Despite a recent 40% decline, exchange tokens are still up about 200% in 2019

Even though there has been a 43% decline in the last four months, the market cap of exchange tokens has still grown by 255% since the beginning of the year. Exchange tokens appear to be effective at providing exposure to the growth of volume on the underlying exchange.

Virtually all Asian exchanges have issued their own tokens that give holders certain advantages. Exchanges based in the U.S. and Europe have so far avoided the Asian trend; perhaps over concerns regulators would consider the exchange tokens securities.