Animoca Digital Research has released a research report, interpreting the listing situation of Binance, OKX, Bitget, KuCoin, and Bybit from a data perspective. The article was compiled and translated by PANews.
This year, top exchanges have adopted different listing strategies. Binance and OKX are more selective among mainstream exchanges, listing only 44 and 47 tokens respectively so far. In contrast, Bitget has taken a more aggressive approach with 339 listed tokens, surpassing its competitors and significantly increasing its market share by 2024. KuCoin and Bybit have both listed over 150 tokens this year.
The average return rates for each exchange are as follows:
At the beginning of the year, most exchanges had negative average return rates, with Bybit experiencing the largest decrease at -50.20%. KuCoin followed closely behind at -48.30%, while Bitget had an average return rate of -46.50%. In comparison, Binance and OKX had relatively better performances with average return rates of -27.00% and -27.30% respectively. This indicates that Binance and OKX have implemented more effective selective listing strategies, leading to relatively better token price performances in the challenging altcoin market environment.
Given favorable market conditions at the beginning of the year, March and April became peak months for listing activities for various exchanges, especially Bitget, Bybit, and KuCoin, with a significant increase in the number of listings. In April, the total number of listings reached a peak of 133, while August saw the lowest number of listings at only 44. Since April, the number of listings for most exchanges has been steadily decreasing until August.
The report also delves into other aspects such as the distribution of tokens based on different MC/FDV ratios, the trends in trading volume in the first 24 hours and the first month after listing, as well as the time taken to reach the all-time high (ATH) price after listing. The report provides valuable insights into the performance and strategies of these prominent exchanges in the cryptocurrency market.