Exchange listings accelerated during the latest market cycle, as centralized exchanges doubled down. Listing expanded despite the loss of enthusiasm for altcoins. 

Exchange listings doubled compared to previous market cycles, led by MEXC additions. While previously tokens would wait for months, MEXC was willing to provide almost immediate listings to new tokens. 

The listings often resulted in losses, but the market still offered a wider selection of new assets. Based on Cryptorank data, listings reached 5.35K new tokens in just 700 days, compared to 1,444 days during the previous cycle. 

Returns on new listings remained relatively low, with a median of 0.3X. Some assets only turned to losses once they were tradable on centralized exchanges. 

Why did exchange listings accelerate? 

During the previous bull cycle, exchange listings only arrived after months of preparation. New tokens also had more diverse technical requirements. 

During this market cycle, token launches and listings concentrated around specific ecosystems. BNB Chain was one of the top venues, which boosted listings through Binance Alpha and other special incentives. 

The previous market cycle also included VC-backed tokens, which waited for the right moment to list. 

On the side of exchanges, new listings accelerated in a bid to offer more attractive assets, as traders were skeptical about coins and tokens from earlier bull markets, due to insider and whale holdings. 

CEX also tried to compete with decentralized markets, which offered immediate liquidity. As a result, centralized exchanges reconsidered their listing procedures, especially for curated or incubated token projects. 

BNB Chain was among the leaders in new listings

BNB Chain was among the leaders in new listings, often done in partnership with MEXC. The network boosted the listings of meme tokens from Four.meme, as well as additional utility projects. 

Meme tokens were also one of the main types of assets to boost the raw number of listings and overall transactions. 

The expansion of new token listings also raised the issue of risky market makers. Each project selected market makers that could sway the course of trading. Unlike DEX tokens, those listed on centralized exchanges could expect more concentrated volumes and eventual pumps. However, some market makers also worked to create the perfect conditions for a crash. 

As a result, Binance issued a new advisory on token projects, requiring them to disclose market makers and their holdings. 

‘Healthy market making should support two-sided liquidity. A pattern of persistent sell-side orders without corresponding buy-side activity may contribute to price pressure and undermine orderly markets,’ explained the Binance team. 

Binance has advised projects launching tokens to ensure their market maker is aligned with their goals and will not sell tokens or create one-sided liquidity. The proliferation of newly listed tokens shed a light on the activities of dishonest market makers, or teams that want to sell tokens on exchanges too aggressively.

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