Q1 2025 Centralized Exchange Listings & TGE Insights

Every month, Open World's research team scans and compiles key data points from launches across major exchanges and listings, and provides an in-depth analysis report. 

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We are excited to share a fulsome update on the state of Centralized Exchange listings for the Q1 2025 period. 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.

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Listings peaked in January with a steep fall off in February followed by a slight rebound in March. A majority of the listings activity were driven by Gate & KuCoin, while the major 4 BCOB exchanges remained selective throughout the Q1 period.

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Despite an overall downtrend for the quarter, weekly data points to an uptrend, perhaps marking the week of February 26th as the bottom for new token issuance.

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Q1 ‘25 posted a 33% decline in total volume, not a single exchange posted a positive increase in volume since February, with ByBit’s volume dropping >60%.

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Trade volume generally follows the swings of the market, which helps contextualize the variances in month over month data.

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Binance, Coinbase, OKX & Bybit comprise the “Big 4 BCOB” Exchanges that we individually carve out to track. Bybit dominated the listings headlines, the February hack - listing nearly as many tokens as Binance & Coinbase combined.

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Despite variances in performance, Story Protocol is one of the leading tokens cross listed on the BCOB exchanges.

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The Q1 ‘25 period also marked wild variances with little uniformity in terms of listing by the FDV buckets for the BCOB Exchanges. Most activity resided in the $100M - $500M FDV range with the most participation from Coinbase & ByBit.

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Open World's Token Issuance & Listings Update highlights key trends across centralized exchange listings, notable token generation events (TGEs), and relevant tokenomics metrics behind the top token launches in the space. We aim to provide clarity into the often opaque listings process and offer our clients and partners a unique perspective on token issuances from a practitioner’s point of view.

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Open World is a bespoke launch advisor for prominent blockchain networks. We have advised on numerous cross chain mandates across DeFi, Layer 1, Layer 2, marketplaces, gaming, and infrastructure. To date, our team has helped generate >$50 billion in network value.

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Mick Green, Commercialization Lead tg: @mickgr

Vincent Ramsey, Tokenomics Lead tg: @themetavince