Animoca Digital Research has released a research report, interpreting the listing situation of Binance, OKX, Bitget, KuCoin, and Bybit from a data perspective. The report details are as follows:
This year, top exchanges have adopted different listing strategies. Binance and OKX are more selective among mainstream exchanges, having listed only 44 and 47 tokens respectively so far. In contrast, Bitget has taken a more aggressive listing approach, with 339 tokens listed, far exceeding its competitors and significantly increasing its market share in 2024.
KuCoin and Bybit have both listed over 150 tokens so far this year. In terms of average returns, most exchanges have seen negative returns since the beginning of the year, with Bybit experiencing the largest decrease in average return rate at -50.20%. KuCoin follows closely with an average return rate of -48.30%, while Bitget’s average return rate is -46.50%.
In comparison, Binance and OKX have relatively better performance, with average return rates of -27.00% and -27.30% respectively. This indicates that Binance and OKX have implemented more effective selective listing strategies, resulting in relatively better token price performance 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 across exchanges, especially for Bitget, Bybit, and KuCoin, where the number of listings significantly increased. In April, the total number of listings reached a peak of 133, while in August, the number of listings was at its lowest at 44. Since April, the number of listings for most exchanges has been steadily decreasing until August.
The report also analyzes the trends in trading volumes, market capitalization, and token performance among the five major exchanges.
