Top 5 Exchanges Listing Performance
Animoca Digital Research has released a research report interpreting the listing performance of Binance, OKEx, Bitget, KuCoin, and Bybit from a data perspective. The details of the report are as follows:
Listing Performance Overview
This year, top exchanges have adopted different listing strategies.
Binance and OKEx are more selective among mainstream exchanges, having listed only 44 and 47 tokens respectively so far this year.
In stark contrast, Bitget has taken a more aggressive listing approach, with 339 listed tokens, far surpassing its competitors and significantly increasing its market share in 2024.
KuCoin and Bybit have both listed over 150 tokens so far this year.
Since the beginning of the year, most exchanges have seen negative average returns, with Bybit experiencing the largest decrease in average return at -50.20%.
KuCoin closely follows with an average return of -48.30%, while Bitget’s average return is -46.50%.
In comparison, Binance and OKEx have relatively performed better, with average returns of -27.00% and -27.30% respectively. This indicates that Binance and OKEx have implemented more effective selective listing strategies, leading to relatively better token price performance in the challenging altcoin market environment.
Monthly Listing Quantities
Given favorable market conditions earlier in the year, March and April became peak months for listing activity across exchanges, especially for Bitget, Bybit, and KuCoin, with significant increases in listing quantities.
In April, the total number of listings reached a peak of 133, while the number of listings in August was the lowest at 44. Since April, the number of listings across most exchanges has been steadily declining until August.
First Month Token Trading Volume
The chart above shows the 30 tokens with the highest trading volume so far this year. ENA leads, with trading volume exceeding $15 billion in the first month.
Among popular meme tokens, the trading activity of BOME, NEIRO, and WIF has significantly increased, while tokens like ZRO, TON, and LO have seen trading volumes ranging from $1 billion to $5 billion in the first month.
MC/FDV Ratios and Average Token FDV
The MC/FDV (market cap to fully diluted valuation ratio) is a key indicator for evaluating the floating market value of tokens relative to their total valuation. The analysis rankings show that projects with lower circulation ratios tend to push up their valuations.
For Binance, tokens within the 0.4 to 0.6 range account for the largest share of fully diluted valuations. This is mainly due to recent listings like TON, BANANA, and XAI.
Tokens within the 0 to 0.4 range, such as TAO, JUP, ENA, and ZRO, have also made significant contributions to the overall FDV.
OKEx has a higher concentration of tokens in the 0.6 to 0.8 and 0 to 0.2 ranges. Notable high FDV listings so far this year include JUP, ONDO, ZRO, STRK, and ZK.
The remaining three exchanges have lower FDV listings, reflecting their diversified token selection strategies, which may also be due to Binance and OKEx lagging behind in listing high FDV tokens.
Number of Listed Tokens by Different MC/FDV Ratios
When analyzing the distribution of tokens with different MC/FDV ratios, a notable trend emerges: most tokens tend to cluster at extremely high or low MC/FDV ratios, and the same goes for circulation percentages.
Interestingly, the highest valued tokens are those in the middle range of MC/FDV. This suggests that tokens that demonstrate established market share while also showing growth potential often attract greater investor interest.
Trading Volume Divided by Exchange and Listing Month
Trends in Trading Volume in the First 24 Hours (by Exchange and Listing Month)
Trends in Trading Volume in the First Month (by Exchange and Listing Month)
First 24 Hours/First Month Trading Volume (by Exchange and Listing Month)
First Day Trading Activity:
After listing, the first 24 hours of trading volume typically account for 5-20% of the first month’s trading volume, depending on the exchange. OKEx was recorded as an outlier in September, with 40% of activity being driven by CATI and HMSTR tokens, while KuCoin showed stronger participation in the first few months.
Trading Volume:
Among the 5 exchanges, Binance leads the market in both first 24 hours and first month average trading volumes, followed by OKEx. For Binance, April was the peak in average first-day trading volume, while May saw the peak in first-month trading volume. These two volume indicators reached their lowest point in July and partially recovered in August and September. Similar downtrends and recoveries can also be observed in OKEx.
First Day Closing Price and ATH Price (by Exchange and Listing Month)
Average Time to Reach ATH from Listing (by Exchange and Listing Month)
Days to Reach ATH for New Listed Tokens
Average ATH ROI by Exchange and Listing Month
ATH ROI % (average percentage change between ATH and listing price)
Listing Performance:
Based on the ratio of ATH price to first-day price, Bybit and Bitget had the highest average ATH ROI from April to July. Meanwhile, Binance was the fastest among the 5 exchanges to reach an all-time high (ATH) from January to March, a period marked by significant Bitcoin price fluctuations.
Market Greed Transition:
When the BTC price experiences significant increases, the number of days to reach ATH decreases, possibly due to increased investor interest in new tokens listed from January to March, a period during which BTC underwent significant price volatility.
