Animoca Brands just published its inaugural “Listing Performance Q1 2025” report. This report examines all 770 listing events on ten major exchanges that occurred during the first quarter of the year. The report reveals major trends, trading volumes, and developing strategies in the cryptocurrency and token space. Our analysis paints a picture of an emerging market that is aflutter with optimism as it nears maturity. We’ve witnessed record trading volumes and strategic innovations from centralized exchanges (CEXs).

Further, the report compares performance across exchanges including Binance, OKX, and Coinbase. It examines what factors in individual listings, including the TRUMP Token itself, have played a role in determining their performance. Consideration is given to the impact of an event such as the JELLY episode on trading mechanisms and wider implications thereof. The full results show the complete picture of what happens to tokens post-listing. Through their analysis, they shine a light on how much FDV affects trading volumes.

Key Findings on Listing Performance

According to a new report from Blockware Intelligence, the crypto markets in Q1 2025 were sending mixed signals. Trading volumes tripled in the first 24 hours post-listing. This growth was most pronounced among tokens with a fully diluted valuation (FDV) greater than $500 million – substantially exceeding 2024’s average. This record-setting activity is a strong indicator of growing investor demand and liquidity for larger, more established projects coming to market.

"Volume in the first 24 hours: boom in January, correction in March" - ["cryptonomist.ch" - source]

The average volume traded in the first 24 hours post-listing increased twofold since December 2024. It got as high as $1 billion in January 2025. A week into the listing, token prices mirrored the market trend of late. After having great success in January, it just plateaued or started to go down a little bit in February and March.

"7-day Performance: a more sober market" - ["cryptonomist.ch" - source]

Demand that we tracked across 770 listing events. Of these, 378 were considered “primary,” occurring within the first 48 hours of the token launching. This primary listing emphasis reveals a preoccupation with first mover advantage and short-term disruption to trading activity.

Exchange Performance and Strategies

Leaders in the token market, OKX has become a major force on keeping up with technology. On day one, it still accomplishes an almost ridiculous FDV of more than $4.1 billion. This implies that OKX is focused on listing projects with the most value potential, drawing the largest market cap to its exchange.

Coinbase has focused on secondary listings of tokens with large FDVs, positioning itself in second place with an average FDV of $3.3 billion. This approach will tend to benefit already popular tokens with a robust existing market. Second, it might draw in investors with a lower risk-seeking appetite.

"The leading exchanges: who led and who lost ground" - ["cryptonomist.ch" - source]

Exchange Strategies Solidified Regardless of overall market sentiment, Binance, Coinbase and Upbit continued to uphold high listing standards and tighten up their strategies. This continuity might reflect an intentional string of listing decisions meant to establish a long-term course, focusing on consistency and dependability instead of immediate results.

Strategic Innovations and Market Impact

Perhaps the most notable innovation highlighted in this report was first introduced in Q1 2025. In response, a number of CEXs rolled out or increased support for on-chain trading capabilities. This is a huge win for the cooperation between centralized exchanges (CEX) and DeFi. Its focus is on providing users unified and flexible token trading experiences.

"New trends: the shift from CEX to on-chain" - ["cryptonomist.ch" - source]

The listing of the TRUMP token caused a significant stir, demonstrating the potential for politically themed tokens to capture market attention. The JELLY episode led Hyperliquid to reconsider its leverage and liquidation mechanisms. It was a powerful reminder of why risk management and creating a resilient platform are so essential.

"The TRUMP case: the listing that shifted the balance" - ["cryptonomist.ch" - source]

Binance went well above its quarterly average from the prior year, likely in large part due to rolling out the new significant “Vote to List” feature. This unique community governance model gives users the ability to be involved in the decision making process of token listings, creating a more engaged and decentralized platform.