2025 Listing Report

TL;DR

• Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025 (dropping from 1,645 to 1,302), particularly in the small FDV segment (under $30M). This decline is consistent with the overall observation of a slowdown in the altcoin space throughout the year.

• Top Exchanges Expanding Scope: Major exchanges are expanding their coverage to mid-size tokens and directly listing more small FDV assets. This aggressive expansion by high-volume platforms (like Binance, which saw a 70% increase in listings) has been the main force holding the overall listing event drop to just 6% year-over-year, despite the broader market contraction.

• Rise of Tokenized RWAs: Since the second half of 2025, several exchanges have diversified beyond altcoins to list tokenized RWAs, including stocks and commodities. Gate leads in tokenized stock quantity and volume ($4.9B in Q4), while Binance dominates tokenized gold trading ($6.2B in Q4). However, these volumes remain secondary to crypto-native assets; for instance, Gate’s $4.9B stock volume is still significantly less than its $12B volume for newly listed crypto tokens, suggesting crypto-native assets remain the core trading force.

• Evolution of CEX-DEX Linkage: The CEX-DEX trading linkage, initiated by the Binance Alpha program, has evolved from a simple wallet campaign into an industry-wide practice (adopted by 8 out of 10 major exchanges). This model now allows users to trade on-chain assets directly through their exchange accounts, blurring the lines between exchange custody and self-custody.

• Binance Alpha’s Impact and Decay: The Alpha Program, particularly with the “campaign models” in version 2.0, drove tremendous growth in wallet usage (daily volumes peaking over $1B) and helped select mid-size tokens for Binance’s spot and perp markets. However, token prices struggled to hold post-launch; listing gains were consistently erased within the first month as attention drifted and incentives waned, leading to a “pump-and-fade” dynamic.

• Revival of IDOs: A new wave of IDOs launch designs have emerged as a counter-force to exchange dominance. These platforms launched nearly 200 projects in 2025, introducing features like “Proof of Liquidity” and “Refund Shields” to favor active contributors and use market-based criteria for token unlocks, aiming to create healthier post-launch dynamics between holders and teams.
  
  
  

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