The Truth About Liquidity: A Study Report on Coin Listing Effects in Exchanges 2024

1. Research Introduction

1.1 Research Background

Since 2024, the market has sparked widespread discussion about VC tokens with high fully diluted valuations ( FDV ) but low circulating market caps ( MC ). As the ratio of newly issued tokens MC/FDV has dropped to the lowest level in the past three years, it indicates that a large number of tokens will unlock and enter the market in the future. Although the initially low circulation may drive short-term price increases, this rise lacks sustainability. Once a large number of tokens are unlocked and enter the market, the risk of oversupply increases, and investors worry that this market structure may struggle to provide lasting support for price increases.

As a result, many investors' interest has begun to shift from VC tokens to Meme coins. Most Meme coins are fully unlocked at TGE, with a higher circulation rate, and there is no selling pressure from future unlocks. This structure reduces the supply pressure in the market and gives investors more confidence. Many Meme coins are issued with an MC/FDV ratio close to 1, meaning that holders will not face dilution from further issuance, providing a relatively stable market environment. As awareness of the risks of large-scale token unlocks deepens, investor interest is gradually shifting towards Meme coins with higher liquidity and lower inflation rates, even though these tokens may lack practical application scenarios.

The current market landscape requires investors to be more cautious in selecting tokens. However, investors find it difficult to independently assess the value and potential of each project, making the screening mechanisms of exchanges critical at this time. As the "gatekeepers" that directly push token assets to users, centralized exchanges not only help verify token compliance and market potential but also play a role in screening high-quality projects. Although there are voices in the market suggesting that on-chain transactions will exceed CEX transactions, Klein Labs believes that the market share of CEX will not be taken over by on-chain transactions. Factors such as the smooth trading experience of CEX, centralized asset custody, user habits and mindset establishment, liquidity barriers, and global regulatory compliance trends will ensure that the trading share of CEX remains higher than that of on-chain transactions in the long term.

So, how do centralized exchanges filter and decide which projects to list among many? How has the overall performance of the coins listed in the past year been? Is the performance of these tokens related to the chosen exchange?

To address these market concerns, this study aims to explore the listing of coins on major exchanges and analyze their actual impact on the token market performance. It focuses on changes in trading volume and price fluctuation characteristics after the coin listing, in order to identify the influence of different exchanges on the market performance of coins after they are listed.

1.2 Research Methods

1.2.1 Research Object

We combine exchanges with regions and market orientation, mainly divided into three categories:

Created by Chinese, aimed at the global market: some exchanges, some platforms, some platforms, some platforms, some platforms, some platforms, etc. These are well-known exchanges mainly founded and invested by Chinese, targeting the global market. There are many Chinese exchanges; for the sake of research, the selected exchanges have different development characteristics, and the exchanges not selected also have their own advantages.

Korea created, targeting local: certain exchanges, certain exchanges, etc. Mainly aimed at the South Korean local market.

Founded in the United States, targeting Europe and the United States: certain exchange platforms, certain exchange platforms, etc. US exchanges mainly target the Europe and the United States market and are usually subject to strict regulation.

Exchanges in regions such as Latin America, India, and Africa will not be analyzed in depth in this report due to their overall trading volume and Liquidity being less than 5%.

We selected a total of 10 representative exchanges above, analyzed their coin listing performance, including the number of coin listing events and their subsequent market impact.

1.2.2 Time Range

Mainly focus on the price changes of the token on the 1st day after the TGE, the previous 7 days and the previous 30 days, analyzing its trends, volatility patterns, and market reactions, for the following reasons:

• On the first day of TGE, new asset issuance and a high trading volume reflect the market's immediate acceptance. Heavily influenced by grabbing and FOMO emotions, this is a critical stage for the initial pricing of the market.
• The price changes in the first 7 days after the TGE can capture the market's short-term sentiment towards the new token, as well as the initial recognition of the project's fundamentals, measure the sustainability of market enthusiasm, and return to the project's reasonable initial pricing.
• The first 30 days after the TGE will observe the long-term support of the token, as short-term speculation cools down and speculators gradually exit. Whether the token price and trading volume are maintained will become an important reference for market recognition.

1.2.3 Data Processing

This study adopts a systematic data processing method to ensure the scientific nature of the analysis. Compared to common research methods on the market, this study is more intuitive, concise, and efficient.

The data mainly comes from TradingView, covering price data of new tokens launched on major exchanges in 2024, including initial listing prices, market prices at different points in time, and trading volumes. Due to the large number of sample points, this large-scale data analysis helps to reduce the impact of individual anomalous data on the overall trend, improving the reliability of statistical results.

(I) Overview of Multi-Variable Coin Listing Activities

This study employs a multivariate analysis method, taking into account factors such as market conditions, trading depth, and Liquidity to ensure the comprehensiveness and scientific nature of the results. We compared the average price fluctuations of new coins across different exchanges and conducted an in-depth analysis in conjunction with the market positioning of the exchanges (, such as user base, Liquidity, and coin listing strategies ).

(II) Average value judgment of overall performance

To measure the performance of the token market, we calculate the percentage change relative to the initial listing price of the coin (Percentage Change), as follows:

Percentage Change = (Current Price - Initial Price) / Initial Price * 100%

Considering that extreme situations in the market may affect the overall data trend, we exclude the top 10% and bottom 10% extreme outliers to reduce the interference of sporadic market events ( such as sudden positive news, market manipulation, and liquidity anomalies ) on the statistical results. This treatment makes the calculation results more representative and can more accurately reflect the real market performance of new coins on different exchanges. Subsequently, we calculate the average price change of new coins on each exchange to measure the overall performance of new coins across different platforms.

(III) Coefficient of Variation to Determine Stability

Coefficient of Variation, CV( is a measure of the relative volatility of data, calculated using the formula:

CV = σ / μ

In this, σ is the standard deviation and μ is the mean. The coefficient of variation is a dimensionless indicator that is not affected by the unit of data, making it suitable for comparing the volatility of different datasets. In market analysis, CV is mainly used to measure the relative volatility of prices or returns. In exchange or token price analysis, CV can reflect the relative stability of different markets, providing investors with a basis for risk assessment. The coefficient of variation is used here instead of the standard deviation because it has higher applicability compared to the standard deviation.

![The Truth of Liquidity: 2024 Exchange Coin Effect Research Report])https://img-cdn.gateio.im/webp-social/moments-0ac31e4c640e262da8be0134624272ce.webp(

2. Overview of Coin Listing Activities

) 2.1 Exchange Comparison

2.1.1 Preferred Number of Coins and FDV

From the overall data, top exchanges ### such as a certain exchange, a certain exchange, and a certain exchange ( generally have fewer coins listed than other exchanges. This reflects how the different positions of the exchanges influence their listing styles.

From the perspective of the number of listed coins, certain exchanges have stricter listing rules, resulting in fewer coins listed but larger scales; while exchanges like certain platforms list new assets more frequently, providing more trading opportunities. Data shows that the number of listed coins is roughly negatively correlated with FDV, meaning that exchanges that list more high FDV projects usually have fewer listed coins.

CEX adopts different strategies to determine the priority of listing coins, focusing on different FDV levels. Here, we categorize projects based on their FDV to better understand the listing standards of the exchange. When evaluating tokens, we often consider MC and FDV, as they collectively reflect the token's valuation, market size, and Liquidity.

• MC only calculates the total value of currently circulating tokens, without considering the future unlocked tokens, which may underestimate the project's true valuation, especially when most tokens are not unlocked, which can easily lead to misguidance.
• FDV is calculated based on the total supply of all tokens, which can more comprehensively reflect the potential valuation of a project, helping investors assess future selling pressure risks and long-term value. For low MC/FDV projects, the short-term reference significance of FDV is limited, and it is more of a long-term reference.

Therefore, when analyzing newly listed tokens, FDV is more reference-worthy than Market Cap. Here we choose FDV as the standard.

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In addition, regarding the attitude towards initial projects, most exchanges usually adopt a balanced strategy, taking into account both initial and non-initial projects, but generally have higher requirements for non-initial projects, as initial projects tend to attract more new users. Furthermore, two South Korean exchanges primarily focus on listing non-initial coins. Compared to initial listings, non-initial coin listings can reduce screening risks and avoid market volatility and initial liquidity issues during the initial phase. At the same time, for project parties, compared to initial listings, they do not have to bear excessive pressure for market promotion and liquidity management, as non-initial coin listings can leverage existing market recognition to drive growth.

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) 2.1.2 Track Preference

a certain exchange

In 2024, the number of Meme coins still accounts for the largest proportion. Infra and DeFi projects have a relatively large share. The number of coins in the RWA and DePIN tracks on this platform is relatively small, but the overall performance is quite good. Among them, the highest increase for USUAL spot reached 7081%. Although the platform is cautious in selecting coins in these areas, once they are launched, the market reaction is usually quite positive. In the second half of the year, the platform's preference for coins in the AI track clearly favors AI Agent tokens, which have the highest proportion among AI projects.

In 2024, the platform tends to prefer a certain ecosystem. For example, the launch of projects like BANANA and CGPT indicates that the platform is strengthening its support for its own on-chain ecosystem.

Some platform

The platform has the highest number of meme coins, accounting for about 25%. Compared to other exchanges, it has more coins in the public chain and infrastructure track, with a total share of up to 34%, indicating that this platform is more focused on underlying technology innovation, scalability optimization, and sustainable development of the blockchain ecosystem in 2024.

In emerging tracks, the platform has only launched 4 types of AI coins, including DMAIL and GPT, 3 new coins in the RWA track, and only 3 in the DePIN track. This reflects the platform's relatively cautious layout in the emerging tracks.

A certain exchange

The biggest feature of this exchange in 2024 is the wide coverage of tracks, and the performance of tokens is generally good. In 2024, UNI and BNT were launched on the DEX track. This indicates that the platform still has significant potential and room for development in listing popular assets, as many mainstream or high market cap tokens have not yet been listed, which may further expand support in the future. At the same time, this also reflects that the platform has strict review processes for listing tokens and tends to carefully select assets with long-term potential.

On this platform, the tokens in various tracks have seen remarkable increases. PEPE###Meme(, AGLD)Game(, DRIFT)DeFi(, SAFE)Infra( and other track tokens have shown significant increases in a short period, with the highest reaching 100% and even exceeding 150%. UNI saw an increase of up to 93.5% compared to its first day after being listed on the 30th day. This reflects the high level of recognition that Korean users have for the projects launched on this platform.

![The Truth About Liquidity: 2024 Exchange Coin Effect Research Report])https://img-cdn.gateio.im/webp-social/moments-bed20e181875335ff869665917570020.webp(

In addition, from the perspective of public chain ecology, certain public chains such as a public chain and another public chain are quite favored. We have also observed that exchanges are gradually deepening their support for their own blockchain ecology. For example, the public chain associated with a certain trading platform and another public chain has continuously strengthened its support for its own on-chain ecology. Similarly, the public chain launched by a certain trading platform has also become a key support target, with the public chain project accounting for nearly 40% of all new coins launched in 2024. Meanwhile, a certain platform is continuously making efforts in the layout of the public chain ecology. Furthermore, the L2 network public chain planned for launch by a certain trading platform further indicates that leading exchanges are actively promoting the construction of on-chain infrastructure.

Behind this trend is the exchange's exploration of transformation from "off-chain" to "on-chain", which not only expands its business scope but also strengthens its competitiveness in the DeFi field. By supporting its own on-chain projects, the exchange can not only promote ecological development but also enhance user engagement, and in the new