The cryptocurrency landscape is evolving rapidly, and one of the clearest indicators of market sentiment lies in exchange listing trends. By analyzing recent listings across top centralized exchanges (CEXs) — Binance, OKX, and Bybit — we can uncover which sectors are gaining traction, which projects attract institutional backing, and how valuation metrics influence listing success. This analysis also shines a spotlight on the growing momentum behind the TON (The Open Network) ecosystem, driven by Telegram’s massive user base and innovative CeDeFi applications.
Infra Projects Lead the Charge in Exchange Listings
Infrastructure (Infra) has emerged as the most favored category among major exchanges. Recent listings reveal a consistent pattern: Infra dominates, followed by MEME, DeFi, and Layer 1 protocols.
At Binance, Infra accounts for 20.22% of recent listings, outpacing other categories. The exchange has notably listed several TON-based projects, including $nerio — a move that sparked a price surge exceeding 20x post-listing. This strategic focus underscores Binance’s confidence in foundational blockchain technologies.
On OKX, the preference for Infra intensifies, making up 24.11% of all new listings. MEME coins, DeFi protocols, and Layer 1 networks follow closely. OKX's aggressive curation reflects its strategy to support projects with long-term utility while still capitalizing on viral trends.
Bybit lists 119 projects in its recent dataset, with 44 classified as Infra — nearly 37%. MEME, DeFi, and Layer 1 remain secondary priorities, reinforcing a broader industry consensus: infrastructure is king.
Why Infra Over GameFi?
While GameFi dominated headlines in 2023, it has cooled significantly in 2025. The decline isn't due to lack of innovation but rather slower monetization cycles and user retention challenges. In contrast, Infra, DeFi, and Layer 1 protocols act as value conduits for entire ecosystems.
For example:
- The rise of BOME and other Solana-based meme coins boosted demand for $SOL.
- Similarly, the popularity of NOT and CATI drove increased attention and value toward the TON network.
These infrastructure layers serve as foundational rails upon which speculative and utility-driven applications are built. Although development timelines are longer — typically 1–2 years from funding to exchange listing — their long-term impact justifies the patience.
Meanwhile, MEME coins thrive on immediacy. Exchanges list them to capture short-term trading volume and user engagement. While volatile, their cultural relevance makes them indispensable for platforms aiming to stay relevant in fast-moving markets.
Valuation Trends: How FDV Influences Exchange Tiers
Market capitalization — particularly fully diluted valuation (FDV) — plays a crucial role in determining where a project gets listed.
- Binance: Average FDV of listed projects is ~$2.4 billion, with a median of $870 million. The largest cohort (25.64%) falls within the $1–5 billion range.
- OKX: Slightly lower average FDV at ~$1.8 billion, median at $730 million. Projects valued between $1–5 billion dominate (31.58%), followed by $5–10 billion (22.81%).
- Bybit: More accessible entry point with an average FDV of ~$1 billion and median of $720 million. A significant portion (31%) sits between $10 million and $1 billion, indicating a broader inclusion policy.
Exchange Tiering Based on Project Maturity
This data reveals a clear hierarchy:
- Binance and OKX represent the first tier, favoring mature projects likely to exceed $1 billion in FDV.
- Bybit, while tightening its listing criteria, remains more inclusive — serving as a launchpad for early-stage teams aiming for broader exposure.
For project founders, targeting Bybit first may offer a viable path toward eventual Binance or OKX listing after achieving product-market fit and valuation growth.
Institutional Backing: Who Opens the Door to CEX Listings?
Venture capital support significantly increases a project’s chances of being listed on top exchanges.
Binance Listings: Top Backers
- Binance Labs: Appears in 9 out of 40 listings
- OKX Ventures: 6 appearances
- Delphi Digital: 5
- Mirana, Forsight Ventures, SevenX, Multicoin Capital: 4 each
OKX Listings: Investor Influence
- Binance Labs again leads with 13 appearances
- OKX Ventures: 11
- Animoca Brands: 8
- Forsight Ventures & Coinbase Ventures: 7 each
- Solana Ventures & Spartan Group: 6 each
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Key Insight: Cross-Exchange Investor Clout
Notably, Binance Labs appears across both Binance and OKX listings, demonstrating its outsized influence regardless of platform affiliation. Similarly, OKX Ventures holds strong sway within its native ecosystem, suggesting that exchanges prioritize projects backed by their own venture arms.
However, high valuations pose challenges. As noted by IOSG Ventures’ founder, projects valued around $100 million pre-TGE (Token Generation Event)** often abandon Binance listing attempts due to complexity. Those in the **$300–500 million range struggle to secure funding amid broader market caution around infrastructure valuations.
The TON Ecosystem: From Mini-Games to Full-Stack Infrastructure
Amid this landscape, the TON ecosystem stands out as a rising force — fueled by low-barrier entry points like mini-games and Telegram-integrated dApps.
Projects like Notcoin (NOT), DuckChain, UTONIC Protocol, RedStone, and DeDust have gained rapid traction:
- NOT reached a peak FDV near $3 billion
- CATI surpassed $1 billion post-listing
- Hamster and Catizen attracted millions of users via Telegram bots
This success stems from TON’s unique positioning: leveraging Telegram’s 900 million+ user base to onboard Web2 users into Web3 through gamified experiences.
Two Strategic Vectors in the TON Ecosystem
1. Telegram as a Traffic Distribution Engine
Telegram isn't just a messaging app — it's becoming a decentralized engagement platform. Projects like PEPE Miner Bot exemplify this shift:
- Users complete simple tasks via Telegram bots
- Earn tokens (e.g., PEPE) as rewards
- Over 700,000 subscribers already engaged
This model enables B2B advertising and task-based monetization at scale — turning passive users into active participants.
2. Building CeDeFi on Telegram
CeDeFi — the fusion of centralized finance (CeFi) and decentralized finance (DeFi) — finds natural expression within Telegram’s hybrid Web2/Web3 environment.
Take Blum, a hybrid exchange built as a Telegram mini-app:
- Combines CEX-like speed with DEX-like accessibility
- Supports over 30 blockchains
- Offers AI-powered navigation, P2P trading, derivatives
- Backed by Binance Labs
Blum represents the next evolution: seamless financial services embedded directly into social platforms.
Looking Ahead: TON’s Path to Ecosystem Maturity
With protocols emerging across key verticals:
- L2 Scaling: DuckChain
- Re-staking: UTONIC Protocol
- Oracles: RedStone
- DEXs: DeDust
TON is transitioning from meme-driven hype to a fully functional ecosystem — one that could redefine how billions interact with crypto.
👉 Explore how next-gen blockchain ecosystems are redefining user onboarding and financial access.
Frequently Asked Questions (FAQ)
Q: Why are Infra projects favored by major exchanges?
A: Because they form the foundation for entire ecosystems — supporting DeFi, gaming, NFTs, and more. Their long-term utility makes them less speculative and more sustainable than trend-based projects.
Q: Is GameFi dead?
A: Not dead — but evolving. While large-scale GameFi projects face funding and adoption hurdles, lightweight games on platforms like Telegram are thriving by lowering entry barriers and focusing on instant engagement.
Q: What role do venture capital firms play in exchange listings?
A: Strong institutional backing signals credibility and technical maturity. Exchanges often rely on VCs like Binance Labs or OKX Ventures to vet early-stage projects before listing.
Q: Why is the TON ecosystem growing so fast?
A: It leverages Telegram’s massive global user base and integrates crypto into everyday messaging through bots and mini-apps — creating frictionless onboarding for non-crypto natives.
Q: Can Bybit-listed projects move to Binance or OKX later?
A: Yes. Many teams use Bybit as a proving ground to demonstrate traction before applying to stricter exchanges like Binance or OKX.
Q: How important is FDV when getting listed?
A: Extremely. Projects below $1 billion FDV typically target Bybit or OKX first. Binance generally prefers projects already demonstrating scale and liquidity.
Data sources referenced in this article include Rootdata, "Shapolang" analytics, and CoinMarketMap.