The Case for Infrastructure-Based Native Tokens in a Shaky Market

WhiteBIT Coin (WBT), the native token of the WhiteBIT exchange, reached a $5B market cap in April 2025 without relying on hype mechanics or speculative catalysts. Launched in 2022 with a capped supply of 400M, WBT was designed as an infrastructure token — integrated into trading fee discounts, staking utilities, and platform-based incentives.

In April 2025, WBT entered CoinDesk’s rankings, while WhiteBIT itself was listed among the top derivatives exchanges on Coinglass. This milestone reflected the cumulative effects of strategic development choices made over the past two years. According to market data, the token remained relatively stable throughout Q1 2025, despite wider altcoin volatility triggered by macro uncertainty and liquidity contraction.

WBT’s case may not be unique, but it’s a reminder that some exchange-native tokens are quietly evolving beyond short-term speculation. Unlike hype-driven assets, these tokens are directly tied to the operational models of functioning platforms, and their value often reflects user activity, trading volumes, and product adoption. With renewed interest in CEXs and infrastructure plays, native tokens with actual platform integration may see more sustained relevance over time.