coinbace

#coinbace non-custodial) |
| **Value Driver** | Exchange's success & user adoption | Protocol usage & DeFi activity |
| **Governance** | Rarely (usually controlled by the CEX)| Common (token holders vote on upgrades) |
| **Examples** | BNB, CRO, KCS, OKB | UNI, CAKE, CRV, SUSHI, DYDX |
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### Why Do Exchanges Create Tokens?
1. **User Incentives**: Discounts on trading fees.
2. **Governance**: Decentralize decision-making (common in DEXs).
3. **Staking/Liquidity Mining**: Reward users for providing liquidity or locking tokens.