The Truth of Liquidity: Research Report on the Listing Effect of Exchanges in 2024

1.1 Research Background

Since the beginning of this year, there has been widespread discussion in the market regarding VC tokens with high fully diluted valuations (FDV) but low circulating market capitalizations (MC). With the new tokens issued 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 is low, the market may experience a price increase in the short term due to rising demand, but this increase lacks 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 has shifted from these VC tokens to Meme coins. Meme coins are characterized by most tokens being fully unlocked at TGE, resulting in a higher circulation rate and no sell-off pressure from future unlocks. This structure reduces supply pressure in the market, giving investors more confidence. Many Meme coins have an MC/FDV ratio close to 1 at issuance, meaning holders do not face dilution from further token issuance, providing a relatively stable market environment. As awareness of the risks associated with large-scale token unlocks deepens, investors' interest has gradually shifted to these highly liquid and low-inflation Meme coins, even though these tokens may lack practical application scenarios.

In the current market landscape, investors are required to be more cautious in selecting tokens. However, when choosing tokens, investors often find it difficult to independently assess the value and potential of each project. At this point, the screening mechanism of exchanges becomes crucial. As the "gatekeepers" that directly push token assets to users, centralized exchanges not only help verify the compliance and market potential of tokens but also play a role in filtering quality projects. Despite another voice in the market suggesting that on-chain transactions will surpass CEX transactions, Klein Labs believes that the market share of centralized exchanges will not be taken away by on-chain transactions. Factors such as the smoothness of CEX transactions, centralized custodial responsibilities, the establishment of user habits and mindsets, liquidity barriers, and global regulatory compliance trends indicate that the trading share within CEX will long-term and continuously exceed that of on-chain transactions.

So, the ensuing question is, how do centralized exchanges screen and decide which projects to list? How have the coins listed in the past year performed overall? Is there a correlation between the performance of these listed tokens and the exchanges chosen?

To answer these market concerns, this study aims to explore the listing situations of major exchanges and analyze their actual impact on token market performance, focusing on changes in trading volume and price volatility characteristics after listing, in order to identify the influence of different exchanges on the market performance of listed tokens.

1.2 Research Methodology

1.2.1 Research Subjects

We categorize exchanges based on their geographical location and target market into three main types:

Chinese-created, global focus: Binance, Bybit, OKX, Bitget, KuCoin, Gate, etc. These are well-known exchanges primarily founded by Chinese investors, targeting the global market. There are many Chinese exchanges, and for the sake of research, we selected exchanges with different developmental characteristics; those not selected also have their own advantages.

Korean-created, local focus: Bithumb, UPbit, etc. These primarily target the South Korean local market.

US-created, focused on Europe and America: Coinbase, Kraken, etc. These are US exchanges primarily targeting the European and American markets, usually under strict regulation by the SEC, CFTC, etc.

Exchanges from other regions such as Latin America, India, and Africa are not analyzed in depth in this report due to their overall trading volume and liquidity being less than 5%.

We selected a total of 10 representative exchanges to analyze their listing performance, including the number of listing events and their subsequent market impact.

1.2.2 Time Frame

We mainly focus on price changes on the 1st day, the first 7 days, and the first 30 days after the token TGE, analyzing trends, volatility patterns, and market reactions for the following reasons:

• On the first day of TGE, new assets are issued, and trading volume is highly active, reflecting the market's immediate acceptance. It is significantly influenced by the rush to buy and FOMO sentiment, making it a key stage for initial market pricing.
• The price changes in the first 7 days after TGE can capture the market's short-term sentiment towards the new token and the initial recognition of the project's fundamentals, measuring the sustainability of market enthusiasm and returning to the project's reasonable initial pricing.
• Observing the token's long-term support in the first 30 days after TGE, as short-term speculation cools down and speculators gradually exit, whether the token price and trading volume are maintained becomes an important reference for market recognition.

1.2.3 Data Processing

This study employs a systematic data processing approach to ensure the scientific nature of the analysis. Compared to common research methods on the market, this study is more intuitive, concise, and efficient.

In this report, the data mainly comes from TradingView, covering price data of newly listed tokens on major exchanges in 2024, including initial listing prices, market prices at different time points, and trading volumes. Due to the large number of sample points, this large-scale data analysis helps reduce the impact of individual anomalous data on overall trends, thus improving the reliability of statistical results.

(I) Multivariable Overview of Listing Activities

This study adopts a multivariable analysis method, comprehensively considering market conditions, trading depth, liquidity, and other factors to ensure the comprehensiveness and scientific nature of the results. We compared the average price fluctuations of new coins across different exchanges and conducted in-depth analysis in conjunction with the exchanges' market positioning (such as user base, liquidity, and listing strategies).

(II) Average Value to Judge Overall Performance

To measure the market performance of tokens, we calculated their percentage change relative to the initial listing price, using the following formula:

Considering that extreme situations in the market may affect the overall data trend, we excluded the top 10% and bottom 10% of extreme outliers to reduce the interference of sporadic 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 true market performance of new coins across different exchanges. Subsequently, we calculated the average price fluctuations of new coins on each exchange to measure the overall performance of new coins in different platforms.

(III) Coefficient of Variation to Judge Stability

The coefficient of variation (CV) is an indicator of relative volatility in data, calculated using the formula:

Where σ is the standard deviation and μ is the mean. The coefficient of variation is a dimensionless indicator, unaffected by the units of data, making it suitable for comparing the volatility of different datasets. In market analysis, CV is mainly used to measure the relative volatility of prices or returns. In the analysis of exchange or token prices, CV can reflect the relative stability of different markets, providing investors with a basis for risk assessment. Here, we use the coefficient of variation instead of standard deviation because the coefficient of variation has higher applicability than standard deviation.

2. Overview of Listing Activities

2.1 Comparison Between Exchanges

2.1.1 Number of Listings and FDV Preferences

Figure: Overview of Listing Events in 2024

We found that, overall, top exchanges (such as Binance, UPbit, Coinbase) generally have fewer listings than other exchanges. This reflects how the different positions of exchanges influence their listing styles.

In terms of the number of listings, exchanges like Binance, OKX, UPbit, and Coinbase have stricter listing rules, resulting in fewer but larger-scale listings; while exchanges like Gate list new assets more frequently, providing more trading opportunities. Data shows that the number of listings is roughly negatively correlated with FDV, meaning that exchanges that list more high FDV projects usually have fewer listings.

CEX adopts different strategies to determine listing priorities, focusing on different levels of fully diluted valuation (FDV). Here, we categorize projects based on their FDV to better understand the listing standards of exchanges. When valuing tokens, we often consider both MC and FDV, as they together reflect the token's valuation, market size, and liquidity.

• MC only calculates the total value of currently circulating tokens, without considering future unlocked tokens, which may underestimate the project's true valuation, especially when most tokens have not yet been unlocked, leading to potential misguidance.
• FDV is calculated based on the total supply of all tokens, providing a more comprehensive reflection of the project's potential valuation, helping investors assess future sell-off risks and long-term value. For projects with low MC/FDV, the short-term reference significance of FDV is limited, serving more as a long-term reference.

Therefore, when analyzing newly listed tokens, FDV is more relevant than Market Cap. Here, we choose FDV as the standard.

Additionally, regarding the attitude towards initial projects, most exchanges typically adopt a balanced strategy, considering both initial and non-initial projects, but usually have higher requirements for non-initial projects, as initial projects tend to bring in more new users. Furthermore, the two Korean exchanges UPbit and Bithumb mainly focus on non-initial listings. This is because, compared to initial listings, non-initial listings can reduce screening risks and avoid market volatility and initial liquidity issues during the initial phase. At the same time, for project parties, compared to initial listings, they do not need to bear excessive market promotion and liquidity management pressures, and non-initial listings can leverage existing market recognition to drive growth.

2.2.2 Track Preferences

Binance

In 2024, the number of Meme coins still accounts for the largest share. Infra and DeFi projects also have a significant proportion. The RWA and DePIN tracks have relatively fewer listings on Binance but perform well overall. Among them, the highest spot price increase for USUAL reached 7081%. Although Binance is cautious in its listing choices in these areas, once listed, the market response is usually positive. In the second half of the year, Binance's listing preference in the AI track clearly tilted towards AI Agent tokens, which had the highest proportion among AI projects.

In 2024, Binance shows a preference for the BNB ecosystem. For example, the listings of projects like BANANA and CGPT indicate Binance's strengthening support for its own on-chain ecosystem.

OKX

In terms of the number of listings, OKX also has the most Meme coins, accounting for about 25%. Compared to other exchanges, it lists more projects in the public chain and infrastructure tracks, with a total share reaching 34%, indicating that OKX is more focused on underlying technological innovation, scalability optimization, and sustainable development of the blockchain ecosystem in 2024.

In emerging tracks, OKX has only listed 4 AI tokens, including DMAIL and GPT, and has listed 3 new tokens in the RWA track, with only 3 in the DePIN track. This reflects OKX's relatively cautious layout in emerging tracks.

UPbit

The biggest feature of UPbit's listings in 2024 is the wide coverage of tracks, with tokens generally performing well. In 2024, UPbit listed UNI and BNT in the DEX track. This indicates that UPbit still has significant potential and development space for listing popular assets, as many mainstream or high market cap tokens have yet to be listed, and it may further expand support in the future. At the same time, this also reflects that UPbit has stricter listing reviews, preferring to carefully select assets with long-term potential.

On UPbit, tokens from various tracks have shown significant price increases. Tokens from tracks such as PEPE (Meme), AGLD (Game), DRIFT (DeFi), and SAFE (Infra) have seen notable short-term increases, with some exceeding 100% or even 150%. UNI's price increased by as much as 93.5% compared to its price on the 1st day after listing. This reflects the high recognition of UPbit-listed projects among Korean users.

Additionally, from the perspective of public chain ecosystems, chains like Solana and TON are quite favored. We also found that exchanges are gradually deepening their support for their own blockchain ecosystems. For example, Binance's associated BSC and opBNB chains continue to enhance their support for their own on-chain ecosystems. Similarly, Coinbase's Base has also become a key focus, accounting for nearly 40% of all new tokens listed in 2024. OKX is also continuously strengthening its layout in the X Layer ecosystem. Furthermore, Kraken's planned launch of the L2 network Ink further indicates that leading exchanges are actively promoting the construction of on-chain infrastructure.

Behind this trend is the exploration of exchanges transitioning from "off-chain" to "on-chain," which not only expands their business scope but also strengthens their competitiveness in the DeFi field. By supporting projects on their own chains, exchanges can not only promote ecosystem development but also enhance user stickiness and achieve higher profits during the issuance and trading of new assets. This also means that in the future, exchanges' listing strategies will increasingly lean towards projects within their own ecosystem to enhance the activity and market influence of their blockchain networks.

2.2 Time Dimension Analysis

Monthly listing numbers for different exchanges

• The trend of increases and decreases in the number of listing events is highly consistent with the rise and fall of BTC prices. During BTC's upward periods (February to March and August to December), there were more listing events, while during BTC's sideways or downward periods (April to July), the number of listing events significantly decreased.
• The listing activities of top exchanges (Binance, UPbit) were less affected during bear markets, and their share of listings actually expanded during this period, demonstrating stronger market dominance and anti-cyclical capabilities.
• Bitget's number of listings remained stable, with market fluctuations having little impact on it, while other exchanges experienced significant fluctuations in their listing rhythms. This may be related to its more balanced listing strategy.
• Gate and KuCoin have higher listing frequencies, but the number of listings fluctuates significantly with market conditions, indicating that these exchanges may rely more on the higher liquidity of new projects during bull markets to attract users.

3. Trading Volume Analysis

3.1 Overall Trading Volume Situation Across Different Exchanges

Average trading volume of projects on each exchange 24 hours after TGE in 2024

Average trading volume of projects on each exchange 30 days after TGE in 2024

• UPbit has a very high trading volume proportion within 24 hours of a token's listing, even exceeding half of Binance's, showing its strong short-term market appeal and significant liquidity influx. Although the proportion slightly decreases after 30 days, it still maintains a high market share, approaching the combined share of the three top exchanges OKX, Coinbase, and Bybit, indicating that UPbit occupies an extremely important position in the listing market.
• Binance and OKX show steady growth in trading volume, maintaining leading market shares after 30 days, demonstrating strong market recognition and liquidity depth. Binance's share was 47% within 24 hours, increasing to 53% after 30 days, indicating its long-term market dominance, while OKX also maintained a high share after 30 days.
• Bybit performed well in both short-term and long-term trading volumes, remaining relatively stable. Meanwhile, Bithumb's market share slightly increased after 30 days, indicating that it not only retains early trading volume but also attracts more liquidity. This shows that Bithumb's competitiveness in the listing market has strengthened.

Although Korean exchanges are known for their preference for non-initial projects, as the above data shows, these projects can still generate very strong trading volumes. The core reason for the significant trading volume of non-initial projects on Korean exchanges lies in their unique market environment:

The Closed Nature and Concentrated Liquidity of the Korean Trading Market

• Market Closure: Due to strict KYC policies in South Korea, overseas users are generally unable to directly use Korean exchanges, leading to a relatively closed trading ecosystem in the Korean market; a large number of local users are accustomed to trading on Korean exchanges. Therefore, liquidity is more concentrated within the Korean market.
• Exchange Monopoly: The Korean crypto market exhibits a highly monopolistic structure, with UPbit currently occupying 70%-80% of the Korean crypto market share, firmly holding the industry leader position. After UPbit established its leading position in 2021, Bithumb's original first-place position was replaced, and its market share dropped to 15%-20%. Trading volume and liquidity in Korea are concentrated on leading platforms, demonstrating a strong capital aggregation effect.

Thus, even if a token is not being listed for the first time in the global market, its trading situation in the Korean market will still exhibit a "first listing" effect, attracting significant market attention and capital inflow.

High Holding Rate and Capital Advantage of the Korean Crypto Market

• High Penetration of Crypto Assets: The proportion of South Korean investors holding cryptocurrencies is extremely high, far exceeding that of other major markets. As of November 2024, the number of people holding cryptocurrencies on Korean exchanges exceeds 15.59 million, accounting for over 30% of South Korea's total population. Many South Koreans already hold a large amount of crypto assets and tend to prefer digital assets in their investment choices. South Korea, with only 0.6% of the global population, contributes 30% of global cryptocurrency trading volume.
• Sufficient Social Capital: Additionally, South Korea is a developed country with a high GDP, and overall social capital is relatively abundant, providing a large amount of investable funds, which gives the crypto market sufficient liquidity.
• Limited Survival Space for Young People in Traditional Industries: South Korea is a capitalist country dominated by chaebols, and young people face significant employment and living pressures, with class solidification intensifying the demand for wealth appreciation channels. Approximately 3.08 million young people aged 20-39 participate in virtual currency trading, accounting for 23% of the total population in that age group.

As of November 2024, the total holding of cryptocurrencies by the South Korean public has increased to 102.6 trillion won (approximately 69.768 billion USD), with the average daily trading volume climbing to 14.9 trillion won (approximately 10.132 billion USD). UPbit became the fastest-growing CEX in trading volume in the fourth quarter of 2024, increasing from 135.5 billion USD to 561.9 billion USD, a quarter-on-quarter growth of 314.8%. This growth reflects the strong demand for crypto assets in the Korean market and further corroborates the high trading volume trend of Korean exchanges in non-initial projects.

4. Price Performance Analysis

4.1 Price Performance Comparison by Exchange

4.1.1 Overall Price Performance of Listings on Each Exchange

Comparison of average and median trading volume prices 7 days after TGE across exchanges

• Binance performed the best, with both average and median values being prominent. The top three in average value are Binance, OKX, and Bitget, where OKX has a positive average but a negative median, indicating that the price fluctuations of rising tokens are large, with significant volatility in the short term and noticeable outliers. Bitget performed relatively well, being the closest among other exchanges to the two leading exchanges. Meanwhile, its median increase ranks second among all exchanges, second only to Binance, and shows a high positive value, indicating that the token prices on Bitget are generally showing a strong upward trend.
• Among medium-sized exchanges, Bithumb, Gate, and KuCoin performed well. Among them, Bithumb is the most balanced in price performance, with the smallest difference between absolute value and median, indicating less price volatility and stable performance. However, both KuCoin and Gate have negative medians with relatively high absolute values, indicating lower win rates for tokens and possibly more upward outliers causing interference.

Comparison of average and median trading volume prices 30 days after TGE across exchanges

• By the 30th day, overall median values have decreased, indicating that after 30 days, especially for tokens with lower liquidity, some speculative funds have withdrawn significantly from the market, increasing selling pressure and insufficient buying support, leading to price declines. Gate may have experienced significant fluctuations in the new token market due to an excessive number of listings, resulting in insufficient liquidity. This indicates that the platform failed to attract enough stable capital inflow, and an excessive number of token choices diluted liquidity, breaking the balance between buyers and sellers, causing significant price declines.
• Binance was less affected, with a slight decrease in average value, indicating that its listed tokens still maintain strong market support and stable trading volume after 30 days, with some tokens still having room for price increases. As a top exchange, Binance maintains a high level of token prices even when the new token market as a whole declines after 30 days, thanks to its vast market liquidity and extensive user base.
• Among medium-sized exchanges, Bithumb is the only exchange that increased after 30 days, with both the 7-day increase and median being positive. This indicates that Bithumb successfully attracts funds with its good market liquidity and stability, demonstrating strong resilience and market appeal. This may be due to Bithumb's lower number of listings, allowing it to concentrate liquidity and maintain strong market activity, enabling newly listed tokens to perform better in terms of price.

4.1.2 Monthly Price Performance of Each Exchange's Listings

Price changes for each exchange one month after TGE

Price changes for each exchange 30 days after TGE

• Binance and UPbit show significant price advantages, heavily influenced by market sentiment. The listings on Binance and UPbit perform outstandingly when market conditions are favorable; for instance, in May and September, Binance's 30-day increases reached 87.8% and 94.9%, respectively, while UPbit also saw a 60.5% increase in September, demonstrating strong price advantages but with high volatility, showing significant declines in April and July, indicating that market sentiment has a notable impact on them.
• The overall market conditions significantly influence the price trends of tokens, with top exchanges experiencing larger increases during bull markets, while medium-sized exchanges are more prone to significant declines during market downturns. For example, Bybit and OKX saw 30-day declines of -40.6% and -36.6% in July, respectively, while Kraken and KuCoin also performed poorly in the 7-day period, especially Kraken, which saw declines of -23.5% and -27.9% in January and March, respectively.

4.2 Fluctuation of Price Changes

In the previous section, we used average values to reflect the overall highs and lows of price changes. Next, we will use the coefficient of variation to reflect the volatility of sample data around the average price changes. A smaller coefficient of variation indicates that the data distribution is relatively concentrated, with most tokens' price changes close to the average level, suggesting that the market performance is relatively stable and the price fluctuations after the exchange listing are more predictable; conversely, a larger coefficient indicates greater uncertainty in price trends after the exchange listing.

Next, we will analyze the prices on the 1st day and the 30th day separately:

Changes in the coefficient of variation on the 1st day after TGE

• Binance has the lowest coefficient of variation, indicating that the price fluctuations of its listed tokens on the first day are relatively small, making market performance the most stable. UPbit has the highest coefficient of variation, indicating significant fluctuations on the first day, but combined with previous average value analysis, it is estimated that its market overall likely shows a general upward trend.
• Among medium-sized exchanges (moving from left to right along the axis), the coefficient of variation shows a linear growth trend. From Bitget, which has the lowest coefficient of variation, to Gate, which has the highest. This indicates that the market performance of these exchanges' listings gradually shifts from relatively stable to higher uncertainty, from relatively low short-term investment risk to gradually increasing risk.
• Bybit's coefficient of variation is relatively low, closely resembling Binance, indicating that its market volatility is also relatively controllable. However, considering that Bybit has a large number of listings, it still maintains a low coefficient of variation, suggesting that the overall quality of its listed projects is high, with no large-scale high-volatility tokens appearing. Additionally, this reflects that Bybit's listing screening strategy may lean more towards tokens with stronger stability, thereby reducing the severe fluctuations in the market in the short term.

Changes in the coefficient of variation on the 30th day after TGE

• From the Day 30 coefficient of variation, UPbit maintains a high coefficient of variation both 7 days and 30 days after listing, indicating significant price fluctuations in its trading pairs and high market liquidity. Combined with average value observations, UPbit's trading pairs have a positive average value, and the price decline is relatively slow, indicating that market buying and selling are quite active, with sufficient liquidity depth, reflecting overall market health. From the perspective of the coefficient of variation, UPbit has a significant advantage over other exchanges in this regard.
• Binance and Coinbase remain relatively stable exchanges, with Binance showing relatively stable price increases throughout the entire period, while Coinbase's fluctuations tend to stabilize from 7 days to 30 days, indicating that its token market is more inclined towards steady long-term development rather than short-term drastic fluctuations.
• Medium-sized exchanges (such as Bitget, Bithumb, Gate, KuCoin) show a significant increase in the coefficient of variation on the 30th day, indicating that after short-term speculative funds withdraw, liquidity decreases, leading to increased price volatility. The market is still primarily composed of short-term funds, with a low proportion of long-term funds, resulting in overall weaker stability. Especially for Bitget, while it has high activity, it also carries significant volatility risk.

5. Summary of Highlights

5.1 Data Conclusions

Based on the above research and data, we draw the following conclusions:

1. The choice of exchange for listings significantly impacts listing performance.

Generally, exchanges with fewer listings and stricter criteria tend to show better price performance after removing extreme outliers. However, the overall trend of Bitcoin, regional market environments, and user characteristics also affect listing performance.

Exchanges with a higher number of listings do indeed perform relatively well in short-term average values, but in the long term, the larger number of listings leads to more dispersed liquidity, which may result in greater declines after 30 days and lower price stability.

2. Top exchanges tend to have greater price increase advantages during favorable market conditions compared to medium-sized exchanges.

However, from another indicator, the average increase shows that the performance of major exchanges varies in the 7-day and 30-day increases but is generally positive. Binance provides the best feedback across all price indicators. OKX shows significant volatility in the medium to long term. Among top exchanges, UPbit's performance is the most stable, likely due to its deep liquidity. At the same time, UPbit can achieve extremely high price fluctuations within the first day of token listing. However, since this study records the final closing price on the first day, it may not capture these outstanding performances. Among medium-sized exchanges, Bitget and Bithumb perform relatively well, with Bitget showing stability and Bithumb excelling in certain price indicators.

3. The advantages of the Korean market and the listing effect.

The Korean market has a unique environment, with high trading volume and good liquidity, allowing tokens to quickly attract capital after listing. Although initial price fluctuations are significant, the overall trend is upward. Moreover, price fluctuations remain intense after 7 days and 30 days, indicating that tokens listed in the Korean market will receive longer development cycles and higher attention.

4. The impact of the exchange's screening process on token performance and market stability.

During the data processing, we found that certain exchanges had significantly more outliers, indicating that the token screening and review process is crucial for post-listing performance. Outliers often reflect token prices deviating from expectations, potentially influenced by market manipulation or project risks. Exchanges that frequently encounter outliers may have a more lenient screening process, leading to unstable tokens entering the market and increasing price volatility risks. Therefore, the token screening process of exchanges directly affects the market performance of tokens and the overall stability of the market.

5.2 Exchange Performance

Binance & OKX

Both perform excellently across various indicators, but in the long term, Binance has a greater advantage in stability. Binance's market performance is relatively stable, maintaining continuous growth with low volatility. In contrast, while OKX exhibits greater market volatility than Binance, it is nearly comparable to Binance across multiple indicators.

UPbit & Bithumb

UPbit and Bithumb are the two leading cryptocurrency exchanges in South Korea, showing overall strong performance. UPbit consistently maintains a high ranking among global exchanges. Bithumb, as one of the earliest exchanges established in South Korea, performs exceptionally well with certain tokens. The high enthusiasm for trading in the Korean market has led to a significant influx of capital into local exchanges, resulting in high liquidity and trading volume. Due to deep liquidity and a large number of retail investors in South Korea, price changes may not be very noticeable on a medium to long-term scale. However, focusing on shorter-term hourly trading, the trading volume and price fluctuations of Korean exchanges exceed those of other exchanges of similar tiers. Since this study primarily examines price changes 1 day, 7 days, and 30 days after token listing, it may not fully reflect the outstanding performance of Korean exchanges.

It is worth noting that UPbit and Bithumb have a distinct "kimchi premium" regional advantage. Certain tokens listed on Korean exchanges often see prices rise above those on global exchanges within a short period, providing UPbit and Bithumb with an unparalleled advantage.

Bybit

As one of the top exchanges, Bybit boasts strong liquidity depth and extensive listing experience, providing a stable trading environment. Despite experiencing a significant theft incident in early 2025, Bybit demonstrated its capability as a large exchange through timely and effective public relations handling and security measures. In contrast, many smaller exchanges often lack the ability to respond to such challenges. Bybit's strategies for risk management and public relations are also well-executed, particularly in maintaining sufficient financial resources, quickly restoring user trust, and continuing to maintain its competitiveness in the market.

Bitget

Bitget stands out among medium-sized exchanges, showing rapid development. Bitget is in a transitional phase towards becoming a top-tier exchange, leaning towards implementing stricter listing mechanisms. The platform has listed a considerable number of new coins, providing investors with a broader selection. Additionally, based on average data, the overall performance of listed tokens is good, and the positive price fluctuations of tokens far exceed those on comparable platforms. The preference for quality projects on Bitget is gradually becoming evident, as the platform maintains caution in project selection and achieves more precise selection through a dual-incentive mechanism. Overall, Bitget's market performance is positioned between that of top exchanges and the average level of medium-sized exchanges, demonstrating good price performance and market recognition. Compared to similar exchanges, the price fluctuations of tokens on Bitget are relatively stable, showing high resilience during market volatility, thus maintaining strong market competitiveness and user trust.

Gate

Gate is rapidly rising. With a high proportion of listings and continuously innovative listing strategies, Gate performed well in 2024, not only gradually increasing trading volume but also showing significant token price increases. Gate successfully attracted a large number of emerging projects, significantly enhancing its market competitiveness and continuously expanding its influence in the crypto market. Gate has performed well in the Meme track and has established an innovative zone to provide dedicated sections for newly listed tokens. With keen market insight, Gate has successfully launched multiple popular tokens, attracting a large number of investors. Its innovative listing strategies and precise project selection have helped the platform rapidly expand its ecosystem, enhancing user stickiness and promoting growth in trading volume and liquidity.

KuCoin

Beyond the focus of this report on listings, KuCoin has made significant progress in compliance, having reached a settlement with the U.S. Department of Justice (DOJ), paving the way for KuCoin and its new leadership team's future development. KuCoin is also actively obtaining relevant licenses, especially in Australia and India, while also making strides in Europe and Turkey. KuCoin is applying for a license compliant with the Markets in Crypto-Assets Regulation (MiCAR) in Austria through KuCoin EU Exchange GmbH. Additionally, KuCoin is the first global cryptocurrency trading platform to comply with the Financial Intelligence Unit (FIU) regulations in India. By promoting compliance and regional expansion, KuCoin is expected to attract more potential users, boost trading volume and price growth, and create favorable conditions for its future sustained growth.

Coinbase & Kraken

As the largest exchanges in the U.S., they possess strong liquidity and deep markets. Coinbase's cautious listing strategy, combined with the relatively strict cryptocurrency regulatory policies in the U.S., results in a relatively low number of listings on the platform, but it also offers high security and stability. This indicates that Coinbase adopts a conservative listing strategy for new projects, especially high-risk assets like Meme coins. However, from a price performance perspective, while pursuing stability and long-term development, it has also missed many upward opportunities. Kraken is known for its security and is subject to strict regulations, resulting in relatively fewer product offerings compared to other exchanges.

6. References

1. Animoca Brands Research on 2024 Listing Report

https://research.animocabrands.com/post/cm71o17u2t6f107mlc6v09ujq

2. 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++

4. 국내 코인 거래소 총 투자자 1천500만명 첫 돌파…11월 60만명↑

++https://www.yna.co.kr/view/AKR20241224079900002++