CEXes Go Brrr: Listings Double While Altcoins Catch Some Z's

In the latest bull run, centralized exchanges slammed the pedal to the metal, churning out new token listings at twice the speed of the previous cycle. It seems the "launchpad" became more of a "launch cannon."

Fresh data from Cryptorank reveals a staggering 5.35 K tokens parachuted onto exchanges in a mere 700 days, a feat that took a leisurely 1,444 days last time. The returns, however, were about as exciting as watching paint dry on a bear market chart, with a median gain of just 0.3×. Many assets promptly face-planted into the red the moment they became tradable, offering a masterclass in buying the rumor and selling the news—immediately.

So why the sudden need for speed? Past bull runs had tokens cooling their heels for months, jumping through endless technical hoops. This cycle, launches conveniently clustered around a few cozy ecosystems—most notably $BNB Chain—and were greased by Binance‑backed incentives like Binance Alpha. Not to be outdone, MEXC joined the fray with near‑instant listings, turning the traditional waiting game into a mere speed bump.

The exchanges themselves were desperate for new shiny objects. Traders had grown allergic to last cycle's rehashed coins, and DEXs were vacuuming up liquidity with their instant-swap sorcery. To avoid becoming digital relics, CEXs significantly loosened their curation standards, especially for their own incubated projects, betting that a wider, wilder menu would lure degenerates and their order flow back to the mothership.

$BNB Chain solidified its role as the listing factory of choice, often teaming up with MEXC to pump out everything from meme tokens like Four.meme to more "utility-focused" projects (utility optional, of course). Binance processed the highest volume of token transactions over the past year, effectively becoming the Walmart of new crypto assets—you can get anything, but quality assurance is a self-custody issue.

This torrent of listings also put a glaring spotlight on the sometimes-shady world of market makers. Unlike their DEX cousins, CEX-listed tokens can experience hilariously concentrated volume and sudden, suspicious pumps. They're equally primed for a rug-pull-style crash if the market makers decide to play only one side of the game. In a rare moment of paternal concern, Binance issued an advisory demanding projects disclose their market makers and holdings, warning that relentless sell-side orders without any buy-side love would inevitably crush prices and turn orderly markets into a dumpster fire.

While this listing boom certainly expands the playground for traders, it also serves as a stark reminder of the perils lurking in an aggressively market-made token garden. Tread carefully, or you might just fertilize it with your own bags.

Source: Dune Analytics