Source: TopHash
Compiled & Translated by: Janna, ChainCatcher
Editor's Note
This article originates from the latest research report published by the consulting investment firm Tophash Digital in July 2025, focusing on the profound changes in the cryptocurrency exchange listing landscape from 2024 to the first half of 2025. The report illustrates how Binance, through Alpha airdrops and IDOs, continues to lead, secondary listings rise and outperform first listings, on-chain issuance and perpetual contract listings become new trends, and significant differences emerge in listing strategies, project performance, and paths across different exchanges. This article aims to reveal the comprehensive dynamics of listing activities across exchanges from multiple dimensions such as activity, performance, and distribution.
ChainCatcher has organized and compiled the content (with omissions).
This research comprehensively analyzes the dynamics of cryptocurrency token listings during the period from January 2024 to June 2025, focusing on major centralized exchanges and Binance-related issuance plans. The subjects include major trading platforms such as Binance, Binance perpetual contract market, Coinbase, OKX, Upbit, Bithumb, and Bybit. The scope covers issuance channels based on spot, perpetual contracts, and decentralized exchanges (DEX), with a focus on two types of listing behaviors: first listings (new assets directly allocated through mechanisms like airdrops, i.e., Token Generation Events (TGE) or first exchange issuances) and secondary listings (tokens with trading history on other platforms being listed on new exchanges). This study systematically sorts out the listing trends, fully diluted valuation (FDV) distribution, post-listing performance of tokens, and cross-platform listing paths of different exchanges, with the core aim of deeply understanding Binance's leading role as a core listing channel and analyzing the strategy and performance differences with other platforms such as Coinbase, OKX, Upbit, Bithumb, and Bybit. The ultimate goal is to reveal the diverse models and internal mechanisms of token issuance, price performance, and market expansion in different liquidity environments.
Listing activities of exchanges
Total number of listings across exchanges for the entire year of 2024 and the first half of 2025
In the first half of 2025, cryptocurrency exchange listing activities significantly increased, but first listings and secondary listings exhibited distinct developmental paths. Binance, through its DEX-based issuance business and continuous expansion of the perpetual contract market, significantly broadened the coverage of its token listing ecosystem. In contrast, the listing cadence of many other mainstream exchanges has either slowed or remained stable, indicating a trend towards centralization in the overall landscape.
Number of first and secondary listings across various exchanges in 2025
Total number of listings across exchanges for the entire year of 2024, the first half of 2025, and the projected total for the year 2025
In the first half of 2025, Binance remains the most active exchange for first listings globally, launching 71 first listing projects, all driven by DEX issuance channels, specifically including the airdrops from the token discovery platform Binance Alpha and Initial DEX Offerings (IDO). Upbit and Coinbase maintain relatively stable first listing rhythms, each launching approximately 12 projects in the first half of the year, primarily consisting of mainstream cryptocurrencies with larger market capitalizations. In contrast, Bybit and OKX have significantly reduced their first listing scales, with numbers dropping from double digits in 2024 to single digits in the first half of 2025. Overall, the total number of first 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 primarily 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, with the vast majority re-listed through the Binance Alpha platform. Coinbase, Upbit, and Bithumb also increasingly focused on secondary listings, which accounted for about 80% of their total listings in 2025. The Binance perpetual contract market also clearly favors secondary listings, with their number approaching twice that of first listings. The number of secondary listings for the year is expected to achieve a year-on-year growth of 109%, rising from 341 in 2024 to 714 in 2025. Led by Binance and its Alpha program, secondary listings are rapidly becoming the dominant form of listing activity in exchanges for 2025.
Number of listings on Binance segmented by project in 2024 and the first half of 2025
In Binance's new Token Generation Events (TGE), Alpha airdrops and IDOs dominated, contributing a total of 84% of new asset issuances. Year-on-year comparisons show that the overall spot listing plan remains stable: an expected 64 listings in 2025, compared to 57 in 2024, covering various issuance methods such as direct listings, Launchpool, Megadrop, and holder airdrops.
Total number of listings for Binance spot, decentralized exchanges, and perpetual contracts for the entire year of 2024, the first half of 2025, and the projected total for 2025
In Binance's futures listing projects, secondary listings dominate. Of the 103 projects launched in the first half of 2025, 72 were secondary listings, continuously bringing strong trading volumes, but having a limited impact on driving new Token Generation Events (TGE). Currently, Binance's listing strategy has clearly shifted to focus on DEX issuance, while traditional spot listing mechanisms still maintain strict reviews and controls.
Number of first and secondary listings of various types on Binance in the first half of 2025
Listing performance of various exchanges
Token performance within 7 days of listing across various exchanges in 2025
Data shows significant differentiation between first-time listings and secondary listings in the seven-day performance of exchange-listed projects. Almost all platforms show that tokens listed for the first time perform weakly, with average returns and median returns falling into negative territory after the Token Generation Event (TGE). In contrast, secondary listings generally exhibit stronger and more stable positive returns, thanks to existing market consensus and liquidity.
Token performance within 7 days of first listing across various exchanges in 2025
Listing projects on the main board of various exchanges generally perform poorly, recording negative returns across the board over the past seven days. Although Coinbase shows a slight average positive return (+6.7%), its median return remains flat, indicating insufficient upward momentum. New tokens listed on Binance's spot, Alpha airdrops, and IDO channels generally underperformed expectations, with median return rates ranging between -5% and -19%. Exchanges like OKX, Bithumb, and Upbit also exhibit continued losses, with average return rates between -4% and -15%. Overall, regardless of the exchange or project channel, new tokens seem to universally face the pressure of being sold off immediately after listing.
Token performance within 7 days of secondary listings across various exchanges in 2025
Token performance within 7 days of exchange listings shows a clear distinction between first listings and secondary listings. In almost all exchanges, first listings perform poorly, with both average return rates and median return rates falling into negative territory after the Token Generation Event (TGE). In contrast, secondary listings often deliver stronger and more stable returns, attributed to their existing market recognition and liquidity.
Token performance within 7 days of listing for various projects on Binance in 2025
The average return rate for first listings via Initial DEX Offerings (IDO) is +1.5%, but the -4.8% median highlights the limited coverage of successful cases. The performance of Alpha airdrop first listings ranks among the worst, with an average return rate of -11.2% and a median of -13.8%. The average return rate for spot first listings is -8.0%, with a median of -19%, placing it at the bottom among all projects. The performance of secondary listings in both spot and futures exceeds that of their respective first listings, further validating the notion that existing tokens tend to perform better when listed on new exchanges than during their initial Token Generation Events (TGE). The strongest post-listing performance on Binance consistently comes from secondary listings, while first issuances, especially those through Alpha and spot channels, generally underperform.
Token performance within 7 days of first listing for various projects on Binance in 2025
Token performance within 7 days of secondary listings for various projects on Binance in 2025
Analysis of peak fully diluted valuation (FDV) ratios and timing
FDV peak ratio and average days required to reach the peak across various exchanges
This section analyzes the peak fully diluted valuation (FDV) ratios and the average days required to reach these peaks. These metrics together reveal the dynamics of price discovery: higher FDV peak ratios reflect stronger early demand and upward momentum, while longer times to peak indicate sustained buying interest rather than early speculation.
The calculation method for the peak FDV ratio in this article is: the highest price within 7 days of listing divided by the closing price on the listing day.
FDV peak ratio within 7 days of first listing across various exchanges in 2025 and the average days required to reach the peak
Among first listing projects, Coinbase and OKX performed the best, with peak FDV ratios of 59% and 37%, respectively, both achieved in about 1.5 to 1.8 days. Binance IDO channel's first listings also performed strongly, with an average peak FDV ratio of 38%, reached in 2.1 days, reflecting sustained and stable market demand. In contrast, the peaks for Alpha airdrops and direct spot listings arrived earlier and were lower, with FDV ratios of only 17% to 18%, typically topping out in 1.1 to 1.3 days. Upbit and Bithumb's listing projects also surged quickly but showed evident shortcomings in subsequent momentum, indicating limited buying support in the secondary market. Overall, most first listing projects reached their peaks quickly in the early stages, with relatively limited upward space.
FDV peak ratio within 7 days of secondary listings across various exchanges in 2025 and the average days required to reach the peak
Binance spot and Alpha secondary listings show stable peak performance (around 20%-30%), but Alpha secondary listings take longer to reach their peaks (2.1 days) and are more influenced by extreme values. Upbit and Coinbase exhibit similar trends in secondary listings, with peak FDV ratios of 18%-21%, reaching their peaks in about 2 days. OKX and Bybit's secondary listings peak quickly but underperform, with upward space less than 10%, reaching their peaks in under 1.5 days. Overall, the price discovery curve of secondary listings is healthier and more stable.
FDV peak ratio within 7 days of listing for various projects on Binance in 2025 and the average days required to reach the peak
Binance IDO's first listing set the highest peak ratio among all projects (38%) and took the longest time to reach the peak (2.1 days), indicating strong and sustained demand at the project launch. Alpha airdrop's first listing peaked earlier, at a lower level, with a FDV ratio of 17% within 1.3 days, suggesting that early momentum was more dominant. The performance of spot first listings is similar to Alpha, with an average peak of 18%, and peaks often occurring on the first day of listing. Binance's spot secondary listings peaked quickly but only at 2%, with many projects reaching their peak on the listing day. Overall, the peak potential of Binance's spot listings is limited, and prices tend to drop quickly after reaching their peak.
2025 Binance's FDV peak ratio within 7 days of the first listing of various projects and the average number of days required to reach the peak
2025 Binance's secondary listing FDV peak ratio within 7 days and the average number of days required to reach the peak
Listing situation categorized by fully diluted valuation (FDV) distribution
The valuation tier based on fully diluted valuation (FDV) distribution across various exchanges in 2024
The valuation tier based on fully diluted valuation (FDV) distribution across various exchanges in 2025
This section will analyze the fully diluted valuation (FDV) of listed projects to assess how exchanges and listing plans categorize trading volume by project scale. For first listing projects, FDV is calculated based on their closing price on the listing day; for secondary listings, FDV reflects their valuation before listing. By comparing various exchanges and Binance's related plans, we can identify the patterns of how listing platforms filter tokens and conduct issuance segmentation across different valuation tiers. The valuation tiers are specifically categorized as follows: Micro-cap (<$75 million), Small-cap ($75 million–$250 million), Mid-cap ($250 million–$750 million), Large-cap ($750 million–$2 billion), Mega-cap (>$2 billion).
Ratios of the valuation tiers based on fully diluted valuation (FDV) distribution across various exchanges in 2024
First listing projects on Upbit and Bithumb severely favor large-cap and mega-cap tokens, with projects having fully diluted valuations (FDV) over $750 million accounting for 72% and 77%, respectively, with Upbit alone having 43% classified as mega-cap. Coinbase and OKX's first listing projects are concentrated in the mid to large-cap range, with 75% of projects having FDVs over $250 million, mostly within the range of $250 million to $750 million. The first listing projects in Binance's futures also lean towards high-FDV types, with 87% having FDVs exceeding $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 mega-cap together accounting for 28%. Overall, first listing projects typically focus on high-FDV projects, but in 2025, driven by Binance's DEX issuance plan, this trend has shifted towards low-FDV projects.
Ratios of the valuation tiers based on fully diluted valuation (FDV) distribution across various exchanges in 2025
Driven by Binance Alpha, Binance's secondary listing projects tend to be small-scale, with fully diluted valuations (FDV) below $250 million. Bybit and Coinbase's secondary listing projects have a broader FDV distribution. The secondary listing projects from Korean exchanges, namely Upbit and Bithumb, severely lean towards large projects. These patterns indicate that secondary listings provide a more flexible and accessible channel for projects at different maturity levels.
2025 Binance's project valuation tier based on fully diluted valuation (FDV) distribution
Binance spot listing projects tend to favor large-cap tokens, with no micro-cap projects, and most projects have fully diluted valuations (FDV) above $250 million, concentrated above $750 million. Alpha airdrops target small-cap projects, with about 80% of listing projects having FDVs below $250 million and a high proportion of micro-cap projects. The scope of Binance IDO listing projects is focused, with almost all projects having FDVs between $7.5 million and $250 million, with none exceeding $750 million. Each of Binance's listing plans targets different market segments, with almost no overlap across FDV tiers. Clearly, Binance's strategy is distinctly targeted: the spot segment aims at scaled tokens, Alpha focuses on early-stage projects, and IDOs aim at carefully selected growth-stage projects.
2025 Binance's project valuation tier based on fully diluted valuation (FDV) distribution for first-time issuance
2025 Binance's project valuation tier based on fully diluted valuation (FDV) distribution for secondary issuance
Binance's listing path
Binance's first-tier spot listing path categorized by fully diluted valuation (FDV) distribution
This section will analyze the downstream listing paths of Binance Alpha airdrops and Binance IDOs, tracking how these tokens subsequently land on Binance perpetual contracts, Binance spot, and other first-tier centralized exchanges (CEX) 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 rarely advances to quality listing stages, with a low conversion ratio to perpetual contracts and spot; post-listing performance is generally lackluster. Tokens entering the spot via Alpha are often high fully diluted valuation (FDV) projects and show some subsequent performance. However, Binance IDOs have significantly stronger attractiveness downstream, especially in perpetual contract listings, with fast progress and impressive 7-day returns. Although IDO-to-spot transitions are not common, their performance still surpasses Alpha. Overall, Binance Alpha exhibits low downstream conversion and differentiated performance, while IDOs represent a stronger path towards downstream listings (especially for perpetual contracts).
The listing path of Binance's first-tier spot: conversion rate and average waiting days
The listing path of Binance's first-tier spot: fully diluted valuation (FDV) and performance analysis
Tokens issued from Binance Alpha or IDO landing on first-tier exchange spot segments remain rare, not only with low conversion rates, but also often experiencing long delays before being listed on other mainstream exchanges. The performance of these tokens after landing on other exchanges is generally poor, with most returns being negative, and only showing slight increases on Upbit. Such listings tend to favor large-cap tokens, further confirming the notion that projects with higher fully diluted valuations (FDV) are more likely to gain more opportunities to be listed on first-tier exchanges. Although being listed on external exchanges can bring broader exposure, this conversion is both rare and often underwhelming, especially for high-FDV projects, whose liquidity events are more likely to be used for token distribution rather than project growth.
Projects that simultaneously listed for the first time and conducted perpetual contract listings on Binance in 2025
The above figure analyzes the projects that simultaneously listed their perpetual contracts during Binance's first listings in 2025. The data indicates that when Binance lists perpetual contracts alongside Token Generation Events (TGE), it clearly prefers to pair them with first-day spot projects rather than Alpha airdrops or IDOs.
The frequency and performance of Binance's first DEX issuance projects occurring simultaneously with other exchanges' spot listings in 2025
The above figure analyzes the frequency and performance of Binance's first DEX issuance projects (including Alpha airdrops and IDOs) occurring simultaneously with other mainstream exchanges (like Bybit, OKX, Coinbase, Upbit, and Bithumb). The performance of these joint listings is generally poor, with the average 7-day return rate across all exchanges being negative, particularly notable declines from 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 dominant position of secondary listings, and clearer segmentation of different valuation tiers and platforms in listing paths.
Binance continues to maintain a clear lead in the total number of listings, but its strategy has decisively shifted towards 'on-chain priority' projects—especially Alpha airdrops and IDOs, which now account for the majority of new token issuances. However, the effectiveness of these projects varies greatly: while Alpha airdrops can achieve large-scale issuance, their subsequent performance and conversion are lacking; IDOs have become a more rigorous but better-performing path, particularly excelling in landing on Binance perpetual contracts. Among all exchanges, secondary listings consistently outperform first issuances in both 7-day return rates and peak FDV ratios, reflecting the advantages of listing tokens after they have established initial liquidity and market presence. Notably, secondary listings from Binance, Coinbase, and Upbit show the strongest subsequent performance, while OKX and Bybit lag relatively behind.
Valuation segmentation has now been deeply integrated into the project systems of various exchanges: Binance's spot listings tend to favor large-cap, high-FDV tokens, while Alpha and IDO channels precisely focus on early-stage and growth-stage projects, respectively. This reflects a more targeted selection process in the token listing flow, as well as clear hierarchical differences in access to quality trading channels. Cross-exchange liquidity remains relatively rare and slow-moving; among projects from Binance, only a few successfully land in the spot segments of other first-tier exchanges. Even when this conversion occurs, it often centers around high-FDV projects, with post-listing performance generally being lackluster.
In summary, these trends highlight that the listing ecosystem is maturing, with unprecedented importance placed on project types, token development stages, and listing sequences. For project parties, 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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