Exchange Listing Strategy Shift: The Rise of DEX Issuance and the New Landscape Dominated by Secondary Listings

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2025-08-21 10:32:44

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Editor’s Note

This article is sourced from the latest research report published by Tophash Digital, a consulting investment firm in the digital asset sector, in July 2025. The report showcases the profound changes occurring in the listing landscape of cryptocurrency exchanges from 2024 to the first half of 2025. Binance continues to lead with Alpha airdrops and IDOs, the rise of secondary listings shows better performance than initial listings, on-chain issuance and perpetual contract listings are becoming new trends, and there are significant differences in the listing strategies, project performances, and pathways across different exchanges. This article will reveal the dynamics of exchange listings from multiple dimensions such as activities, performances, and distributions.

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

This research provides a comprehensive analysis of the listing dynamics of crypto tokens in major centralized exchanges and Binance-related issuance plans from January 2024 to June 2025. The subjects of the study include several mainstream trading platforms, including Binance, Binance perpetual contract market, Coinbase, OKX, Upbit, Bithumb, and Bybit. The scope covers spot, 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 with trading history on other platforms being listed on a new exchange). This study systematically sorts out the listing trends of different exchanges, fully diluted valuation (FDV) distributions, post-listing performances of tokens, and cross-platform listing pathways, with the core goal of gaining deep insights 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 intrinsic mechanisms of token issuance, price performance, and market expansion in different liquidity environments.

Listing Activities of Exchanges

Total number of listings by exchanges in 2024 and the first half of 2025

In the first half of 2025, the listing activities of cryptocurrency exchanges significantly increased, but initial listings and secondary listings exhibited distinct developmental paths. Binance has significantly expanded its token listing ecosystem through the continuous expansion of its DEX issuance business and perpetual contract market; in contrast, the listing pace of several other mainstream exchanges has slowed or remained stable, showing a trend of centralization.

Number of initial and secondary listings by exchanges in 2025

Total number of listings by exchanges in 2024, the first half of 2025, and the projected total for 2025

In the first half of 2025, Binance remained the most active exchange globally for initial listings, launching 71 initial listing projects, all driven by DEX issuance channels, specifically including airdrops from the token discovery platform Binance Alpha and initial decentralized offerings (IDOs). Upbit and Coinbase maintained a relatively stable pace for initial listings, each launching about 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 the scale of initial listings, with numbers dropping from double digits in 2024 to single digits in the first half of 2025. Overall, the total number of initial listings in the industry is expected to increase significantly, 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.

Regarding secondary listings, Binance launched a total of 138 secondary listing projects during the same period, with the vast majority being re-listed existing tokens through the Binance Alpha platform. Coinbase, Upbit, and Bithumb also focused more on secondary listings, which accounted for about 80% of their total listings in 2025. The Binance perpetual contract market also showed a clear preference for secondary listings, with their number nearly double that of initial listings. The total number of secondary listings 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 in 2025.

Number of Binance listings categorized 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 issuance. From an annual comparison, the overall plan for spot listings remained stable: 64 expected in 2025, roughly on par with 57 in 2024, covering various issuance methods including direct listings, Launchpool, Megadrop, and airdrops for holders.

Number of Binance spot, decentralized exchange, and perpetual contract listings in 2024, the first half of 2025, and projected for the whole of 2025

In Binance's futures listings, secondary listings dominated. Among the 103 projects launched in the first half of 2025, 72 were secondary listings, which continued to bring strong trading volumes but had 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 review and control.

Number of initial and secondary listings by Binance in the first half of 2025

Performance of Listings by Exchanges

Token performance within 7 days of listings by exchanges in 2025

The seven-day performance data of exchange listing projects shows a significant differentiation between initial listings and secondary listings. On almost all platforms, tokens from initial listings performed poorly, with both average returns and median returns falling into negative territory after the token generation events (TGE). In contrast, secondary listings generally exhibited stronger and more stable positive returns, primarily due to their existing market consensus and liquidity foundation.

Token performance within 7 days of initial listings by exchanges in 2025

The new coin listing projects on the main boards of various exchanges generally performed poorly, recording negative returns across the board over the past seven days. Although Coinbase showed a slight average positive return (+6.7%), its median return remained flat, indicating insufficient upward momentum. The performance of new coins listed through Binance's spot, Alpha airdrops, and IDO channels fell short of expectations, with median return rates ranging from -5% to -19%. Exchanges such as OKX, Bithumb, and Upbit also continued to show losses, with average return rates between -4% and -15%. Overall, regardless of the exchange or project channel, new coins seem to universally face selling pressure immediately after listing.

Token performance within 7 days of secondary listings by exchanges in 2025

The performance of tokens within 7 days after listing shows a clear difference between initial and secondary listings. In almost all exchanges, initial listings performed poorly, with both average and median return rates post-token generation events (TGE) being negative. In contrast, secondary listings often deliver stronger and more stable returns, benefiting from their existing market recognition and liquidity.

Token performance within 7 days of Binance projects' listings in 2025

The average return rate for initial listings through IDOs was +1.5%, but the median of -4.8% highlights the limited coverage of successful cases. The performance of initial listings from Alpha airdrops ranked among the worst, with an average return rate of -11.2% and a median of -13.8%. The average return rate for initial spot listings was -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 outperformed their respective initial listings, further confirming 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 has consistently been from secondary listings, while initial issuances, especially those through Alpha and spot channels, generally performed poorly.

Token performance within 7 days of initial listings by Binance projects in 2025

Token performance within 7 days of secondary listings by Binance projects in 2025

Peak Fully Diluted Valuation (FDV) Ratio and Time Analysis

Peak FDV ratios and average days to reach peak for exchanges within 7 days in 2025

This section analyzes the peak fully diluted valuation (FDV) ratios and the average days required to reach these peaks. These metrics collectively 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 initial speculation.

In this article, the calculation of peak FDV ratios is defined as the highest price within 7 days post-listing divided by the closing price on the listing day.

Peak FDV ratios and average days to reach peak for initial listings within 7 days by exchanges in 2025

Among initial listing projects, Coinbase and OKX performed the best, with peak FDV ratios reaching 59% and 37%, respectively, both achieving this in about 1.5 to 1.8 days. The initial listings through Binance's IDO channels also performed strongly, with an average peak FDV ratio of 38%, reached in 2.1 days, reflecting sustained and stable market demand. In contrast, projects from Alpha airdrops and direct spot listings peaked earlier but at lower levels, with FDV ratios only at 17% to 18%, typically peaking within 1.1 to 1.3 days. Upbit and Bithumb's listing projects also surged quickly but showed significantly insufficient follow-up momentum, indicating limited secondary market buying support. Overall, most initial listing projects quickly reached their peaks early on, with relatively limited upward potential.

Peak FDV ratios and average days to reach peak for secondary listings within 7 days by exchanges in 2025

The peak performance of Binance's spot and Alpha secondary listings was robust (around 20%-30%), but Alpha secondary listings took longer to reach their peaks (2.1 days) and were more affected by extreme values. Upbit and Coinbase's secondary listings exhibited similar trends, with peak FDV ratios of 18%-21% and an average peak time of about 2 days. OKX and Bybit's secondary listings peaked quickly but performed weakly, with upward potential of less than 10%, reaching their peaks in less than 1.5 days. Overall, the price discovery curve for secondary listings is healthier and more stable.

Peak FDV ratios and average days to reach peak for Binance projects within 7 days of listing in 2025

The initial listings through Binance's IDO achieved the highest peak FDV ratio (38%) among all projects and took the longest to reach their peaks (2.1 days), indicating strong and sustained demand at the time of project listing. The peak for initial listings from Alpha airdrops appeared earlier and at a lower level, with an FDV ratio of 17% within 1.3 days, suggesting that early momentum was more dominant. The performance of initial spot listings was similar to that of Alpha, with an average peak of 18%, and peaks generally occurred on the first day of listing. The peak for secondary listings in Binance's spot market appeared quickly but was only 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 reaching their peaks.

Peak FDV ratios and average days to reach peak for initial listings by Binance projects within 7 days in 2025

Peak FDV ratios and average days to reach peak for secondary listings by Binance projects within 7 days in 2025

Listing Situation by Fully Diluted Valuation (FDV) Distribution

Valuation tiers of projects listed by exchanges in 2024 based on fully diluted valuation (FDV)

Valuation tiers of projects listed 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 exchanges and listing plans categorize trading volumes by project scale. For initial listing projects, FDV is calculated based on the closing price on the listing day; for secondary listing projects, FDV reflects the valuation before listing. By comparing various exchanges and Binance-related plans, we can identify patterns in how listing platforms filter tokens and segment issuance across different valuation tiers. The valuation tiers are specifically categorized as: micro (<$75 million), small ($75 million - $250 million), medium ($250 million - $750 million), large ($750 million - $2 billion), and giant (>$2 billion).

Valuation tier ratios of projects listed by exchanges in 2024 based on fully diluted valuation (FDV)

Initial listing projects on Upbit and Bithumb are heavily skewed towards large and giant caps, with projects having fully diluted valuations (FDV) above $750 million accounting for 72% and 77%, respectively, with Upbit alone having 43% of its projects classified as giant caps. Initial listing projects on Coinbase and OKX are concentrated in the mid-to-large cap range, with 75% of projects having FDV above $250 million, most falling within the $250 million to $750 million range. Initial listing projects in Binance futures also tend to favor high FDV types, with 87% of projects having 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 together accounting for 28%. Overall, initial listing projects are typically dominated by high FDV projects, but in 2025, driven by Binance's DEX issuance plans, this trend has shifted towards low FDV projects.

Valuation tier ratios of projects listed by exchanges in 2025 based on fully diluted valuation (FDV)

Under the influence of Binance Alpha, Binance's secondary listing projects lean towards smaller scales, with fully diluted valuations (FDV) below $250 million. Bybit and Coinbase's secondary listing projects exhibit a broader FDV distribution. The secondary listing projects of 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.

Valuation tiers of projects listed by Binance based on fully diluted valuation (FDV) in 2025

Binance's spot listing projects favor large caps, 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 FDV below $250 million, and a high proportion of micro cap projects. The range of projects for Binance IDO listings is concentrated, with nearly all projects having FDV 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 focuses on scaled tokens, Alpha targets early projects, and IDOs are aimed at carefully selected growth-stage projects.

Valuation tiers of projects for initial listings by Binance based on fully diluted valuation (FDV) in 2025

Valuation tiers of projects for secondary listings by Binance based on fully diluted valuation (FDV) in 2025

Binance's Listing Pathways

Binance's listing pathways categorized by fully diluted valuation (FDV) distribution for frontline spots

This section will analyze the downstream listing pathways of Binance Alpha airdrops and Binance IDOs, tracking how these tokens subsequently land on Binance perpetual contracts, Binance spot, and other frontline centralized exchanges (CEX) such as OKX, Coinbase, Upbit, and Bithumb.

Binance's listing pathways: conversion rates and average waiting days

Binance's listing pathways: fully diluted valuation (FDV) and performance analysis

Binance Alpha airdrops rarely advance to quality listing stages, with low conversion rates to perpetual contracts and spots, and generally weak post-listing performance; tokens entering the spot market via Alpha are mostly high FDV projects with some follow-up performance. In contrast, Binance IDOs exhibit significantly stronger downstream appeal, especially in perpetual contract listings, with fast progression and impressive 7-day returns; although IDO to spot transitions are not common, their performance still surpasses that of Alpha. Overall, Binance Alpha shows low downstream conversion and performance differentiation, while IDOs represent a stronger pathway to downstream listings (especially in perpetual contracts).

Binance frontline spot listing pathways: conversion rates and average waiting days

Binance frontline spot listing pathways: fully diluted valuation (FDV) and performance analysis

Tokens issued through Binance Alpha or IDO rarely land on frontline exchange spot markets, with both low conversion rates and often long delays before tokens appear on other mainstream exchanges. The performance of these tokens after listing on other exchanges is generally poor, with most return rates being negative, and only a slight increase observed on Upbit. These listings tend to favor large cap tokens, further confirming the notion that projects with higher fully diluted valuations (FDV) are more likely to secure more opportunities for listings on frontline exchanges. Although listing on external exchanges can provide broader exposure, such conversions are not only rare but often underperform, especially for high FDV projects, whose liquidity events are more likely to be used for token distribution rather than project growth.

Projects that simultaneously underwent initial listings and perpetual contract listings on Binance in 2025

The above chart analyzes the projects that underwent initial listings on Binance in 2025 while also conducting perpetual contract listings. The data shows that Binance tends to pair perpetual contract listings with initial spot projects rather than Alpha airdrops or IDOs.

Frequency and performance of Binance's initial DEX issuance projects synchronized with spot listings on other exchanges

The above chart analyzes the frequency and performance of Binance's initial DEX issuance projects (including Alpha airdrops and IDOs) synchronized with spot listings on other mainstream exchanges (such as Bybit, OKX, Coinbase, Upbit, and Bithumb). The performance of these joint listings is generally poor, with the 7-day average return rates across all exchanges being negative, particularly notable declines observed on OKX, Upbit, and Bithumb.

Conclusion

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 dominance of secondary listings, and clearer segmentation of different valuation tiers and pathways across platforms.

Binance continues to maintain 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 widely: while Alpha airdrops can achieve large-scale issuance, they struggle in subsequent performance and conversion; in contrast, IDOs have become a more selective yet better-performing pathway, particularly excelling in landing on Binance perpetual contracts. Among all exchanges, secondary listings consistently outperform initial issuances in terms of 7-day return rates and peak FDV ratios, reflecting the advantages of listing tokens after establishing initial liquidity and market presence. Notably, the post-listing performance of secondary listings from Binance, Coinbase, and Upbit is the strongest, while OKX and Bybit lag behind.

Valuation segmentation has now deeply integrated into the project systems of various exchanges: Binance's spot listings lean towards large, high FDV tokens, while Alpha and IDO channels precisely focus on early-stage and growth-stage projects, respectively. This reflects a more targeted filtering approach in the token listing process and clear tiered differences in access to quality trading channels. Cross-exchange liquidity remains relatively rare and slow, with only a few projects from Binance successfully landing on the spot markets of other frontline exchanges. Even when such conversions occur, they tend to concentrate on high FDV projects, and their post-listing performance is often lackluster.

In summary, these trends highlight that the listing ecosystem 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 pathway from token generation to long-term exchange liquidity.

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