Data suggests Uniswap is 36% overvalued and SushiSwap trades at a discount

Just looking at Binance Coin's (BNB) reported market capitalization, one might conclude that the token is the dominant asset when compared to other exchange tokens.

Although there is no direct relationship between Binance's exchange volume (or revenue) and token economics, traders seem to use it as a proxy. The controversial burn mechanism has been losing impact since April 2019, when the exchange changed the BNB whitepaper.

Exchange tokens market cap and volume. Source: Messari Screener and CoinGecko
BNB price (above) and Binance exchange daily volume (below). Source: TradingView and Nomics