increase demand for HT within a DeFi context.
Just four hours later, at 20:00 UTC+8, Huobi introduced a second campaign: “Stake HT to Mine ACH (Alchemy Pay)”, launching the token on its spot market simultaneously. Alchemy Pay is a crypto payment infrastructure project with a total supply of 10 billion tokens, aiming to bridge fiat and digital currencies across global merchants.
These dual campaigns highlight Huobi’s dual strategy: leveraging its platform token for both DeFi yield farming and new token distribution—mirroring Binance’s approach while expanding use cases for HT.
Meanwhile, OKEx made headlines by announcing the integration of its “Earn” product with the Compound protocol. Starting immediately, users can deposit assets like BAT, DAI, ETH, USDC, USDT, and ZRX into OKEx’s earn pools and earn interest powered by Compound’s lending markets.
While this service doesn’t require holding OKB (OKEx’s native token), it signals OKEx’s deeper commitment to bridging CeFi and DeFi. Given CEO Jay Hao’s earlier statement about upcoming mining features on OK Jumpstart, industry observers expect an OKB-based staking model similar to Binance Launchpool in the near future.
Are Platform Tokens Making a Comeback?
At first glance, these initiatives may seem like repackaged IEOs—but with a critical upgrade: sustainable yield. Unlike traditional IEOs that offered one-time purchases with uncertain post-listing performance, these new models provide continuous earning potential during the mining period, reducing speculative pressure and encouraging longer holding periods.
More importantly, they reinvigorate demand for exchange-native tokens:
- BNB remains central to Binance’s Launchpool allocations.
- HT unlocks access to premium mining pools on Huobi.
- OKB is expected to play a similar gatekeeper role once OK Jumpstart rolls out its mining feature.
Earlier in 2025, all three tokens saw strong performance driven by buyback programs, ecosystem expansions (like OKChain), and increased trading volume. Despite the mid-year surge in standalone DeFi tokens (e.g., UNI, SUSHI, YFI), exchange tokens have maintained resilience.
In fact, year-to-date returns tell an impressive story:
- OKB: +103%
- HT: +87%
- BNB: +79%
- BTC: +36%
Even against Bitcoin’s post-halving rally, exchange tokens outperformed significantly—suggesting growing confidence in their underlying utility and revenue-sharing models.
With Ethereum gas fees remaining high and DeFi interfaces still complex for average users, centralized exchanges offer a streamlined alternative. Their ability to provide secure, scalable, and user-friendly access to yield-generating opportunities gives them a unique edge.
Frequently Asked Questions
Q: What is ‘new token mining’ or ‘Launchpool’?
A: It’s a staking program where users lock up specific tokens (often platform-native ones like BNB or HT) to earn newly launched project tokens over time. It combines elements of yield farming and initial token sales.
Q: Do I need to hold a platform token to participate?
A: Yes, in most cases. For example, Binance prioritizes BNB stakers in its Launchpool events. Similarly, Huobi requires HT for new token mining. OKEx is expected to follow suit with OKB.
Q: How does OKEx’s Compound integration work?
A: OKEx’s Earn product routes user deposits into Compound’s lending protocol. Users earn interest without needing to interact directly with smart contracts—ideal for those seeking DeFi yields with CeFi simplicity.
Q: Is this just another form of IEO?
A: While conceptually similar—centralized platforms launching new projects—the addition of staking rewards and gradual token distribution makes it more aligned with DeFi liquidity mining than traditional IEOs.
Q: Are these programs safe?
A: They are generally safer than direct DeFi interactions due to exchange oversight and custodial protection. However, market risk remains—newly mined tokens can drop in value after listing.
Q: Can I withdraw my staked tokens anytime?
A: Most programs allow flexible staking with no lock-up periods (e.g., Binance Launchpool), but rewards are calculated hourly or daily based on average balance.
The Road Ahead: Convergence of CeFi and DeFi
The latest moves by Binance, Huobi, and OKEx reflect a larger shift: the blurring line between centralized finance (CeFi) and decentralized finance (DeFi). By integrating yield-generating protocols and launching staking-based token distributions, exchanges are offering hybrid products that combine security, ease of use, and competitive returns.
For users, this means greater accessibility to emerging projects without navigating complex wallets or paying exorbitant gas fees. For exchanges, it strengthens platform loyalty and increases demand for native tokens—driving buy-and-hold behavior through tangible utility.
As more platforms explore integrations with leading DeFi protocols like Aave, MakerDAO, or Yearn.finance, we may see even broader adoption of such hybrid models.
👉 Explore how the next generation of crypto platforms is merging CeFi efficiency with DeFi innovation.
In conclusion, while DeFi dominated headlines in mid-2025, centralized exchanges are fighting back—not by competing directly, but by adapting and evolving. By embedding DeFi mechanics into their ecosystems and reinforcing the value of their native tokens, they’re positioning themselves as essential gateways to the future of digital finance. The resurgence of exchange tokens isn’t just possible—it might already be underway.