在過去的兩個月中，在交換令牌領域出現了明顯的分歧

這個市場越來越有益於效用和合理的令牌學，同時懲罰感知的風險

In a landscape where utility and sound tokenomics are increasingly rewarded, and perceived risks are swiftly punished, the exchange token sector has seen a sharp divergence over the past two months.

在越來越多的景觀中，公用事業和聲音令牌學都越來越有回報，並迅速受到懲罰，在過去的兩個月中，交換代幣領域的差異急劇下降。

While Binance Coin (BNB), Bitget Token (BGB), and OKX’s OKB managed respectable gains, Bybit’s Mantle (MNT) and GateToken (GT) trailed with significant losses.

雖然Binance Coin（BNB），Bitget Token（BGB）和OKX的OKB管理了可觀的收益，但Bybit的Mantle（MNT）和GateToken（GT）（GT）帶來了巨大的損失。

According to CryptoRank data, an investor holding $10,000 in any of five prominent exchange tokens BNB, BGB, OKB, MNT, and GT would have seen massively different returns depending on their pick.

根據Cryptorank Data的數據，在五個著名的交易所代幣BNB，BGB，OKB，MNT和GT中，持有10,000美元的投資者將根據他們的選擇而獲得截然不同的回報。

The Winners' Circle: BNB, BGB, and OKB Lead the Pack

獲獎者的圈子：BNB，BGB和OKB領先

Among the five tokens, BNB took the lead with a 10% increase over two months. The token recently hovered around $661.21, testing the $668 resistance.

在五個令牌中，BNB在兩個月內以10％的速度領先。該令牌最近徘徊在661.21美元左右，測試了668美元的電阻。

Volume also surged 20%, indicating growing interest among traders in the world's largest cryptocurrency exchange's native token.

數量也飆升了20％，表明貿易商在世界上最大的加密貨幣交易所本地代幣中的利息日益增加。

With its full circulating supply in play and no inflation risk, BNB remains a solid asset in the exchange token space.

BNB憑藉其全部循環供應供應，沒有通貨膨脹的風險，在交換令牌空間中仍然是穩定的資產。

Close behind, BGB managed a 7% rise, not only showing price appreciation but also offering top-tier farming rewards. It reached $4.80 amid signs of rising momentum and whale accumulation. Volume soared nearly 29%.

BGB緊隨其後的是7％的增長，不僅顯示出價格升值，而且還提供了頂級農業獎勵。它在勢頭上升和鯨魚積累的跡像中達到了4.80美元。數量飆升了近29％。

Support held strong at $4.6764, while resistance at $4.84 showed traders locking in profits. BGB's low liquidity made it sensitive to large trades.

支持的強勢為4.6764美元，而阻力為4.84美元，顯示商人鎖定利潤。 BGB的流動性低使其對大型行業敏感。

OKB followed with a 6% gain, displaying mild bullishness but less conviction than its peers. Priced at $52.85, the token moved close to resistance at $53.20.

OKB隨後獲得了6％的收益，表現出溫和的看漲，但信念少於同齡人。代幣的價格為52.85美元，以53.20美元的價格移至電阻。

Though its volume growth was modest, the limited circulating supply (60M vs. 300M total) hints at controlled inflation a possible edge for long-term holders.

儘管其體積增長不大，但有限的循環供應（60m vs. 300m）暗示了控制通貨膨脹的長期持有人可能的優勢。

The Laggards: MNT and GT Weighed Down by Supply Concerns

落後：MNT和GT因供應問題而權衡

Not all exchange tokens enjoyed a bullish run. Mantle (MNT) dropped 12%, despite a short-term rally to $0.6707. Strong volume indicated active trading, but looming supply dilution cast a shadow. While liquidity was high, the risk of token unlocks remains.

並非所有交換令牌都喜歡看漲。儘管短期集會至0.6707美元，但Mantle（MNT）下降了12％。強大的體積表明積極的交易，但迫在眉睫的供應稀釋會引起陰影。儘管流動性很高，但令牌解鎖的風險仍然存在。

GateToken (GT) slid 13%, the worst performance among the five. Its price reached $18.28, pulling back after failing to break $18.65.

GateToken（GT）滑行13％，這是五個表現最差的表現。它的價格達到了18.28美元，未能打破18.65美元後退縮。

Despite a 60% volume spike, its chart showed more consolidation than momentum. With less than half of its total supply in circulation, inflation risk could be holding it back.

儘管體積飆升了60％，但其圖表表現出比動量更合併。由於其流通總額的一半不到一半，通貨膨脹風險可能會阻止。