CEX ecosystems are becoming their own economies, and most people still think exchanges just list tokens
The standard stack:
Exchange
Blockchain
Native token
Perp DEX
Spot DEX
Web3 product (Alpha/Boost equivalents)
Wallet
Binance has everything: BSC chain, BNB, ASTER perp, CAKE DEX, Alpha Web3 product, TWT wallet. It's all interconnected, Trust Wallet has Binance deposit tasks, Alpha has BNB allocations through PancakeSwap.
Bybit complete ecosystem: Mantle blockchain, MNT token, APEX perp, ByReal DEX (Solana-only, limited), Alpha launching soon, Bybit Wallet
OKX has X Layer, OKB, combinedDEX Web3product(Boost), OKXWallet. They lost the perp race - OKB, combined DEX Web3 product (Boost), OKX Wallet. They lost the perp race. Still, Boost alone is enough for consistent cash flow
FTX (for the lulz):
$FTT and Pacifica perp. Backpack is more FTX than FTX now
The smaller players:
Gate: Most loaded ecosystem of the tier-2s. GateChain L1,
$GT token, Aden perp, Gateway Web3 product. Gateway is weak—lottery-based rewards instead of Boost/Alpha allocation model
Huobi (Justin Sun's): HECO chain,
$HT token, SunPerp. Could've used
$TRX but didn't. A little bit of everything, master of nothing
Bitget: No chain or perp, but has
$BGB, Morpho L2, Bitget Wallet. Their promos are elite though—best I've seen for raw cashback farming.
MEXC:
$MX token, DEX . That's it
Coinbase stands out: Base L2,
$AVNT perp,
$AERO DEX (just merged with
$VELO yesterday), Coinbase Wallet. Everything except a Web3 product and native token (coming 2026). If they stopped reverifying accounts constantly they'd be perfect
I saved Coinbase for last because next post is about how they're not just building on Base - they're going omnichain. The Aerodrome Velodrome merge has cross-chain liquidity mechanics that pull TVL from every major chain