March 2025 Centralized Exchange Listings & TGE Insights

Every month, Open World's analytics team scans and compiles key data points from launches across major exchanges and listings, and provides an in-depth analysis report. We are excited to share Open World’s March 2025 token capital markets update which covers three key themes: major centralized exchange volume and listings, TGE metrics that are relevant to the token launch and issuance market, and notable TGE benchmarks. We hope that these insights shed some light into the rather opaque listings process and give our clients and partners a unique view on token issuances.

We like to start off with sharing a view on listings volume as a whole. Despite the drawdowns this month, March listings data posted a 16% uptick from month end February with secondary uplistings driving most of the growth.

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Despite listings quantity being up, trade volume suffered more, posting a ~14% decline since last month. Most exchanges were down on the month in terms of volume, with only Bitget & Bitvavo posting positive numbers for the month.

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To no surprise, trade volume generally follows the swings of the market. March ‘25 volume figures are down 44% since last year.

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Gate dominated the listings headlines for March, accounting for 25% of all listings by quantity (35 of which were primary listings), a stark contrast to OKX, which only listed 2 tokens this month.

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Binance, Coinbase, OKX & Bybit comprise the “Big 4 BCOB” Exchanges that we individually carve out to track. Bybit led the charge in terms of listings quantity followed by Binance, whereas Coinbase & OKX lagged behind. Interestingly enough, Coinbase did not embark on a single primary spot listing whereas ByBit led the charge with 13 primary listings.

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Weekdays continue to be the most popular time to list, with Thursday driving most of the listings activity, led by Gate.

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Finally, in terms of listings by vertical, the Memecoin & Gaming categories dominated the month of March, posting 22 and 18 listings respectively. However, in terms of average market cap at the time of listing, these two categories were on the low end of the spectrum, logging $49m and $42m respectively.

We hope that these insights shed some light into the rather opaque listings process and give our clients and partners a unique view on the token issuance market.

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