Source: TopHash
Compiled & Edited by: Janna, ChainCatcher
Editor's Note
This article is sourced from the latest research report published by Tophash Digital, a consulting and investment firm in the digital asset field, in July 2025. The report showcases the profound changes that the cryptocurrency exchange listing landscape is undergoing from 2024 to the first half of 2025. Binance continues to lead with Alpha airdrops and IDOs, secondary listings are rising and outperforming first listings, on-chain issuance and perpetual contract listings are becoming new trends, and the strategies, project performances, and path differences among different exchanges are significant. This article will reveal the full picture of the listing dynamics across exchanges from multiple dimensions such as activities, performance, and distribution.
ChainCatcher has organized and compiled the content (with edits).
This study provides a comprehensive analysis of the cryptocurrency token listing dynamics in major centralized exchanges and Binance-related issuance plans from January 2024 to June 2025. The research subjects include several mainstream trading platforms such as Binance, Binance perpetual contract market, Coinbase, OKX, Upbit, Bithumb, and Bybit. The scope covers spot, perpetual contracts, and decentralized exchange (DEX) based issuance channels, focusing on two types of listing behaviors: first listings (new assets directly allocated through mechanisms like airdrops, i.e., new token generation events TGE or first exchange issuance) and secondary listings (tokens that have trading histories on other platforms being listed on new exchanges). This study systematically sorts out the listing trends of different exchanges, fully diluted valuation (FDV) distributions, token post-listing performance, and cross-platform listing paths, with the core goal of gaining in-depth insight into Binance's dominant role as a core listing channel, and comparing and analyzing the strategies and performance differences of other platforms such as Coinbase, OKX, Upbit, Bithumb, and Bybit. Ultimately, it aims to reveal the diverse patterns and internal mechanisms of token issuance, price performance, and market expansion in different liquidity environments.
Exchange listing activities
Total number of listings by each exchange for the entire year of 2024 and the first half of 2025
In the first half of 2025, cryptocurrency exchanges significantly increased their listing activities, but first listings and secondary listings exhibited markedly different developmental paths. Binance has significantly expanded its token listing ecosystem, driven by DEX-based issuance and the sustained expansion of perpetual contract markets; in contrast, many other mainstream exchanges have slowed down or maintained steady listing rhythms, leading to an overall trend of concentration.
The number of first and second listings already conducted in 2025 by each exchange
Total number of listings by each exchange for the entire year of 2024, the first half of 2025, and projected total for 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 token discovery platform Binance Alpha's airdrops and first decentralized issuance (IDO). Upbit and Coinbase maintained a relatively stable rhythm for first listings, each listing around 12 projects in the first half of the year, mainly focused on mainstream cryptocurrencies with larger market caps. In contrast, Bybit and OKX have significantly reduced the scale of first listings, 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 see a substantial increase, 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 like 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 driven by the Binance Alpha platform to re-list existing tokens. Coinbase, Upbit, and Bithumb also place more emphasis on secondary listings, which account for about 80% of their total listing volume in 2025. The Binance perpetual contract market also clearly favors secondary listings, with numbers nearly double those of first listings. The total number of secondary listings for the year is expected to achieve a year-on-year growth of 109%, jumping 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 activities in exchanges in 2025.
The number of token listings on Binance classified by projects for the entire year of 2024 and the first half of 2025
In Binance's new token generation events (TGE), Alpha airdrops and IDOs dominate, contributing a total of 84% of new asset issuances. Year-over-year comparisons show that the overall spot listing plans remain stable: 64 expected in 2025, roughly matching the 57 in 2024, covering various issuance methods including direct listings, Launchpool, Megadrop, and holder airdrops.
The number of listings on Binance for spot, decentralized exchanges, and perpetual contracts in the entire year of 2024, the first half of 2025, and the projected total for 2025
Among the listing projects on Binance Futures, secondary listings dominate. Of the 103 projects launched in the first half of 2025, 72 were secondary listings, which consistently brought strong trading volumes but had a limited impact on driving new token generation events (TGE). Currently, Binance's listing strategy has clearly shifted towards DEX issuance as the core, while the traditional spot listing mechanism remains under strict review and control.
The number of various types of first and secondary listings on Binance in the first half of 2025
Listing performance across various exchanges
Token performance within 7 days of listing in 2025 for each exchange
The seven-day performance data of listing projects on exchanges shows a significant differentiation between first and secondary listings. On almost all platforms, tokens for first listings generally perform poorly, with average returns and median returns falling into negative territory post-token generation events (TGE). In contrast, secondary listings generally exhibit stronger and more stable positive returns, mainly due to their existing market consensus and liquidity foundation.
Token performance within 7 days of first listing for each exchange in 2025
New token listing projects on major 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. The performance of new tokens listed through Binance's spot, Alpha airdrops, and IDO channels all fell short of expectations, with median returns ranging from -5% to -19%. Exchanges like OKX, Bithumb, and Upbit also show continuous losses, with average return rates between -4% and -15%. Overall, regardless of the exchange or project channel used for listing, new tokens seem to face selling pressure immediately upon listing.
Token performance within 7 days of secondary listing in 2025 for each exchange
The token performance within 7 days of listing across exchanges shows a clear distinction between first and secondary listings. In almost all exchanges, first listings perform poorly, with average returns and median returns post-token generation events (TGE) both in negative territory. In contrast, secondary listings often bring stronger and more stable returns, benefiting from 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 the first listing of Initial Decentralized Exchange Offerings (IDO) is +1.5%, but the median of -4.8% highlights the limited coverage of its success cases. The first listing performance of Alpha airdrops ranks among the worst, with an average return of -11.2% and a median of -13.8%. The average return rate for spot first listings is -8.0%, with a median reaching -19%, performing the worst among all projects. Both second listings for spot and futures outperform their respective first listings, further confirming the notion that existing tokens tend to perform better upon listing on new exchanges than at their first appearance during token generation events (TGE). The strongest performance after listing on Binance has always been secondary listings, while first issuances, especially those through Alpha and spot channels, generally perform poorly.
Token performance within 7 days of first listing for each project on Binance in 2025
Token performance within 7 days of secondary listing for various projects on Binance in 2025
Analysis of peak fully diluted valuation (FDV) ratio and time
The peak FDV ratio within 7 days of listing and the average days required to reach the peak for each exchange in 2025
This section analyzes the peak fully diluted valuation (FDV) ratio and the average days required to reach that peak. 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 method of calculating the peak FDV ratio in this article is: the highest price within 7 days of listing divided by the closing price on the day of listing.
The peak FDV ratio within 7 days of the first listing in 2025 for each exchange and the average days required to reach the peak
Among the first listing projects, Coinbase and OKX stand out the most, with peak FDV ratios reaching 59% and 37% respectively, both achieving this in about 1.5 to 1.8 days. Binance's IDO channel for first listings also performed strongly, with an average peak FDV ratio of 38%, reached within 2.1 days, reflecting sustained and stable market demand. In contrast, Alpha airdrops and direct spot listing projects see their peaks arrive earlier and at lower levels, with FDV ratios only between 17% and 18%, typically peaking within 1.1 to 1.3 days. Upbit and Bithumb's listing projects also saw rapid rises but showed clear lack of momentum afterwards, indicating limited support from secondary market buyers. Overall, most first listing projects quickly reach their peaks early on, with limited upward potential.
The peak FDV ratio within 7 days of secondary listing for each exchange in 2025 and the average days required to reach the peak
The peak performance of Binance spot and Alpha secondary listings is stable (around 20%-30%), although Alpha secondary listings take longer to reach their peaks (2.1 days) and are more influenced by extreme values. Upbit and Coinbase's secondary listings show a similar trend, with peak FDV ratios of 18%-21%, reaching peaks in about 2 days. OKX and Bybit's secondary listings achieve peaks quickly but perform poorly, with less than 10% upward potential, taking less than 1.5 days to reach their peaks. Overall, the price discovery curve for secondary listings is healthier and more stable.
The peak FDV ratio within 7 days of listing and the average days required to reach the peak for each project on Binance in 2025
Binance's IDO first listings set a record for 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 upon project launch. The peak for Alpha airdrop first listings appeared earlier and was lower, achieving a FDV ratio of 17% within 1.3 days, suggesting stronger early momentum. 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 saw rapid peaks but only achieved 2%, with many projects reaching their peaks on the day of listing. Overall, the peak potential for Binance's spot listings is limited, and prices tend to drop quickly after the peak.
The peak FDV ratio within 7 days of first listing for each project on Binance in 2025 and the average days required to reach the peak
The peak FDV ratio within 7 days of secondary listing for each project on Binance in 2025 and the average days required to reach the peak
Listing conditions based on fully diluted valuation (FDV) distribution
The valuation tier of projects based on fully diluted valuation (FDV) distribution in 2024 for each exchange
The valuation tier of projects based on fully diluted valuation (FDV) distribution in 2025 for each exchange
This section will analyze the fully diluted valuation (FDV) of listed projects to assess how each exchange and listing plan divides trading flow by project scale. For first listing projects, FDV is calculated based on the closing price on the day of listing; for secondary listing projects, FDV reflects the valuation before listing. By comparing each exchange and Binance-related plans, we can discern the patterns of how listing platforms filter tokens and issue them across different valuation tiers. The valuation tiers are specifically divided into: 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 ratio of various projects based on fully diluted valuation (FDV) distribution in 2024 for each exchange
The first listing projects on Upbit and Bithumb are heavily skewed towards large and giant market caps, with projects that have a fully diluted valuation (FDV) of over $750 million accounting for 72% and 77% respectively, among which Upbit alone has 43% of its projects classified as giant market caps. The first listing projects on Coinbase and OKX are concentrated in the medium to large market cap range, with 75% of projects having an FDV above $250 million, and most falling between $250 million and $750 million. Binance Futures' first listing projects also tend to be of high FDV types, with 87% of projects having an FDV exceeding $250 million. Bybit's distribution is the most balanced, with micro caps accounting for 16%, small caps for 24%, medium caps for 32%, and large and giant caps combined accounting for 28%. Overall, first listing projects usually dominate with high FDV projects, but in 2025, driven by Binance DEX issuance plans, this trend has shifted towards low FDV projects.
The valuation tier ratio of various projects based on fully diluted valuation (FDV) distribution in 2025 for each exchange
Driven by Binance Alpha, Binance's secondary listing projects tend to be on a smaller scale, with fully diluted valuations (FDV) below $250 million. Bybit and Coinbase's secondary listings have a wider FDV distribution. The secondary listing projects of South Korean exchanges, namely Upbit and Bithumb, heavily lean towards large projects. These patterns indicate that secondary listings provide a more flexible and accessible channel for projects of varying maturity.
Valuation tier of projects based on fully diluted valuation (FDV) distribution in Binance for 2025
Binance's spot listing projects tend towards large market caps, with no micro cap projects, and most projects having a fully diluted valuation (FDV) above $250 million, concentrated above $750 million. In contrast, Alpha airdrops target small cap projects, with about 80% of listing projects having an FDV below $250 million, and a high proportion of micro cap projects. Binance's IDO listing projects are more concentrated, with almost all projects having an FDV between $75 million and $250 million, with none exceeding $750 million. Each listing plan from Binance targets different market segments, with virtually no overlap across FDV tiers. Clearly, Binance's strategy is distinctly targeted: the spot segment focuses on scaled tokens, Alpha on early projects, and IDOs on carefully selected growth-stage projects.
Valuation tier of first token issuance on Binance in 2025 based on fully diluted valuation (FDV) distribution
The valuation tier of secondary token issuance on Binance in 2025 based on fully diluted valuation (FDV) distribution
Binance's listing path
The listing path of Binance's top-tier spot based on 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 top-tier centralized exchanges (CEX) like OKX, Coinbase, Upbit, and Bithumb.
Binance's listing path: conversion rates and average waiting days
Binance's listing path: analysis of fully diluted valuation (FDV) and performance
Binance's Alpha airdrops rarely advance to quality listing stages, with a low conversion rate to perpetual contracts and spot, and generally poor performance post-listing; tokens that manage to enter the spot through Alpha are mostly high fully diluted valuation (FDV) projects that show some follow-up performance. In contrast, Binance IDOs exhibit significantly stronger downstream appeal, especially in perpetual contract listings, with rapid advancement and bright 7-day returns, though the transition from IDO to spot is not common, but still performs better than Alpha. Overall, Binance's Alpha shows low downstream conversion and performance differentiation, while IDOs present a stronger path to downstream listings (particularly for perpetual contracts).
The listing path of Binance's top-tier spot: conversion rates and average waiting days
Binance's top-tier spot listing path: analysis of fully diluted valuation (FDV) and performance
Among tokens issued by Binance Alpha or IDO, it remains rare for them to land on top-tier exchange spot markets, not only due to low conversion rates but also because tokens often face long delays before being listed on other mainstream exchanges. These tokens generally perform poorly after listing on other exchanges, with most return rates in the negative, and only slight increases on Upbit. This type of listing tends to favor large cap tokens, further confirming the view that projects with high fully diluted valuations (FDV) are more likely to secure more opportunities for listing on top-tier exchanges. Although listing on external exchanges can bring broader exposure, this conversion is not only rare but often disappointing, especially for high FDV projects, whose liquidity events are more likely used for token distribution rather than project growth.
Projects that conducted both first listings and perpetual contract listings simultaneously on Binance in 2025
The above diagram analyzes the frequency and performance of Binance's first DEX issuance projects (including Alpha airdrops and IDOs) conducted simultaneously with the spot listings of other mainstream exchanges (like Bybit, OKX, Coinbase, Upbit, and Bithumb). The performance post these joint listings is generally poor, with all exchanges showing negative average returns within 7 days, particularly pronounced declines for OKX, Upbit, and Bithumb.
The frequency and performance of Binance's first DEX issuance projects in 2025 conducted simultaneously with spot listings on other exchanges
The above diagram analyzes the projects that conducted first DEX issuance on Binance (including Alpha airdrops and IDOs) and their simultaneous spot listings on other mainstream exchanges (such as Bybit, OKX, Coinbase, Upbit, and Bithumb). The performance post these joint listings is generally poor, with all exchanges showing negative average returns within 7 days, particularly pronounced declines for OKX, Upbit, and Bithumb.
Summary
In the first half of 2025, the token listing landscape in cryptocurrency exchanges has undergone significant changes, driven by the rise of on-chain issuance projects, the increased dominance of secondary listings, and clearer segmentation of different valuation tiers and platforms in the listing paths.
Binance still maintains a clear lead in total listing numbers, 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 significantly: Alpha airdrops can achieve large-scale issuance but are weak in subsequent performance and conversion; while IDOs have become a path with stricter screening but better performance, especially notable in the landing of Binance perpetual contracts. Among all exchanges, secondary listings have consistently outperformed first listings in both 7-day returns and peak FDV ratios, reflecting the advantages of listing tokens after they possess initial liquidity and market presence. Notably, Binance, Coinbase, and Upbit show the strongest subsequent performance in secondary listings, while OKX and Bybit lag behind.
Valuation segmentation has now deeply integrated into the project systems of each exchange: Binance spot listings tend to favor large caps and high FDV tokens, while Alpha and IDO channels precisely focus on early projects and growth-stage projects respectively. This reflects a more targeted filtering approach in the token listing process and the existence of clear tier differences in access to quality trading channels. Cross-exchange movement remains relatively rare and slow, with only a few projects originating from Binance successfully landing on other top-tier exchange spot markets. Even when this conversion is achieved, it is often concentrated among high FDV projects, and the post-listing performance is generally mediocre.
In summary, these trends highlight that the listing ecology is maturing, with the importance of project types, token development stages, and listing sequences 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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