Written by: Klein Labs

1. Research Introduction

1.1 Research Background

Since this year, the market has sparked widespread discussion on VC tokens with high complete dilution valuations (FDV) but low circulating market value (MC). With newly issued tokens 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 to the market in the future. Although the initial circulation is low and the market may drive price increases in the short term due to increased demand, this rise lacks sustainability. Once a large number of tokens are unlocked and entered the market, the risk of oversupply increased, and investors began to worry that this market structure might not provide lasting support for price increases.

As a result, many investors' interest began to shift from these VC tokens toward Meme coins. The characteristic of Meme coins is that most tokens are completely unlocked during TGE, with a high circulation rate and no selling pressure brought by future unlocking. This structure reduces supply pressure in the market and gives investors more confidence. Many Meme coins have MC/FDV ratios at the time of issuance, which means that holders will not face dilution due to further issuance of tokens, providing a relatively stable market environment. As the awareness of the risks of large-scale token unlocking has deepened, investors' interest has gradually shifted to these high-liquidity and low inflation, although these tokens may lack practical application scenarios.

In the current market structure, investors are required to choose tokens more carefully. However, when investors select tokens, it is often difficult for investors to independently evaluate the value and potential of each project. At this time, the exchange's screening mechanism becomes the key. As a "goalkeeper" who directly pushes token assets to users, centralized exchanges not only help verify the compliance and market potential of tokens, but also play a role in screening high-quality projects. Although there is another voice in the market that transactions on the chain will exceed those of CEX. But Klein Labs believes that the market share of centralized exchanges will not be captured by on-chain transactions. CEX's transaction silkyness, centralized responsible asset custody, user habits and mindset establishment, liquidity barriers, and global regulatory compliance trends, etc., make the transaction share in CEX continue to exceed the transaction share on-chain for a long time.

The question that follows is, how can centralized exchanges screen and decide to go online among many projects? Coins that have been launched in the past yearHow is the overall performance? Are the performance of these tokens listed online related to the exchanges selected?

In order to answer these questions of concern to the market, this study aims to explore the listing situation of major exchanges and analyze its actual impact on the performance of token markets, focusing on the changes in trading volume and price fluctuations after the listing of the currency, so as to identify the impact of different exchanges on the market performance after the currency is launched.

1.2 Research Methods

1.2.1 Research Objects

We combine exchanges with regional and market-oriented, and are mainly divided into these three categories: Chinese created, facing the world: Binance, Bybit, OKX, Bitget, KuCoin, Gate, etc. It is a well-known exchange founded and invested by Chinese people, and is aimed at the global market. There are many Chinese exchanges. For the sake of research, all selected exchanges have different development characteristics, and the unselected exchanges also have their own advantages.

Created in South Korea, aimed at local: Bithumb, UPbit, etc. Mainly aimed at the Korean local market.

Created in the United States, aimed at Europe and the United States: Coinbase, Kraken, etc. American exchanges are mainly aimed at European and American markets and are usually strictly regulated by SEC, CFTC, etc.

In other regions such as Latin America, India, and Africa, since the overall trading volume and liquidity are less than 5%, they will not conduct in-depth analysis in this research report.

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

1.2.2 Time range

Mainly focus on the price changes in the first day, the first 7 days and the first 30 days after the token TGE, and analyze its trends, volatility patterns and market reactions. The reasons are as follows:

On the first day of TGE, new assets were issued and trading volume was highly active, reflecting the market's immediate acceptance. The impact of snatching and FOMO sentiment is a critical stage in the initial pricing of the market.

TGE The price changes in the first 7 days after TGE can capture the market's short-term sentiment for the new token, as well as the initial recognition of the fundamentals of the project, measure the sustainability of the market popularity, and return to the reasonable initial pricing of the project.

TGE The first 30 days after TGE, observe the long-term support of the token, short-term speculation cools down, speculators gradually withdraw, and whether the token price and trading volume are maintained has become an important reference for market recognition.

1.2.3 Data Processing

This study adopts a systematic data processing method to ensure the scientificity of the analysis. Compared with the common research methods on the market, this study is more intuitive, simplistic and efficient.

In this research report, the data mainly comes from TradingView, covering the price data of newly launched tokens on major exchanges in 2024, including the initial price of listed coins, market prices at different time points, and trading volume. Due to the large sample points, this large-scale data analysis helps to reduce the impact of a single abnormal data on the overall trend, thereby improving the reliability of statistical results.

( I ) Multivariate Overview of Listing Activities

( I ) Multivariate Overview of Listing Activities

This study adopts a multivariate analysis method, which comprehensively considers factors such as market conditions, trading depth, liquidity, etc. to ensure the comprehensiveness and scientificity of the results. We compared the average rise and fall of new coins on different exchanges, and conducted in-depth analysis based on the exchange's market positioning (such as user base, liquidity, and currency listing strategy).

(II) average value to judge the overall performance

To measure the market performance of the token, we calculated the Percentage Change relative to the initial price of the listed currency. The calculation formula is as follows:

Considering that extreme situations in the market may affect the overall data trend, we eliminated the extreme outliers of the first 10% and the last 10% to reduce the interference of the statistical results by accidental market events (such as sudden positive news, market manipulation, liquidity anomalies). This processing makes the calculation results more representative and can more accurately reflect the real market performance of the new currency on different exchanges. We then calculate the exchangesThe average rise and fall of Yishou New Coin is used to measure the overall performance of the new coin market on different platforms.

(III) Coefficient of Variation judging stability

Coefficient of Variation (CV) is an indicator to measure the relative volatility of data. The calculation formula is:

where σ is the standard deviation and μ is the mean. The coefficient of variation is a dimensionless indicator, not affected by data units, and is suitable for volatility comparisons of different data sets. In market analysis, CV is mainly used to measure the relative volatility of prices or returns. In exchange or token price analysis, CV can reflect the relative stability of different markets and provide investors with a basis for risk assessment. Coefficients of variation are used here instead of standard deviations. Because the coefficient of variation has higher applicability than the standard deviation.

2. Overview of currency listing activities 2.1 Comparison between exchanges

2.1.1 Number of listed coins and FDV preferences

Overview of listed coins in 2024

We found that from the overall data, the number of listed coins on top exchanges (such as Binance, UPbit, Coinbase) is generally less than that of other exchanges. This reflects the different influence of the exchange's position influencing the currency style.

From the number of listed coins, such as Binance, OKX, UPbit, and Coinbase, the listing rules are stricter, with fewer coins but larger scale; while exchanges such as Gate list new assets more frequently, providing more trading opportunities. Data shows that the number of coins listed is roughly negatively correlated with FDV, that is, exchanges with more high FDV projects usually have fewer coins listed.

CEX uses different strategies to determine the priority of listing coins, focusing on different fully diluted valuation (FDV) levels. Here we classify the project according to the FDV to better understand the exchange's currency standards. When valuing tokens, we often consider MC and FDV, which together reflect the token's valuation, market size and liquidity.

MC only calculates the total value of the current circulating tokens and does not consider the tokens that will be unlocked in the future. Therefore, it may underestimate the real valuation of the project, especially when most tokens have not been unlocked, which is easy to mislead.

FDV is calculated based on the total amount of all tokens, which can more comprehensively reflect the potential valuation of the project, which helps investors evaluate the future selling pressure risk and long-term value. For low MC/FDV projects, FDV has limited short-term reference significance and is more of a long-term reference.

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

In addition, from the attitude towards initial public offerings, most exchanges usually adopt a balanced strategy, that is, taking into account both initial public offerings and non-first projects, but usually have higher requirements for non-first projects, because initial public offerings will bring more new users. In addition, the two Korean exchanges, UPbit and Bithumb, mainly focus on non-first listings. Because compared with initial public offerings, non-first listings can reduce screening risks and avoid market volatility and insufficient liquidity in the initial public offerings. At the same time, for project parties, compared with initial public offerings, project parties do not need to bear too much pressure on market promotion and liquidity management. Non-first listings can drive growth with the help of existing market recognition.

2.1.2 Track preference

Binance

In 2024, the number of Meme coins still accounted for the largest proportion. Infra and DeFi projects accounted for a large proportion. RWA and DePIN tracks have relatively few coins listed on Binance, but overall performance is good. Among them, USUAL spot price rose by 7081%. Although Binance’s choice of listing in these fields is relatively cautious, once it goes online, the market response is usually more positive. In the second half of the year, Binance’s preference for listing on AI tracks is obviously tilted towards AI Agent tokens, which accounts for the highest proportion among AI projects.

In 2024, Binance prefers BNB ecosystem. For example, BANANA and CGPT The launch of projects such as this shows that Binance is strengthening its support for its own chain ecosystem.

OKX

OKX has the largest number of coins listed on the market, accounting for about 25%. Compared with other exchanges, there are more coins listed on the public chain and infrastructure tracks, accounting for as high as 34%, which shows that in comparison, OKX will pay more attention to underlying technological innovation, scalability optimization and sustainable development of the blockchain ecosystem in 2024.

On the emerging track, OKX has only launched 4 AI tokens, including DMAIL and GPT, 3 new tokens on the RWA track, and only 3 in the DePIN track. This reflects that OKX has a cautious layout in relatively emerging tracks.

UPbit

UPbit The biggest feature of UPbit's listing in 2024 is that its track coverage is wide and its tokens generally perform well. In 2024, UNI and BNT were launched on the DEX track. This shows that UPbit still has great potential and room for development on the listing of popular assets. Many mainstream or high-market tokens have not been launched yet, and further support may be expanded in the future. At the same time, this also reflects that UPbit has stricter reviews for listing and prefers to carefully screen assets with long-term potential.

On UPbit In terms of the growth of tokens in each track are quite prominent. Tokens in PEPE (Meme), AGLD (Game), DRIFT (DeFi), SAFE (Infra) and other tracks have increased significantly in the short term, up to 100% or even more than 150%. UNI rose by as much as 93.5% compared with the first day after its 30th day of launch. This reflects that Korean users have a high recognition of UPbit's launch projects.

In addition, from the perspective of public chain ecosystem, public chain ecosystems such as Solana and TON are more popular.

We also observed that exchanges are gradually deepening their support for their blockchain ecosystem: for example, Binance-related BSC and opBNB chains, their support for their on-chain ecosystem continues to increase. Similarly, the Base launched by Coinbase has also become its key support target, and Base projects account for nearly 40% of all new currencies in 2024. OKX continues to make efforts in the layout of X Layer ecosystem. In addition, the L2 Network Ink launched by Kraken further shows that leading exchanges are actively promoting the construction of on-chain infrastructure.

Behind this trend is the exchange's exploration of transformation from "off-chain" to "on-chain", which not only expands its business scope, but also strengthens its competitiveness in the DeFi field. By supporting projects on its own chain, the exchange can not only promote ecological development, but also improve user stickiness and obtain higher returns in the issuance and trading of new assets. This also means that in the future, the exchange's listing strategy will be more inclined to projects within its own ecosystem to enhance the activity and market influence of its blockchain network.

2.2 Time dimension analysis

The increase and decrease trend of the number of listed coins per month on different exchanges

The increase and decrease trend of the number of listed coins is highly consistent with the rise and fall of BTC prices. There are many BTC listing events during the upward period (February to March and August to December), while the number of BTC listing events during the sideways or decline period (April to July) has decreased significantly.

The listing activities of top exchanges (Binance, UPbit) were less affected during the bear market, and their listing share expanded during this period, showing stronger market dominance and anti-cyclical ability.

Bitget The number of listed coins is relatively stable, and market fluctuations have little impact on it, while the pace of listed coins on other exchanges fluctuates greatly. May be related to its more balanced currency listing strategy.

Gate and KuCoin have higher listing frequency, but the number of listing coins fluctuates significantly with the market, indicating that these exchanges may rely more on the higher liquidity of new projects during the bull market to attract users.

3. Trading volume analysis 3.1 Overall trading volume on different exchanges

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

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

UPbit The trading volume accounts for a very high proportion within 24 hours of the currency listing, even exceeding half of Binance, showing its strong attractiveness in the short-term market, and the liquidity influx is obvious. Although its share declined slightly after 30 days, it still maintained a high market share, and its share was even close to the sum of the three top exchanges, OKX, Coinbase, and Bybit, indicating that UPbit occupies an extremely important position in the listed currency market.

Binance and OKX trading volumes grew steadily, with 30-day market share still leading, showing strong market recognition and liquidity depth. Binance accounted for 47% in 24 hours and grew 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 and was relatively stable. Bithumb's market share rose slightly after 30 days, indicating that it can not only retain early trading volume, but also attract more liquidity. This shows that Bithumb's competitiveness in the listing market has been enhanced.

Although Korean exchanges are well-known for their preference for non-first projects, as the above data shows, these projects can still bring very strong trading volume. The core reason why non-first-term projects on Korean exchanges can generate such a huge trading volume is its unique market environment:

The closedness and liquidity of the Korean trading market

The market is closed: Since the local KYC in South Korea is relatively strict, overseas users are basically unable to directly use Korean exchanges. This regional isolation has led to a relatively closed trading ecosystem in the Korean market; a large number of local users are accustomed to buying and selling on Korean exchanges. Therefore, the liquidity within the Korean market is more concentrated.

Exchange Monopoly: South Korean crypto market is showing a highly monopoly pattern, and UPbit currently accounts for 70%-80% of the Korean crypto market share, firmly ranking as the leader in the industry. After UPbit established its leading position in 2021, Bithumb's original position as the first, and its market share dropped to 15%-20%. South Korea's trading volume and liquidity gather towards the leading platforms, showing a strong capital aggregation effect. Therefore, although a token is not listed for the first time in the global market, the transaction situation in the Korean market will still show a similar "first"The effect of "projection" has driven a large amount of market attention and capital inflows.

High holding rate and capital advantage of South Korea's crypto market

High penetration rate of crypto assets: Korean investors hold cryptocurrencies at an extremely high proportion, far higher than other major markets. As of November 2024, the number of people holding cryptocurrencies on Korean exchanges exceeded 15.59 million, equivalent to more than 30% of South Korea's total population. Many Koreans themselves hold a large amount of crypto assets and prefer digital assets in their investment choices. South Korea contributes 30% of the global cryptocurrency transaction volume with 0.6% of the global population.

Adequate social capital: In addition, South Korea is a developed with high GDP, and the overall social capital is relatively abundant, and the investment funds are huge, making the crypto market sufficient liquidity.

Young people in traditional industries have little room for survival: South Korea is monopolized by chaebols, and young people face greater employment and life pressure, and class solidification has intensified their desire for channels for wealth appreciation. About 3.08 million young people aged 20-39 are involved in virtual currency transactions, accounting for 23% of the total population of this age group.

As of November 2024, the total holdings of cryptocurrencies in South Korea have increased to 10.26 trillion won (approximately US$69.768 billion), and the average daily trading volume has also climbed to 14.9 trillion won (approximately US$10.132 billion). UPbit became the fastest-growing CEX in the fourth quarter of 2024, up from $135.5 billion to $561.9 billion, a 314.8% increase from 2024. This growth reflects strong demand for crypto assets in the South Korean market and further demonstrates the high trading volume trend of the Korean exchange on non-first offerings.

4. Price performance analysis 4.1 Price performance by exchanges

4.1.1 Overall performance of listed currency prices on each exchange

Comparing the average and median trading volume and price averages in the 7 days after TGE on each exchange

Binance performed the best, with outstanding average and median. The top three average values ​​are Binance, OKX, Bitget, where OKX has a positive average value, but the median is negative, indicating that the price of rising tokens fluctuates greatly, the price fluctuates violently in the short term, and the outliers are more obvious. Bitget performed well, closest to the two leading exchanges among other exchanges. At the same time, the digit increase ranks second among all exchanges, second only to Binance, and shows a higher positive value, which indicates that the token price on Bitget is showing a strong and positive upward trend overall.

Among the medium-sized exchanges, Bithumb, Gate, and KuCoin performed better. Among them, Bithumb is the one with relatively balanced price performance, with the smallest difference between absolute and median values, indicating that the price fluctuates less and the performance is stable. However, among them, the median of KuCoin and Gate is negative and the absolute value is high, which indicates that the token's winning rate is low and there may be more upward outliers to interfere.

Comparison of the average trading volume and median value in the 30 days after TGE on each exchange

By day 30, the median overall fell, which shows that after 30 days, especially for tokens with poor liquidity, some speculative funds in the market withdraw more, the pressure on selling is increasing, buying is insufficient, and the price falls. Gate may have a large fluctuation in the new currency market and insufficient liquidity due to the excessive number of listed coins. This shows that the platform has failed to attract enough stable capital inflows, too many token choices have diversified liquidity, and the balance between buyers and sellers has been broken, causing a sharp drop in prices.

Binance was less affected, and the average value dropped slightly, indicating that its tokens have maintained strong market support and stable trading volume after 30 days, and some tokens still have room for growth. As a top exchange, Binance has a huge market liquidity and extensive user base, even if the overall decline in the new currency market 30 days later, the token price on its platform can still maintain a high level.

Of the medium exchange, Bithumb is the only exchange that rose 30 days later, and the 7-day gain and median are positive. This shows that Bithumb has successfully attracted funds with its good market liquidity and stability, showing strong resistance to declines and market attractiveness. Probably because Bithumb's smaller amount of listed coins allows it to concentrate liquidity and maintain a strong marketThe market activity allows newly listed tokens to perform better in price.

4.1.2 Monthly listing price performance of each exchange

After TGE on each exchange, the price changes of each exchange per month

After TGE on each exchange, the price changes of each exchange per month

Binance and UPbit have obvious price advantages and are greatly affected by market sentiment. Binance and UPbit's listed coins performed well when the market conditions improved. For example, Binance's 30-day gains in May and September reached 87.8% and 94.9% respectively. UPbit also had a 60.5% increase in September, showing a strong price advantage, but it is volatile, with significant declines in April and July, and market sentiment has a significant impact on it.

The overall market trend has a significant impact on token trends. The listed coins of top exchanges have a greater increase in bull markets, while medium-sized exchanges are more likely to experience sharp drops when the market is sluggish. For example, Bybit and OKX fell by -40.6% and -36.6% in July 30 days, respectively, and Kraken and KuCoin performed weakly overall after 7 days, especially Kraken's declines by -23.5% and -27.9% in January and March, respectively.

4.2 Volatility of fluctuations in the previous part

We used the average value to reflect the overall fluctuations. Then use the coefficient of variation to reflect the fluctuations in the sample data surrounding the average increase and fall above. If the coefficient of variation is small, it means that the data distribution is relatively concentrated, the rise and fall of most tokens is close to the average level, the market performance is relatively stable, and the price fluctuations after the exchange is listed are more predictable; otherwise, the price trend after the exchange is listed is more uncertain;

The next time, the price of 1 day and 30 days will be analyzed separately:

The change of the coefficient of variation on day 1 after TGE

Binance has the lowest coefficient of variation, indicating that the first-day fluctuation of its tokens is relatively small, and the market performance is the most stable. UPbit has the highest coefficient of variation and has a large fluctuation on the first day, but combined with the previous average analysis, it is estimated that its market overall is likely to show a general upward trend.

The coefficient of variation on medium-sized exchanges (from left to right along the coordinate axis) shows a linear growth trend. From Bitget with the lowest coefficient of variation to the highest coefficient of variation Gate. It shows that the performance of the listed currency market of these exchanges has gradually tended to higher uncertainty from a relatively stable and relatively low short-term investment risk to gradually increase.

Bybit has a low coefficient of variation, which is closest to Binance, indicating that its market volatility is also relatively controllable. However, considering that Bybit has a large number of listed currency, it can still maintain a low coefficient of variation, which means that the overall quality of its listed projects is high and there are no large-scale high-volatility currencies. In addition, this also reflects that Bybit may prefer tokens with stronger stability in the currency screening strategy, thereby reducing the market's violent fluctuations in the short term.

The change of the coefficient of variation on day 30 after TGE

From the Day 30 coefficient of variation, UPbit still maintains a high coefficient of variation after 7 days and 30 days, indicating that its trading pair price fluctuates significantly and the market liquidity is high. Combined with the average value, the average value of the UPbit trading pair is positive, and the price decline is slow, which indicates that the market trading order is more active, the liquidity depth is strong enough, and the overall market is healthy. From the perspective of the coefficient of variation, UPbit has a greater advantage over other exchanges in this regard.

Binance and Coinbase are still relatively stable exchanges, and Binance The increase was relatively stable throughout the cycle, while Coinbase's fluctuations between 7 and 30 days tended to stabilize, indicating that its token market tends to develop stably in the long-term rather than violently in the short term.

Medium-sized exchanges (such as Bitget, Bithumb, Gate,KuCoin) had a sharp increase in the coefficient of variation on day 30, indicating that liquidity declined after the withdrawal of short-term arbitrage funds, resulting in intensification of price volatility. The market is still dominated by short-term funds, with a low proportion of long-term funds, and overall stability is relatively weak. Especially Bitget, which has high activity but high risk of volatility.

5. Highlight summary 5.1 Data conclusion

After the above research and data, we have drawn the following conclusions:

5.1.1 Exchange listing selection has a significant impact on the performance of listed coins

Generally speaking, exchanges with fewer listing coins and stricter listings usually perform better after removing extreme outliers. However, the overall Bitcoin trend, regional market environment and user characteristics will also affect the performance of the currency.

Exchanges with a large number of listed coins will indeed be relatively prominent in the short-term average performance, but in the long run, the more listed coins will cause liquidity to be more dispersed, and may usher in a larger decline in 30 days, with lower price stability.

5.1.2 When the market conditions of top exchanges are good, they often have a greater advantage in gains compared with medium-sized exchanges

But from another indicator, from the average increase, the increase performance of each top exchange in 7 days and 30 days is different, but overall it is positive. Binance has the best feedback among all price indicators. OKX has a lot of fluctuations in the medium and long term. Among the top exchanges, UPbit performed the most smoothly, which may be due to the high liquidity depth. At the same time, UPbit can actually achieve extremely high fluctuations in the first day of the token being launched. However, as this study counts the final closing price on the first day, these outstanding performances may not be recorded. Among medium-sized exchanges, Bitget and Bithumb performed well. Among them, Bitget performed stably, while Bithumb performed outstandingly in some price indicators.

5.1.3 Advantages and currency listing effect of the Korean market

The Korean market has a unique market environment, high trading volume and good liquidity, and can quickly attract funds after the token is listed. Although the initial price fluctuates greatly, it is generally on an upward trend. And after 7 days, the price fluctuations remained drastically after 30 days. This shows that in the Korean market, the token will receive longer development cycles and higher attention.

5.1.4 The impact of the exchange screening process on token performance and market stability

In the data processing process, we found that some exchanges had significantly more outliers, indicating that the token screening and review process is crucial to performance after listing. Outliers usually reflect that the token price deviation from expectations and may be affected by factors such as market manipulation or project risks. Exchanges with frequent outliers may be loose during the screening process, resulting in unstable tokens entering the market and increasing the risk of price fluctuations. Therefore, the token screening process of the exchange directly affects the market performance and overall market stability of the token.

5.2 Exchange performance

5.2.1 Binance & OKX

Excellent in all indicators, but in the long run, Binance has an advantage in stability. Binance's market performance is relatively stable, able to maintain sustained growth, and has less volatility. In contrast, OKX is more volatile than Binance in market, but it is almost comparable to Binance in multiple indicators.

5.2.2 Upbit & Bithumb

Upbit and Bithumb are the two leading cryptocurrency exchanges in South Korea, with outstanding performance overall. Upbit has maintained a high ranking among global exchanges. Bithumb As one of the earliest exchanges established in South Korea, it performed very well in some tokens. The extremely high enthusiasm for currency speculation in the South Korean market has caused a large amount of capital to pour into local exchanges, bringing higher liquidity and trading volume. Due to the high liquidity depth and the dispersion of many Korean retail investors, the price changes will not be too obvious on the medium- and long-term scale. However, focusing on shorter-term trading, the trading volume and price fluctuations in South Korea are higher than those of other exchanges of the same level. Since this study mainly studies the price changes in 1 day, 7 days and 30 days after the token is listed, it may not fully reflect the outstanding performance of the Korean exchange.

It is worth noting that Upbit and Bithumb have obvious regional advantages of "kimchi premium". After some tokens are listed on Korean exchanges, their prices will usually be a percentage higher than other exchanges around the world in the short term, which gives Upbit and Bithumb an advantage that other exchanges around the world cannot match.

5.2.3 Bybit

As one of the top exchanges, it has strong liquidity and rich experience in listing coins, which can provide a stable trading environment. Although Bybit experienced large-scale currency theft incidents in early 2025, it demonstrated its ability to respond as a large exchange with its timely and effective PR processing and security measures. In contrast, many small exchanges often lack the ability to deal with such challenges. Bybit's response strategies in risk control and PR processing are also very appropriate, especially in terms of financial funds, which quickly restored user trust and continued to maintain its competitiveness in the market.

5.2.4 Bitget

Excellent performance among medium-sized exchanges, with a faster development speed. Bitget is in the stage of transition to first-tier exchanges and tends to implement a stricter currency listing mechanism. The platform has launched more new coins, providing investors with a wider choice. At the same time, according to the average data, the tokens that have been launched have performed better overall, and the positive price fluctuations of currencies far exceed those of the same-level platforms. The preference for Bitget by high-quality projects has gradually emerged. The platform remains cautious in project screening, and has achieved more accurate selection of the best through two-way incentive mechanisms. Overall, Bitget's market performance is between the average level of top exchanges and medium-sized exchanges. It shows good price performance and market recognition. Compared with the same-level exchanges, Bitget The token price fluctuates relatively smoothly, showing high resilience when the market fluctuates, thus maintaining strong market competitiveness and user trust.

5.2.5 Gate

is rising rapidly. With its high proportion of listed coins and its constantly innovative listing strategies, Gate performed well in 2024. Not only did the transaction volume gradually rise, but the token increase was also obvious. Gate successfully attracted a large number of emerging projects, significantly enhanced market competitiveness, and continuously expanded its influence in the crypto market. Gate in Meme Outstanding performance on the track, an innovation zone was established to provide exclusive sectors for newly launched tokens. With its keen market insight, it successfully launched multiple popular tokens, attracting a large number of investors. Its innovative listing strategies and precise project screening helped the platform quickly expand the ecosystem, enhance user stickiness, and promote the growth of transaction volume and liquidity.

5.2.6 KuCoin

In addition to the listings that are focused on this report, KuCoin has made significant progress in compliance, and KuCoin has reached a settlement with the U.S. Department of Justice (DOJ), which paved the way for the future development of KuCoin and its new leadership team. KuCoin is also actively obtaining relevant licenses, especially in Australia and India, and in Europe, Türkiye and other places, it is also actively making plans. KuCoin applied for a license in Austria for a Crypto Assets Market Regulation (MiCAR) through KuCoin EU Exchange GmbH. Meanwhile, KuCoin is also India's first global cryptocurrency trading platform that complies with the regulations of the Financial Intelligence Agency (FIU). By driving compliance and regional expansion, KuCoin is expected to attract more potential users, promote transaction volume and price growth, creating favorable conditions for its continued future growth.

5.2.7 Coinbase & Kraken

As the largest exchange in the United States, it has strong liquidity and in-depth markets. Coinbase's cautious currency listing strategy combined with stricter cryptocurrency supervision in the United States has led to a relatively small number of coins listed on the platform, but it also has high security and stability. This shows that Coinbase has adopted a conservative online strategy for new projects, especially high-risk assets such as Meme coins. However, from the perspective of price performance, while choosing to pursue stability and long-term development, we have also missed many opportunities for growth. Karken is known for its security and is strictly regulated to result in fewer products and services than other exchanges.