2025 Exchange Coin Listing Pattern Depth Analysis: Binance on-chain issuance dominates the market, and the return rate of secondary coin listings completely crushes that of first-time listings.

2025-08-21 09:05:46

Source: TopHash

Compiled & Edited by: Janna, ChainCatcher

Editor's note

This article is sourced from the latest research report published in July 2025 by Tophash Digital, a consulting investment firm in the digital asset field. The report showcases the profound changes that the listing landscape of cryptocurrency exchanges is undergoing from 2024 to the first half of 2025. Binance continues to lead with Alpha airdrops and IDOs, while secondary listings are rising and demonstrating better performance than first listings. On-chain issuance and perpetual contract listings are becoming new trends, with significant differences in listing strategies, project performance, and paths among different exchanges. This article will reveal the full picture of the listing dynamics across exchanges from multiple dimensions including activities, performance, and distribution.

ChainCatcher has organized and compiled the content (with omissions).

This study provides a comprehensive analysis of the listing dynamics of cryptocurrency tokens related to major centralized exchanges and Binance's issuance plans from January 2024 to June 2025. The subjects of the study include several mainstream trading platforms such as Binance, the Binance perpetual contract market, Coinbase, OKX, Upbit, Bithumb, and Bybit. The research scope covers spot trading, perpetual contracts, and issuance channels based on decentralized exchanges (DEX), focusing on two types of listing behaviors: initial listings (new assets directly allocated through mechanisms such as airdrops, i.e., Token Generation Events (TGE) or Initial Exchange Offerings (IEO)) and secondary listings (tokens that have trading history on other platforms being listed on a new exchange). This study systematically organizes the listing trends of different exchanges, the distribution of Fully Diluted Valuation (FDV), the performance of tokens post-listing, and the cross-platform listing pathways. The core objective is to gain deeper insights into Binance's dominant role as a core listing channel, and to compare and analyze the strategies and performance differences of other platforms such as Coinbase, OKX, Upbit, Bithumb, and Bybit. Ultimately, it aims to reveal the diverse models and underlying mechanisms of token issuance, price performance, and market expansion in different liquidity environments.

listing activities of the exchange

Total number of tokens listed on exchanges in 2024 and the first half of 2025

In the first half of 2025, the listing activities of cryptocurrency exchanges saw significant growth, but the paths of first listings and secondary listings showed a clear differentiation. Binance significantly expanded the coverage of its token listing ecosystem through the continuous expansion of its DEX-based issuance business and perpetual contract market; in contrast, the listing pace of several other mainstream exchanges has slowed down or remained stable, showing a trend of centralization in the overall pattern.

The number of first and second listings on exchanges in 2025.

Total number of tokens listed on exchanges for the entire year of 2024, the first half of 2025, and the estimated total for the entire year of 2025.

In the first half of 2025, Binance remains the most active exchange globally for new token listings, launching a total of 71 new token projects, all driven by DEX issuance channels, including airdrops from the token discovery platform Binance Alpha and the first Initial DEX Offering (IDO). Upbit and Coinbase maintained a relatively stable pace for new token listings, each launching about 12 projects in the first half of the year, primarily focusing on mainstream cryptocurrencies with larger market capitalizations. In contrast, Bybit and OKX have significantly reduced their scale of new token listings, dropping from double digits in 2024 to single digits in the first half of 2025. Overall, the total number of new token listings across the industry is expected to increase significantly, rising from 209 in 2024 to 402 in 2025, a year-on-year increase of 92%; this growth is mainly driven by decentralized issuance methods such as Binance Alpha and IDOs.

In terms of secondary listings, Binance launched a total of 138 secondary listing projects during the same period, most of which were promoted through the Binance Alpha platform for relisting existing tokens. Coinbase, Upbit, and Bithumb are also placing greater emphasis on secondary listings, which account for about 80% of their total listing volume in 2025. The perpetual contract market on Binance also significantly favors secondary listings, with their quantity nearly double that of primary listings. The number of secondary listings is expected to achieve a year-on-year growth of 109%, rising from 341 in 2024 to 714 in 2025. Under the leadership of Binance and its Alpha program, secondary listings are rapidly becoming the dominant form of listing activity on exchanges in 2025.

The number of tokens listed on Binance in 2024 for the whole year and the first half of 2025, categorized by project.

In Binance's new token generation event (TGE), Alpha airdrops and IDOs dominated, contributing a total of 84% of new asset issuance. From an annual comparison, the overall spot listing plan remains stable: it is expected to be 64 in 2025, basically flat with 57 in 2024. This statistic covers various issuance methods including direct listings, Launchpool, Megadrop, and holder airdrops.

The number of tokens listed on Binance spot, decentralized exchanges, and perpetual contracts for the entire year of 2024, the first half of 2025, and the expected total for 2025.

In the listing projects of Binance Futures, secondary listings dominate. Among the 103 projects launched in the first half of 2025, 72 are secondary listings, which continue to bring strong trading volume, but their role in promoting new token generation events (TGE) is relatively limited. Currently, Binance's listing strategy has clearly shifted to focus on DEX issuance, while the traditional spot listing mechanism still maintains strict review and control.

The number of first and second listings of various types on Binance in the first half of 2025.

Performance of coin listings on various exchanges

Token performance on exchanges within 7 days of listing in 2025

The seven-day performance data of the projects listed on exchanges shows a significant differentiation between first listings and secondary listings. On almost all platforms, tokens from first listings have shown weak performance, with both average returns and median returns falling into negative territory since the Token Generation Event (TGE). In contrast, secondary listings generally exhibit stronger and more stable positive returns, primarily due to their existing market consensus and liquidity base.

Token performance within 7 days of the first listing on exchanges in 2025

The new coin listing projects on the main boards of various exchanges generally showed weak performance, recording negative returns across the board over the past seven days. Although Coinbase exhibited a slight average positive return (+6.7%), its median return remained flat, indicating a lack of upward momentum. The performance of new coins listed through Binance spot, Alpha airdrops, and IDO channels fell short of expectations, with median returns ranging from -5% to -19%. Exchanges such as OKX, Bithumb, and Upbit also showed sustained losses, with average returns between -4% and -15%. Overall, regardless of the exchange or project channel through which they are listed, new coins seem to be facing the pressure of immediate sell-offs.

The performance of tokens listed on various exchanges within 7 days of secondary listing in 2025

The performance of tokens within 7 days after being listed on an exchange shows a significant difference between first listings and secondary listings. In almost all exchanges, first listings perform poorly, with both the average return rate and median return rate being negative after the Token Generation Event (TGE). In contrast, secondary listings often deliver stronger and more stable returns, thanks to their existing market recognition and liquidity.

Token performance of Binance projects within 7 days of listing in 2025

The average return rate for the initial coin offerings (IDO) of decentralized exchanges is +1.5%, but the median of -4.8% highlights the limited coverage of successful cases. The performance of Alpha airdrops in initial coin offerings ranks among the worst, with an average return rate of -11.2% and a median of -13.8%. The average return rate for spot initial coin offerings is -8.0%, with a median reaching -19%, placing it at the bottom among all projects. The performance of secondary coin offerings in both spot and futures markets is better than their respective initial coin offerings, further confirming the notion that existing tokens perform better when listed on new exchanges compared to their token generation event (TGE) debut. The strongest performances after listing on Binance have consistently been secondary offerings, while initial issuances, especially those through Alpha and spot channels, generally perform poorly.

Token performance of Binance projects listed for the first time within 7 days in 2025

The performance of tokens for Binance projects' secondary listings within 7 days in 2025.

Peak Fully Diluted Valuation (FDV) Ratio and Time Analysis

The ratio of the 7-day FDV peak values of each exchange in 2025 and the average number of days required to reach the peak.

This section analyzes the peak Fully Diluted Valuation (FDV) ratio and the average number of days required to reach that peak. These indicators together reveal the dynamics of price discovery: a higher FDV peak ratio reflects stronger early demand and upward momentum, while a longer time to reach the peak indicates sustained buying interest rather than prior speculation.

The calculation method for the peak FDV ratio in this article is: the highest price within 7 days after listing divided by the closing price on the day of listing.

The FDV peak ratio of the first coin listing on exchanges within 7 days in 2025 and the average number of days needed to reach the peak.

In the first coin offerings, Coinbase and OKX performed the best, with peak FDV ratios reaching 59% and 37% respectively, both achieved in approximately 1.5 to 1.8 days. Binance's IDO channel also showed strong performance with an average peak FDV ratio of 38%, reaching this milestone in 2.1 days, reflecting a sustained and stable market demand. In contrast, Alpha's airdrops and direct spot listings peaked earlier and at lower levels, with FDV ratios only at 17% to 18%, typically peaking in 1.1 to 1.3 days. Upbit and Bithumb's coin offerings also surged quickly, but the subsequent momentum was clearly insufficient, indicating limited buying support in the secondary market. Overall, most first coin offerings reached their peaks quickly in the early stages, with relatively limited upward potential.

The FDV peak ratio within 7 days of secondary listings on exchanges in 2025 and the average number of days required to reach the peak.

Binance's spot trading and Alpha's secondary listings have shown strong peak performance (around 20%-30%), but Alpha's secondary listings took longer to reach their peak (2.1 days) and were more affected by extreme values. Upbit and Coinbase's secondary listings exhibit a similar trend, with peak FDV ratios of 18%-21% and a peak reaching time of about 2 days. OKX and Bybit's secondary listings reached their peaks quickly but have weak performance, with an upward space of less than 10%, and the time to reach the peak is less than 1.5 days. Overall, the price discovery curve for secondary listings is healthier and more stable.

The peak FDV ratio of Binance's various projects within 7 days of listing in 2025 and the average number of days required to reach the peak.

Binance IDO's first listing achieved the highest peak ratio among all projects (38%), and the time to reach the peak was the longest (2.1 days), indicating strong and sustained demand at the time of the project's launch. The Alpha airdrop's peak for the first listing occurred earlier and at a lower level, with an FDV ratio of 17% within 1.3 days, suggesting that initial momentum was more dominant. The performance of spot trading for the first listing is similar to Alpha, with an average peak of 18%, and peaks mostly occurring on the first day of listing. The peak of Binance spot trading for secondary listings appeared quickly but was only 2%, with many projects reaching their peak on the day of listing. Overall, the peak potential for Binance spot listings is limited, and prices tend to drop quickly after reaching their peak.

The FDV peak ratio of Binance's various projects within 7 days of their first listing in 2025 and the average number of days required to reach the peak.

The peak FDV ratio of Binance's various projects in the second listing within 7 days and the average number of days required to reach the peak.

distribution of tokens based on fully diluted valuation (FDV)

2024 project valuation levels distributed by exchanges based on fully diluted valuation (FDV)

The valuation levels of projects distributed by exchanges in 2025 based on fully diluted valuation (FDV).

This section will analyze the fully diluted valuation (FDV) of listed projects to assess how various exchanges and listing plans allocate trading volume based on project size. For initial listing projects, FDV is calculated based on the closing price on the listing day; for secondary listing projects, FDV reflects the valuation prior to the listing. By comparing various exchanges and Binance-related plans, we can identify the patterns of how listing platforms filter tokens and segment issuance across different valuation tiers. The valuation tiers are specifically divided as follows: micro (<$75 million), small ($75 million–$250 million), medium ($250 million–$750 million), large ($750 million–$2 billion), and giant (>$2 billion).

The valuation tier ratios of various projects distributed by fully diluted valuation (FDV) across exchanges in 2024.

The initial listing projects on Upbit and Bithumb are heavily skewed towards large-cap and giant-cap projects, with projects having a fully diluted valuation (FDV) of over $750 million accounting for 72% and 77% respectively, of which Upbit alone has 43% of its projects classified as giant-cap. The initial listing projects on Coinbase and OKX are concentrated in the mid to large-cap range, with 75% of projects having an FDV exceeding $250 million, most of which fall within the $250 million to $750 million range. The initial listing projects on Binance Futures also tend to favor high FDV types, with 87% of projects having an FDV above $250 million. Bybit's distribution is the most balanced, with micro-cap accounting for 16%, small-cap for 24%, mid-cap for 32%, and large-cap and giant-cap combined accounting for 28%. Overall, initial listing projects are typically dominated by high FDV projects, but by 2025, driven by Binance DEX's issuance plans, this trend has shifted towards low FDV projects.

The ratio of project valuation levels distributed by fully diluted valuation (FDV) of each exchange in 2025.

Driven by Binance Alpha, Binance's secondary listing projects tend to be small-scale, with a fully diluted valuation (FDV) below $250 million. The secondary listing projects of Bybit and Coinbase have a broader distribution in terms of FDV. The secondary listing projects of South Korean exchanges, namely Upbit and Bithumb, are heavily skewed towards large projects. These patterns indicate that secondary listings provide a more flexible and accessible channel for projects of varying maturity.

In 2025, Binance's project valuation hierarchy based on fully diluted valuation (FDV) distribution.

Binance's spot listing projects tend to focus on large-cap assets, with no micro-cap projects; most projects have a fully diluted valuation (FDV) of over $250 million, with a concentration above $750 million. Alpha airdrops, on the other hand, target small-cap projects, with about 80% of listed projects having an FDV below $250 million, and a high proportion of micro-cap projects. The range of projects listed in Binance IDO is concentrated, with almost all projects having an FDV between $75 million and $250 million, and none exceeding $750 million. Each listing plan of Binance targets different market segments, with almost no overlap across FDV levels. Clearly, Binance's strategy is distinctly targeted: the spot sector is aimed at scaled tokens, Alpha focuses on early-stage projects, while IDO targets carefully selected growth-stage projects.

In 2025, Binance's first token issuance will be based on the project valuation hierarchy according to fully diluted valuation (FDV) distribution.

The project valuation hierarchy of Binance's second token issuance in 2025 based on fully diluted valuation (FDV) distribution.

Binance's listing path

The listing path for Binance's top-tier spot market classified by fully diluted valuation (FDV) distribution.

This section will analyze the downstream listing path of the Binance Alpha airdrop and Binance IDO, tracking how these tokens subsequently land on Binance perpetual contracts, Binance spot, and other first-tier centralized exchanges (CEX) spot markets, such as OKX, Coinbase, Upbit, and Bithumb.

Binance's Listing Path: Conversion Rate and Average Waiting Days

Binance's Listing Path: Fully Diluted Valuation (FDV) and Performance Analysis

Binance Alpha's airdrop rarely advances to the quality listing stage, with a low conversion ratio to perpetual contracts and spot trading. After listing, the performance is generally weak; those tokens that enter the spot market through Alpha are mostly high fully diluted valuation (FDV) projects that show some subsequent performance. In contrast, Binance IDO has significantly stronger downstream appeal, especially in the listing of perpetual contracts, with a fast advancement speed and impressive 7-day returns. Although the transition from IDO to spot trading is not common, its performance still surpasses Alpha. Overall, Binance Alpha has low downstream conversion and performance differentiation, while IDO represents a stronger pathway to downstream listings, particularly for perpetual contracts.

The listing path for Binance's top-tier spot market: conversion rate and average waiting days

The coin listing path for Binance's top-tier spot market: Fully Diluted Valuation (FDV) and performance analysis.

It is still rare for tokens issued from Binance Alpha or IDOs to list on the spot markets of top exchanges. Not only is the conversion rate low, but there is often a considerable delay before tokens are listed on other mainstream exchanges. The performance of these tokens after being listed on other exchanges is generally poor, with most showing negative returns, and only a slight increase observed on Upbit. These listings tend to favor large-cap tokens, further confirming the view that projects with higher Fully Diluted Valuation (FDV) are more likely to gain listing opportunities on top exchanges. Although listing on external exchanges can bring wider exposure, such conversions are not only rare but also often underperforming, especially for high FDV projects, where liquidity events are more likely to be used for token distribution rather than project growth.

In 2025, Binance will simultaneously launch the first project for both coin listing and perpetual contract listing.

The above chart analyzes the projects that will be listed on Binance for the first time in 2025 while simultaneously listing perpetual contracts. The data shows that Binance clearly prefers to pair the listing of perpetual contracts with spot projects on the first day, rather than with Alpha airdrops or IDOs.

The frequency and performance of Binance's first DEX issuance project in 2025, synchronized with the listing of spot coins on other exchanges.

The above chart analyzes the frequency and performance of Binance's first DEX issuance projects (including Alpha airdrop and IDO) in conjunction with the spot listing on other major exchanges such as Bybit, OKX, Coinbase, Upbit, and Bithumb. The performance after these joint listings has generally been poor, with all exchanges showing a negative average return rate over a 7-day period, particularly highlighting the significant decline of OKX, Upbit, and Bithumb.

Summary

In the first half of 2025, the listing landscape of cryptocurrency exchanges underwent significant changes, driven by the rise of on-chain issuance projects, the enhanced dominance of secondary listings, and a clearer segmentation of different valuation tiers and platforms in the listing pathways.

Binance still maintains a clear leading position in the total number of tokens listed, but its strategy has decisively shifted towards "on-chain priority" projects—especially Alpha airdrops and IDOs, which currently dominate the new token issuance. However, the effectiveness of these projects varies significantly: while Alpha airdrops can achieve large-scale issuance, they struggle in subsequent performance and conversion; IDOs, on the other hand, have become a path with stricter selection but better performance, particularly excelling in the listing on Binance perpetual contracts. Among all exchanges, secondary listings consistently outperform initial offerings in terms of 7-day return rates and peak FDV ratios, reflecting the advantages of listing tokens after they have established initial liquidity and market presence. It's worth noting that the subsequent performance of secondary listings on Binance, Coinbase, and Upbit is the strongest, while OKX and Bybit lag relatively behind.

Valuation segmentation has now been deeply integrated into the project system of various exchanges: Binance's spot listings tend to favor large-cap and high FDV tokens, while Alpha and IDO channels focus precisely on early-stage and growth-stage projects, respectively. This reflects a more targeted screening method in the token listing process, as well as a clear hierarchical difference in access to quality trading channels. Cross-exchange liquidity is still relatively rare and slow, with only a few projects from Binance successfully landing on the spot markets of other top-tier exchanges. Even when such conversions are achieved, they mostly concentrate on high FDV projects, and the performance post-listing is often mediocre.

In summary, these trends highlight that the token listing ecosystem is maturing, with the importance of project types, token development stages, and the order of token listings being unprecedented. For project teams, investors, and exchanges, understanding these structural dynamics is key to navigating the increasingly layered path from token generation to long-term exchange liquidity.

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