1. Research Introduction
1.1 Research Background
Since the beginning of this year, there has been widespread discussion in the market about VC tokens with high fully diluted valuations (FDV) but low circulating market capitalization (MC). With the new issuance of tokens in 2024, the MC/FDV ratio has dropped to its lowest level in the past three years, indicating that a large number of tokens will be unlocked and enter the market in the future. Although the initial circulation volume is low, the market may drive prices up in the short term due to increased demand, but this increase will lack sustainability. Once a large number of tokens are unlocked and enter the market, the risk of oversupply increases and investors begin to worry that this market structure may not provide lasting support for price increases.
As a result, many investors’ interest began to shift from these VC tokens to Meme coins. The characteristic of Meme Coin is that most of the tokens are fully unlocked at the Token Generation Event (TGE), the circulation rate is high, and there is no selling pressure caused by future unlocking. This structure reduces supply pressure in the market and gives investors more confidence. Many Meme coins have an MC/FDV ratio close to 1 at the time of issuance, which means that holders will not face dilution due to further issuance of tokens, providing a relatively stable market environment. As awareness of the risks of large-scale token unlocking deepens, investors’ interest has gradually shifted to these meme coins with higher liquidity and lower inflation rates, even though these tokens may lack practical application scenarios.
In the current market landscape, investors must be more cautious in choosing tokens. However, when investors select tokens, it is often difficult to independently evaluate the value and potential of each project. At this time, the screening mechanism of the exchange becomes the key. As the "gatekeeper" that directly pushes token assets to users, centralized exchanges (CEX) not only help verify the compliance and market potential of tokens, but also play a role in screening high-quality projects. Although there is another voice in the market that on-chain transactions will exceed CEX transactions. But Klein Labs believes that the market share of centralized exchanges will not be taken away by on-chain exchanges. Factors such as the smoothness of CEX transactions, centralized responsible asset custody, the establishment of user habits and mental models, the moat of liquidity, and the compliance trend of global supervision will make the transaction share in CEX exceed the transaction share on the chain in the long term and continuously.
So, the question that follows is, how do centralized exchanges screen and decide which projects to launch among so many? How is the overall performance of the currencies that have been launched in the past year? Is the performance of these listed tokens related to the selected exchanges?
In order to answer these questions of concern to the market, this study aims to explore the listing situation of major exchanges and analyze their actual impact on the token market performance, focusing on the changes in trading volume and price fluctuations after listing, in order to identify the impact of different exchanges on the market performance of currencies after listing.
1.2 Research Methods
1.2.1 Research subjects
We divide exchanges into three categories based on their region and market orientation:
- Founded by Chinese, facing the world: Binance, Bybit, OKX, Bitget, KuCoin, Gate, etc. A well-known exchange founded and invested mainly by Chinese, targeting the global market. There are a large number of Chinese exchanges. To facilitate research, the selected exchanges have different development characteristics. The exchanges that were not selected also have their own advantages.
- Founded in South Korea, targeting the local market: Bithumb, UPbit, etc. Mainly targeting the Korean domestic market.
- Founded in the United States, targeting Europe and the United States: Coinbase, Kraken, etc. US exchanges are mainly oriented towards the European and American markets and are usually strictly regulated by the SEC, CFTC, etc. Exchanges in other regions such as Latin America, India, and Africa are not analyzed in depth in this research report because their overall trading volume and liquidity are less than 5%. We selected a total of 10 representative exchanges and analyzed their listing performance, including the number of listing events and their subsequent market impact.
1.2.2 Time Range
We mainly focus on the price changes of the tokens on the first day, the first 7 days and the first 30 days after TGE, and analyze their trends, fluctuation patterns and market reactions for the following reasons:
- On the first day of TGE, new assets were issued and trading volume was highly active, reflecting the market's immediate acceptance. It is greatly affected by the rush to buy and FOMO sentiment, and is a critical stage for the initial market pricing.
- Price changes in the first seven days after TGE can capture the market’s short-term sentiment toward new tokens and initial recognition of project fundamentals, measure the sustainability of market enthusiasm, and return to a reasonable initial pricing for the project.
- The first 30 days after TGE will observe the long-term support of the token, the cooling of short-term speculation, the gradual withdrawal of speculators, and whether the token price and trading volume are maintained, which will become an important reference for market recognition.
1.2.3 Data Processing
This study adopts a systematic data processing method to ensure the scientific nature of the analysis. Compared with common research methods on the market, this study is more intuitive, concise and efficient. In this research report, the data mainly comes from TradingView, covering the price data of newly launched tokens on major exchanges in 2024, including the initial listing price, market prices at different time points, and trading volumes. Due to the large number of sample points, this large-scale data analysis helps to reduce the impact of single abnormal data on the overall trend, thereby improving the reliability of statistical results.
(I) Multivariate Overview of Coin Listing Activities
This study adopts a multivariate analysis method, taking into account market conditions, transaction depth, liquidity and other factors to ensure the comprehensiveness and scientificity of the results. We compared the average rise and fall of new coins on different exchanges, and conducted in-depth analysis based on the market positioning of the exchanges (such as user base, liquidity, and listing strategy).
(II) Judging overall performance by average value
To measure the market performance of a token, we calculated its percentage change relative to the initial listing price. The calculation formula is as follows:
Taking into account that extreme situations in the market may affect the overall data trend, we have eliminated the top 10% and bottom 10% of extreme outliers to reduce the interference of occasional market events (such as sudden positive news, market manipulation, and liquidity anomalies) on the statistical results. This processing method makes the calculation results more representative and can more accurately reflect the real market performance of new coins on different exchanges. Then, we calculated the average of the rise and fall of new coins on each exchange to measure the overall performance of the new coin market on different platforms.
(III) Determine stability by using the coefficient of variation The coefficient of variation ( CV) is an indicator to measure the relative volatility of data. Its calculation formula is:
Among them, σ is the standard deviation and μ is the mean. The coefficient of variation is a dimensionless indicator that is not affected by data units and is suitable for comparing the volatility of different data sets. In market analysis, CV is primarily used to measure the relative volatility of prices or earnings. In exchange or token price analysis, CV can reflect the relative stability of different markets and provide investors with a basis for risk assessment. The coefficient of variation is used here instead of the standard deviation. Because the coefficient of variation has higher applicability than the standard deviation.
2. Overview of Coin Listing Activities
2.1 Comparison between exchanges
2.1.1 Number of listed coins and FDV preference
We found that: from the overall data, the number of coins listed on top exchanges (such as Binance, UPbit, and Coinbase) is generally less than that on other exchanges. This reflects that the different positions of exchanges have an impact on the style of listing coins.
In terms of the number of listed coins, exchanges such as Binance, OKX, UPbit, and Coinbase have stricter listing rules, with fewer listed coins but larger scales; while exchanges such as Gate list new assets more frequently, providing more trading opportunities. The data shows that the number of listed coins is roughly negatively correlated with FDV, that is, exchanges that list more high-FDV projects usually have fewer listed coins.
CEXs use different strategies to determine listing priorities, focusing on different fully diluted valuation (FDV) tiers. Here we classify the projects according to their different FDVs to better understand the standards for listing on exchanges. When valuing tokens, we often consider MC and FDV, which together reflect the valuation, market size, and liquidity of the token.
- MC only calculates the total value of currently circulating tokens and does not take into account tokens that will be unlocked in the future. Therefore, it may underestimate the true valuation of the project, especially when most tokens have not yet been unlocked, which can be misleading.
- FDV is calculated based on the total amount of all tokens, which can more comprehensively reflect the potential valuation of the project and help investors assess future selling risks and long-term value. For projects with low MC/FDV, FDV has limited short-term reference significance and is more of a long-term reference. Therefore, when analyzing newly launched tokens, FDV is more useful than Market Cap. Here we choose FDV as the standard.
In addition, from the perspective of attitudes towards initial public offering projects, most exchanges usually adopt a balanced strategy, that is, taking into account both initial public offering and non-initial public offering projects, but usually have higher requirements for non-initial public offering projects because initial public offering projects will bring more new users. In addition, two South Korean exchanges, UPbit and Bithumb, mainly focus on non-initial listings. Compared with the initial public offering, non-initial listing can reduce the screening risk and avoid market fluctuations and insufficient initial liquidity during the initial public offering. At the same time, compared with the initial public offering, the project party does not need to bear too much pressure on marketing and liquidity management. Non-initial listing can drive growth by leveraging existing market recognition.
2.1.2 Track Preference
Binance In 2024, the number of Meme coins still accounts for the largest proportion. Infra (infrastructure) and DeFi projects account for a large proportion. The number of RWA and DePIN tracks listed on Binance is relatively small, but their overall performance is good. Among them, USUAL spot price had the highest increase of 7081%. Although Binance is relatively cautious in choosing coins to list in these areas, once they are launched, the market reaction is usually quite positive. In the second half of the year, Binance's listing preference in the AI track clearly tilted towards AI Agent tokens, which accounted for the highest proportion among AI projects. In 2024, Binance prefers the BNB ecosystem. For example, the launch of projects such as BANANA and CGPT shows that Binance is strengthening its support for its own on-chain ecosystem.
In terms of the number of coins listed on OKX , Meme also has the largest number, accounting for about 25%. Compared with other exchanges, there are more coins in the public chain and infrastructure tracks, accounting for a total of 34%. This shows that in comparison, OKX will pay more attention to underlying technology innovation, scalability optimization and sustainable development of the blockchain ecosystem in 2024. In the emerging track, OKX has only launched 4 AI tokens, including DMAIL and GPT, 3 new tokens in the RWA track, and only 3 in the DePIN track. This reflects that OKX is relatively cautious in its layout in relatively emerging tracks.
The biggest feature of UPbit UPbit's coin listing in 2024 is its wide track coverage and generally good token performance. In 2024, UNI and BNT were launched on the DEX track. This shows that UPbit still has great potential and room for development in listing popular assets. Many mainstream or high-market-cap tokens have not yet been listed, and support may be further expanded in the future. At the same time, this also reflects that UPbit has stricter review of listed coins and is more inclined to carefully screen assets with long-term potential . On UPbit, the tokens in each track have seen significant increases. Tokens in sectors such as PEPE (Meme), AGLD (Game), DRIFT (DeFi), and SAFE (Infra) have seen significant increases in the short term, with the highest increases reaching 100% or even exceeding 150%. UNI's price increased by 93.5% on the 30th day after its launch compared to the 1st day. This reflects that Korean users have a very high degree of recognition for UPbit's online projects.
In addition, from the perspective of public chain ecology, public chain ecosystems such as Solana and TON are more popular. In addition, exchanges are gradually deepening their support for their own blockchain ecosystems. For example, the BSC and opBNB chains associated with Binance continue to increase their support for their own chain ecosystems. Similarly, Base launched by Coinbase has also become its key support target. Among all newly launched currencies in 2024, the Base project accounts for nearly 40%. OKX continues to make efforts in the X Layer ecological layout . In addition, Kraken's planned launch of the L2 network Ink further demonstrates that leading exchanges are actively promoting the construction of on-chain infrastructure.
Behind this trend is the exchange's exploration of transforming from "off-chain" to "on-chain", which not only expands its business scope, but also strengthens its competitiveness in the DeFi field. By supporting projects on their own chains, exchanges can not only promote ecological development, but also increase user stickiness and obtain higher returns in the issuance and trading of new assets. This also means that in the future, exchanges’ coin listing strategies will be more inclined towards projects within their own ecosystems in order to enhance the activity and market influence of their blockchain networks.
2.2 Time Dimension Analysis
- The increase and decrease trend of the number of coin listing events is highly consistent with the rise and fall of BTC prices . There were more coin listing events during the BTC uptrend (February to March and August to December), while the number of coin listing events decreased significantly during the BTC sideways or downtrend (April to July).
- The coin listing activities of top exchanges (Binance, UPbit) were less affected during the bear market , and their coin listing share actually expanded during this period, demonstrating stronger market dominance and anti-cyclical capabilities.
- The number of coins listed on Bitget is relatively stable and is less affected by market fluctuations , while the pace of listing coins on other exchanges fluctuates greatly. This may be related to its more balanced coin listing strategy.
- Gate and KuCoin have a higher frequency of listing coins , but the number of coins listed fluctuates greatly with market conditions, indicating that these exchanges may rely more on the higher liquidity of new projects in a bull market to attract users.
3. Trading volume analysis
3.1 Overall trading volume of different exchanges
- UPbit’s trading volume accounted for a very high proportion within 24 hours of the currency’s listing, even exceeding half of Binance’s, demonstrating its strong appeal in the short-term market and a significant influx of liquidity. Although the share has slightly decreased after 30 days, it still maintains a high market share, even close to the combined share of the three top exchanges OKX, Coinbase, and Bybit, indicating that UPbit occupies an extremely important position in the coin listing market.
- Binance and OKX's trading volumes have grown steadily, and their 30-day market share remains at the top, demonstrating strong market recognition and liquidity depth. Binance accounted for 47% within 24 hours and increased to 53% after 30 days, indicating its long-term market dominance, while OKX also maintained a high share after 30 days.
- Bybit has performed well in both short-term and long-term trading volumes and is relatively stable. Bithumb’s market share increased slightly after 30 days, indicating that it was able to not only retain early trading volume but also attract more liquidity . This shows that Bithumb’s competitiveness in the coin listing market has increased.
Although Korean exchanges are known for their preference for non-first-time projects, as the above data shows, these projects can still generate very strong trading volumes. The core reason why the non-initial projects of the Korean Exchange can generate such a huge trading volume is its unique market environment:
The closed nature of the Korean trading market and the concentration of liquidity
- Closed market: Due to the relatively strict KYC policy in South Korea, overseas users are basically unable to directly use Korean exchanges. This regional isolation has led to a relatively closed trading ecosystem in the Korean market; a large number of local users are accustomed to buying and selling on Korean exchanges. Therefore, liquidity within the Korean market is more concentrated.
- Exchange monopoly: The Korean crypto market is highly monopolized. UPbit currently occupies 70%-80% of the Korean crypto market share and remains the industry leader. After UPbit established its leading position in 2021, Bithumb's original first position was replaced and its market share dropped to 15%-20%. South Korea's trading volume and liquidity are concentrated on the leading platforms, showing a strong capital concentration effect. Therefore, even though a token is not listed on the global market for the first time, its trading in the Korean market will still show a similar "first launch" effect, attracting a large amount of market attention and capital inflows.
South Korea’s Crypto Market’s High Ownership Rate and Capital Advantage
- High penetration rate of crypto assets: South Korean investors hold a very high proportion of cryptocurrencies, far higher than other major markets. As of November 2024, the number of people holding cryptocurrencies on Korean exchanges exceeded 15.59 million, equivalent to more than 30% of South Korea's total population. Many South Koreans already hold a large amount of crypto assets and prefer digital assets in their investment choices. South Korea, with 0.6% of the world's population, contributes 30% of the world's cryptocurrency trading volume.
- Adequate social capital: In addition, South Korea is a developed country with a relatively high GDP, with relatively abundant overall social capital and huge investable funds, which makes the crypto market have sufficient liquidity.
- Young people in traditional industries have little room for survival: South Korea is a capitalist country monopolized by chaebols. Young people face greater employment and life pressures, and class stratification has intensified their desire for channels for wealth appreciation. About 3.08 million young people aged 20-39 are involved in virtual currency transactions, accounting for 23% of the total population in this age group.
As of November 2024, South Koreans' total holdings of cryptocurrencies have increased to 102.6 trillion won (about 69.768 billion U.S. dollars), and the average daily trading volume has also climbed to 14.9 trillion won (about 10.132 billion U.S. dollars). UPbit became the CEX with the fastest growing trading volume in the fourth quarter of 2024, increasing from US$135.5 billion to US$561.9 billion, a month-on-month increase of 314.8%. This growth reflects the strong demand for crypto assets in the Korean market and further supports the trend of high trading volumes on non-initial projects on Korean exchanges.
4. Price performance analysis
4.1 Price performance by exchange
4.1.1 Overall performance of coin prices on various exchanges
- Binance performs the best, with both the mean and median standing out. The top three in terms of average value are Binance, OKX, and Bitget. Although the average value of OKX is positive, the median is negative, indicating that the price fluctuations of rising tokens are large, the price fluctuations in the short term are very drastic, and the outliers are more obvious. Bitget performed relatively well and was closest to the two leading exchanges among other exchanges. At the same time, its median increase ranks second among all exchanges, second only to Binance, and presents a relatively high positive value, which indicates that the token prices on Bitget as a whole show a strong and positive upward trend.
- Among medium-sized exchanges, Bithumb, Gate, and KuCoin performed relatively well . Among them, Bithumb has a relatively balanced price performance, with the smallest difference between the absolute value and the median, indicating that the price fluctuation is small and the performance is stable. However, the medians of KuCoin and Gate are negative, and the absolute values are relatively high, which indicates that the winning rate of the tokens is low, and there may be more rising outliers to interfere.
- By the 30th day, the median values had fallen overall, which means that after 30 days, especially for tokens with poor liquidity, some speculative funds in the market had withdrawn significantly, the selling pressure had increased, the buying support was insufficient, and the price had fallen. Gate may have listed too many coins, causing large fluctuations in the new coin market and insufficient liquidity. This shows that the platform failed to attract sufficient stable capital inflows, too many token options dispersed liquidity, the balance between buyers and sellers was broken, and prices fell sharply.
- Binance was less affected, with the average value slightly declining, indicating that its listed tokens still maintained strong market support and stable trading volume 30 days later, and some tokens still have room to rise. As a top exchange, Binance has huge market liquidity and a broad user base. Even if the overall coin market declines after 30 days, the token prices on its platform will still maintain a high level.
- Among medium-sized exchanges, Bithumb is the only exchange that rose after 30 days, and both the 7-day increase and median are positive. This shows that Bithumb has successfully attracted funds with good market liquidity and stability, showing strong resistance to declines and market appeal. This may be because Bithumb’s smaller number of listed tokens allows it to concentrate liquidity and maintain strong market activity, allowing newly listed tokens to perform better in price.
4.1.2 Monthly coin price performance of each exchange
- Binance and UPbit have obvious price advantages and are greatly affected by market sentiment. The coins listed on Binance and UPbit performed outstandingly when the market conditions were favorable. For example, Binance's 30-day increase in May and September reached 87.8% and 94.9% respectively, and UPbit also had a 60.5% increase in September, showing a strong price advantage, but the volatility was large, with significant declines in April and July, and market sentiment had a significant impact on them.
- The overall market conditions have a significant impact on the trend of tokens. Coins listed on top exchanges tend to see larger increases during bull markets, while mid-sized exchanges are more likely to see sharp declines during market downturns. For example, Bybit and OKX fell by -40.6% and -36.6% respectively in July 30 days. Kraken and KuCoin also performed weakly overall after 7 days, especially Kraken, which fell by -23.5% and -27.9% in January and March respectively.
4.2 Fluctuation of price fluctuations
In the previous part, we used the average value to reflect the overall rise and fall. Then, the coefficient of variation is used to reflect the fluctuation of sample data around the above average increase or decrease. If the coefficient of variation is small, it means that the data distribution is more concentrated, the rise and fall of most tokens are close to the average level, the market performance is relatively stable, and the price fluctuations after the exchange is listed are more predictable; conversely, the price trend after the exchange is listed is more uncertain.
Next, we will analyze the prices of 1 day and 30 days respectively:
- Binance has the lowest coefficient of variation, indicating that the first-day fluctuations of its listed tokens are relatively small and its market performance is the most stable. UPbit has the highest coefficient of variation and experienced large fluctuations on the first day, but combined with previous average value analysis, it is estimated that its overall market is likely to show a general upward trend.
- The coefficient of variation of medium-sized exchanges (from left to right along the coordinate axis) shows a linear growth trend. From Bitget, which has the lowest coefficient of variation, to Gate, which has the highest coefficient of variation. This shows that the market performance of the listed coins on these exchanges has gradually shifted from being relatively stable to having higher uncertainty, and from having relatively low short-term investment risks to gradually increasing risks.
- Bybit has a lower coefficient of variation, which is closest to Binance, indicating that its market volatility is also relatively controllable. However, considering that Bybit has a large number of listed coins, it can still maintain a low coefficient of variation, which shows that the overall quality of its listed projects is high and there are no large-scale highly volatile coins. In addition, this also reflects that Bybit may be more inclined to tokens with stronger stability in its coin screening strategy, thereby reducing the sharp fluctuations in the market in the short term.
- Judging from the Day 30 coefficient of variation, UPbit still maintains a high coefficient of variation after 7 days and 30 days, indicating that its trading pairs have significant price fluctuations and high market liquidity. Combined with the average value, the average value of UPbit trading pairs is positive, and the price declines relatively slowly, which indicates that the market buying and selling are relatively active, the liquidity depth is strong enough, and the overall market is healthy. From the perspective of coefficient of variation, UPbit has a greater advantage over other exchanges in this regard.
- Binance and Coinbase are still relatively stable exchanges. Binance has maintained a relatively stable growth throughout the cycle, while Coinbase's fluctuations between 7 and 30 days tend to be stable, indicating that its token market is more inclined to long-term stable development rather than short-term drastic fluctuations.
- The coefficient of variation of medium-sized exchanges (such as Bitget, Bithumb, Gate, and KuCoin) increased significantly on the 30th day, indicating that after the withdrawal of short-term arbitrage funds, liquidity decreased, leading to increased price volatility. The market is still dominated by short-term funds, with a low proportion of long-term funds and overall stability being weak. Bitget, in particular, has high activity but also high volatility risk.
5. Summary of highlights
5.1 Data Conclusion
After the above research and data, we draw the following conclusions:
The choice of exchanges to list coins has a significant impact on the performance of listed coins : Generally speaking, exchanges with fewer listed coins and more stringent requirements usually have better price performance after removing extreme outliers. However, the overall Bitcoin trend, regional market environment and user characteristics will also affect the performance of listed coins. Exchanges with a large number of listed coins will indeed stand out in the short-term average performance, but in the long run, a large number of listed coins will cause liquidity to be more dispersed, and may usher in a larger pullback after 30 days, and the price stability will be lower.
When the market is good, the top exchanges often have a greater growth advantage than medium-sized exchanges: However, from another indicator, the average growth rate, the growth performance of the top exchanges in 7 days and 30 days varies, but is generally positive. Binance has the best feedback among all price indicators. OKX will experience large fluctuations in the medium to long term. Among the top exchanges, UPbit has the most subdued performance, which may be due to its greater liquidity depth. At the same time, UPbit can actually achieve extremely high fluctuations within the first day of the token launch. However, since this study counts the final closing price on the first day, these outstanding performances may not be recorded. Among medium-sized exchanges, Bitget and Bithumb performed relatively well. Among them, Bitget performed stably, and Bithumb performed outstandingly in some price indicators.
Advantages of the Korean market and the listing effect: The Korean market has a unique market environment with high trading volume and good liquidity, and tokens can quickly attract funds after listing. Although prices fluctuated greatly in the early stages, the overall trend was upward. And the price fluctuations are still violent after 7 days and 30 days. This shows that in the Korean market, tokens launched online will have a longer development cycle and higher attention.
The impact of exchange screening process on token performance and market stability: During data processing, we found that some exchanges have significantly more outliers, indicating that the token screening and review process is crucial to post-listing performance. Outliers usually reflect that token prices deviate from expectations and may be affected by factors such as market manipulation or project risks. Exchanges that frequently experience outliers may be lax in their screening process, causing unstable tokens to enter the market and increase the risk of price volatility. Therefore, the token screening process of an exchange directly affects the market performance of tokens and overall market stability.
5.2 Exchange Performance
Binance & OKX: Both perform well in various indicators, but in the long run, Binance has an advantage in stability. Binance's market performance is relatively stable, able to maintain continuous growth and low volatility. In comparison, although OKX has greater market volatility than Binance, it is almost comparable to Binance in multiple indicators.
UPbit & Bithumb: UPbit and Bithumb are the two leading cryptocurrency exchanges in South Korea, with overall outstanding performance. UPbit has consistently maintained a high ranking among global exchanges. As one of the earliest exchanges established in South Korea, Bithumb has performed very well in some tokens. The extremely high enthusiasm for cryptocurrency speculation in the Korean market has led to a large amount of capital flowing into local exchanges, bringing higher liquidity and trading volume. Due to the high liquidity depth and the dispersed funds of many Korean retail investors, price changes will not be too obvious in the medium and long term. However, focusing on shorter-term intra-hour trading, the trading volume and price fluctuations of the Korea Exchange exceed those of other exchanges at the same level. Since this study mainly examines the price changes of tokens 1 day, 7 days, and 30 days after listing, it may not fully reflect the outstanding performance of Korean exchanges. It is worth noting that UPbit and Bithumb have obvious regional advantages of “Kimchi Premium”. After certain tokens are listed on Korean exchanges, their prices are usually a certain percentage higher than other global exchanges in the short term, which brings UPbit and Bithumb unmatched advantages over other global exchanges.
Bybit: As one of the top exchanges, it has strong liquidity depth and rich experience in listing coins, and can provide a stable trading environment. Although Bybit experienced a large-scale theft of coins in early 2025, it demonstrated its ability to respond as a large exchange through its timely and effective public relations handling and security measures. In contrast, many smaller exchanges often lack the capabilities to address such challenges. Bybit's response strategies in risk management and public relations were also very appropriate, especially in terms of maintaining sufficient financial funds, which quickly restored the trust of users and continued to maintain its competitiveness in the market.
Bitget: It performs particularly well among medium-sized exchanges and develops rapidly. Bitget is in the transition stage towards becoming a first-tier exchange and tends to implement a more stringent coin listing mechanism. The platform has capped more new coins, providing investors with a wider range of choices. At the same time, according to the average data, the overall performance of the launched tokens is good, and the positive price fluctuations of the currencies far exceed those of the same level platforms. The preference of high-quality projects for Bitget has gradually emerged. The platform remains prudent in project screening and has achieved more accurate selection of the best through a two-way incentive mechanism. Overall, Bitget's market performance is between the average levels of top exchanges and mid-sized exchanges. Demonstrated good price performance and market recognition. Compared with similar exchanges, the token price fluctuations on Bitget are relatively stable, showing a high degree of resilience during market fluctuations, thus maintaining strong market competitiveness and user trust.
Gate: is rising rapidly. Thanks to its high proportion of listed coins and its constantly innovative listing strategies, Gate's data performance in 2024 was relatively outstanding. Not only did the trading volume gradually increase, but the token price also increased significantly. Gate has successfully attracted a large number of emerging projects, significantly improved its market competitiveness, and continuously expanded its influence in the crypto market. Gate has performed outstandingly in the Meme track and has also set up an innovation zone to provide exclusive sections for newly launched tokens. With keen market insight, it has successfully launched several popular tokens, attracting a large number of investors. Its innovative coin listing strategy and precise project screening have helped the platform quickly expand its ecosystem, improved user stickiness, and promoted the growth of trading volume and liquidity.
KuCoin: In addition to the coin listings that are the focus of this report, KuCoin has made significant progress in compliance. KuCoin has reached a settlement with the U.S. Department of Justice (DOJ), which paves the way for the future development of KuCoin and its new leadership team. KuCoin is also actively acquiring relevant licenses, especially in Australia and India, and is also actively making plans in Europe, Türkiye and other places. KuCoin has applied for a license in Austria compliant with the Markets in Crypto-Assets Regulation (MiCAR) through KuCoin EU Exchange GmbH. At the same time, KuCoin is also India's first global cryptocurrency trading platform that complies with the regulations of the Financial Intelligence Unit (FIU). By promoting compliance and regional expansion, KuCoin is expected to attract more potential users, promote trading volume and price growth, and create favorable conditions for its continued growth in the future.
Coinbase & Kraken: As the largest exchanges in the United States, they have strong liquidity and deep markets. Coinbase's cautious coin listing strategy coupled with the United States' stricter cryptocurrency regulatory policies has resulted in a relatively small number of coins listed on the platform, but it also has higher security and stability. This shows that Coinbase has adopted a conservative launch strategy for new projects, especially high-risk assets such as Meme coins. However, judging from price performance, while choosing to pursue stable and long-term development, it also missed many opportunities for growth. Kraken is known for its security and is subject to strict regulation, resulting in fewer product services than other exchanges.
6. References
1. Animoca Brands Research on 2024 Listing Report
https://research.animocabrands.com/post/cm71o17u2t6f107mlc6v09ujq
Low Float & High FDV: How Did We Get Here?
https://www.binance.com/en/research/analysis/low-float-and-high-FDV-how-did-we-get-here
3. CoinGecko 2024 Annual Crypto Industry Report
https://www.coingecko.com/research/publications/2024-annual-crypto-report
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