On June 9, Mirror Tang, CEO of ZeroBase & Salus, tweeted on X, “恭喜你研究出规律了，接下来规律就要变啦!” shortly after IOSG Ventures released an article on Binance listings. The phrase means “Congratulations on figuring out the rules. Next, the rules will change!” The article includes the full lifecycle of token listings across Alpha, IDO, Futures, and Spot. It highlights shifting dynamics, like high upside variance in Alpha, exit patterns in Spot, and faster pipelines through Futures. Mirror Tang’s tweet, repeated throughout the crypto space, underscores the volatile nature of token launches.
Binance Listings See Major Upside, But Volatility Persists
The IOSG Ventures report shows Binance listings through Alpha deliver the highest average returns of 220%, compared to others. IDO listings follow with a 75% mean upside, offering steadier growth. Futures and Spot listings perform weaker in comparison. Spot listings, often used by early investors to exit, return an average of just 15%. Across venues, the median Fully Diluted Valuation (FDV) changes over 14 days are negative. This signals that tokens tend to peak during their initial hype. A sharp FDV rise of 40–50% in the first 14 days often acts as a precursor to a Futures or Spot listing.
Source: IOSG Ventures X Post on June 9, 2025
The analysis tracks follow-on listings on exchanges like Bitget, Bybit, Coinbase, and Upbit. Bitget and Coinbase show better post-Binance performance with 21% and 18% mean returns, respectively. In contrast, Bybit and Upbit underperform in this regard. Mirror Tang’s timely quote captures the essence of these changing dynamics; what works now may not hold tomorrow.
IDO and Alpha Channels Push Tokens Toward Futures
Alpha and IDO venues act as launchpads for further listings. About 66.7% of IDO tokens and 37.8% of Alpha tokens later move into Futures. This shows a strong link between initial venue success and progression. However, only 12.2% of Alpha tokens and 23.8% of IDO tokens reach Binance Spot. Spot listings remain highly selective and delayed. On average, Alpha tokens take 60 days to reach Spot, while IDO tokens take 17 days. Futures tokens transition fastest, reaching Spot within 14 days. These timelines define how different venue pipelines function.
Token category bias plays a role. Alpha shows a preference for Meme and AI tokens. IDO leans toward Infrastructure and AI projects. Spot favors Infrastructure-heavy assets, while Futures provides broader category exposure. The Binance listings now reflect a strategic filtering system where category and FDV determine the route. Tang’s statement, “Next, the rules will change,” echoes in these evolving patterns.
Founders Must Align FDV with Launch Strategy
Founders are advised to align FDV targets with appropriate launch venues. Alpha suits FDVs under $200 million, IDO fits the $70–200 million range, while Spot listings mostly serve tokens with FDVs above $500 million. The report suggests that launching too early or through the wrong venue may delay token progression or cap growth potential. The timing of launch and follow-on listings is now more crucial than ever.
Bitget and Bybit emerge as high-performing secondary exchanges. Bitget lists Alpha tokens within 13.8 days and IDO tokens within 13.4 days. It also shows strong average returns, Alpha (41.8%), and IDO (29.2%). Bybit, though slower, offers IDO returns at 25.2%. Coinbase and Upbit show longer listing timelines, averaging 29 and 31 days, respectively. These platforms are more selective but contribute to long-term price support. Tang’s observation gains more weight here, just when patterns seem predictable, new models and metrics disrupt them.
Binance Listings Changing Pipeline
Token launch strategies must evolve with the shifting ecosystem. The Binance listings offer multiple entry points, each with different timelines, risks, and rewards. High returns in Alpha may attract fast movers, while Spot’s selectivity favors high-FDV tokens with proven traction. FDV surges in the first two weeks post-launch can determine a token’s next listing stage. With Futures acting as a gateway and Spot listings requiring strong fundamentals, builders need to remain adaptive.
The data confirms that a one-size-fits-all approach no longer applies. Tang’s viral remark captures the new market sentiment: flexibility and timing now dictate success. As launch strategies evolve and data pipelines mature, venues like Bitget and Coinbase could reshape secondary market growth. The research highlights the urgent need to stay ahead of changing listing norms, because by the time the pattern becomes clear, the rules may have already changed.
The post Zerobase Founder Mirror Tang Reacts to IOSG’s Binance Listing Report, Highlights the Shifting Nature of Token Market Patterns appeared first on Coinfomania.
