CEX tokens were the original template for “token backed by something real”. BNB launched in 2017 with a buy-and-burn programme funded by Binance’s trading fees, and over the next seven years Binance grew from nothing to the largest crypto exchange in the world — pulling BNB’s market cap from roughly $5M at launch to over $100B at peak.
That same playbook, with varying degrees of success, powers every other CEX token in the sector. The token works when the exchange is growing. When the exchange is not growing, the token does not work.
For a broader view see the DEX sector (the decentralized alternative) and the best crypto to buy guide. Data below is live from CoinGecko.