Animoca Digital Research recently published a comprehensive study analyzing the listing strategies and performance of five major cryptocurrency exchanges—Binance, OKX, Bitget, KuCoin, and Bybit. Below are the key findings:
Exchange Listing Strategies in 2024
This year, leading exchanges adopted divergent approaches to token listings:
- Binance and OKX were highly selective, listing only 44 and 47 tokens year-to-date (YTD), respectively.
- Bitget pursued an aggressive strategy, listing 339 tokens—far exceeding competitors—and significantly boosting its market share.
- KuCoin and Bybit each listed 150+ tokens YTD.
👉 Discover how exchange strategies impact token performance
Average Token Returns by Exchange
Most exchanges recorded negative average returns YTD:
| Exchange | Avg Return (%) |
|----------|---------------|
| Bybit | -50.20 |
| KuCoin | -48.30 |
| Bitget | -46.50 |
| Binance | -27.00 |
| OKX | -27.30 |
Key Insight: Binance and OKX’s selective strategies yielded relatively better performance in a challenging altcoin market.
Listing Activity Trends
- Peak Months: March–April saw the highest listing activity (133 tokens in April), driven by favorable market conditions.
- Lowest Month: August dropped to 44 listings.
- Post-April Decline: Steady reduction in new listings across exchanges until September.
Trading Volume Analysis
Top 30 Tokens YTD:
- ENA led with $15B+ first-month trading volume.
- Meme tokens (BOME, WIF) and projects like TON and ZRO recorded $1B–$5B in initial trading volume.
👉 Explore top-performing tokens by volume
MC/FDV Ratio Trends
- Binance: Tokens with 0.4–0.6 MC/FDV dominated (e.g., TON, XAI), contributing significantly to fully diluted valuation (FDV).
- OKX: Concentrated in 0.6–0.8 and 0–0.2 ranges (JUP, STRK).
- Other exchanges listed lower-FDV tokens, reflecting diversified strategies or delayed high-FDV listings.
FAQ Section
Q1: Which exchange had the highest average returns?
A: Binance and OKX (-27%) outperformed others, likely due to stricter listing criteria.
Q2: Why did Bitget list so many tokens?
A: Its aggressive strategy aimed to capture market share, though it resulted in lower average returns (-46.5%).
Q3: What months saw peak listing activity?
A: March–April 2024, aligning with bullish BTC price trends.
Q4: How does MC/FDV impact token performance?
A: Mid-range MC/FDV tokens (balanced market cap/growth potential) often attract more investor interest.
Q5: Which tokens drove the highest trading volume?
A: ENA ($15B+) and meme coins like WIF/BOME.
Q6: How did BTC price swings affect new listings?
A: Tokens listed during BTC volatility (Jan–Mar) reached ATH faster due to heightened market greed.
Conclusion
While Bitget led in quantity, Binance/OKX’s quality-focused approach delivered better token performance. MC/FDV and trading volume trends highlight the importance of strategic listings in volatile markets.