深度潛水：了解份量清單與貨幣的脫穎而出之間的比率

本文分析了現貨市場上列出的代幣與過去三年中從Binance脫穎而出的代幣之間的比率，為投資者提供了關鍵的見解。

Binance, the world's largest cryptocurrency exchange, is often considered the “golden stamp” for a token once it gets listed on the spot market. However, in recent months, the rising trend of token delistings from Binance has sparked serious questions about the sustainability of its listing ecosystem.

Binance是世界上最大的加密貨幣交易所，一旦將其列為現貨市場，它通常被認為是代幣的“黃金郵票”。但是，近幾個月來，代幣脫穎而出的趨勢不斷提高，引發了有關其上市生態系統可持續性的嚴重問題。

This analysis examines the ratio between tokens listed on the spot market and those delisted by Binance over the past three years, offering key insights for investors.

該分析研究了現貨市場上列出的代幣與過去三年中二手股票的代幣之間的比率，為投資者提供了關鍵的見解。

Spot Listing vs. Delisting Ratio

現場清單與脫落比率

According to data compiled from CoinGecko and Dune Analytics, from early 2021 to May 2025, Binance has listed more than 420 tokens on its spot market.

根據Coingecko和Dune Analytics的數據，從2021年初到2025年5月，Binance在其現貨市場上列出了420多個令牌。

During the same period, nearly 70 tokens were delisted, which amounts to a delisting rate of approximately 16.6%.

在同一時期，將近70個令牌被劃帶了，相當於大約16.6％的降級率。

To put this in perspective, on average, for every 6 tokens listed, 1 token is delisted within the following 1 to 2 years. This is a notable statistic, especially considering that many investors still view a Binance listing as a mark of safety and credibility.

將此視為平均而言，每6個令牌中列出的一個令牌，在接下來的1到2年內將1個令牌劃分。這是一個值得注意的統計數據，尤其是考慮到許多投資者仍然將二元列表視為安全性和信譽的標誌。

However, one interesting development is that instead of delisting tokens sporadically, Binance has shifted towards a more cyclical and transparent evaluation process, especially in late 2024 and early 2025.

然而，一個有趣的發展是，畢業斯斯並沒有偶爾地偶然地將代幣偏向於更週期性和透明的評估過程，尤其是在2024年底和2025年初。

In these rounds, for every 10-15 tokens listed, a batch of 5-10 tokens was removed at once, signaling that Binance adopts a cluster-based cleanup strategy, especially during market downturns or when its listing standards are tightened.

在這些回合中，每次列出的10-15個令牌每次列出，立即刪除了5-10個令牌，這表明Binance採用了基於集群的清理策略，尤其是在市場低迷或其上市標準時。

This model reflects a stricter quality control policy, moving away from relying solely on individual token performance. It aligns with a broader push for improved regulatory compliance and higher project standards in a more mature market environment.

該模型反映了更嚴格的質量控制政策，而不是僅依靠單個令牌性能。它與更加成熟的市場環境中的更高法規合規性和更高的項目標準相吻合。

Reasons for Delisting and the Periodic Review Process

推薦的原因和定期審核過程

Binance applies a stringent assessment procedure before listing any new token. Key criteria include the strength of the development team, liquidity potential, adherence to legal requirements, and the technological value of the project.

在列出任何新令牌之前，Binance應用了嚴格的評估程序。關鍵標準包括開發團隊的實力，流動性潛力，遵守法律要求以及項目的技術價值。

These same criteria are periodically applied to re-evaluate listed tokens. If a token no longer meets the required standards, Binance may decide to delist it.

這些相同的標準會定期應用於重新評估列出的令牌。如果代幣不再符合所需的標準，則binance可能會決定將其推薦。

According to Binance Academy and Binance Support, common reasons for delisting include low trading volume, lack of technological progress, regulatory or security issues, and in some cases, delisting is requested by the project team itself.

根據Binance Academy和Binance的支持，脫穎而出的常見原因包括交易量較低，技術進步缺乏，監管或安全問題，在某些情況下，項目團隊本身要求推遲使用。

In addition, Binance has recently introduced a “Community Delisting Vote” mechanism, which allows users to propose the removal of poorly performing tokens from the platform.

此外，Binance最近引入了“社區脫穎而出的投票”機制，該機制允許用戶提出從平台上刪除性能不佳的令牌。

Beyond technical and regulatory factors, delisting is also a strategic move to prevent liquidity fragmentation across too many tokens. When a large number of assets are listed, trading volume and capital can become diluted, ultimately reducing market depth and the overall user experience.

除了技術和監管因素之外，DeListing也是防止過多代幣流動性分散化的戰略舉動。當列出大量資產時，交易量和資本可以稀釋，最終減少市場深度和整體用戶體驗。

By removing underperforming or inactive tokens, Binance can concentrate liquidity on higher-potential assets, such as exchange-backed coins, newly listed tokens, and leading ecosystem projects. This approach enhances trading efficiency and supports the growth of prioritized trading pairs on the platform.

通過刪除表現不佳或不活躍的代幣，binance可以將流動性集中在高潛力的資產上，例如交換支持的硬幣，新列出的代幣和領先的生態系統項目。這種方法提高了交易效率，並支持平台上優先交易對的增長。

Some Notable Case Studies

一些值得注意的案例研究

One notable case is ALPACA (ALPACA), which was announced for delisting in late Q4 2025. However, the token unexpectedly surged by over 600% shortly after as liquidity reopened on decentralized exchanges (DEXs).

一個值得注意的案例是羊駝毛（羊駝），該羊駝在第4季度末第4季度晚些時候被宣佈為delist。但是，由於流動性在分散交易所（DEX）重新開放後不久，該代幣出乎意料地飆升了600％以上。

This highlights how “short squeezes” or speculative trading behavior can occur even after negative news, especially when the market senses low liquidity and potential scarcity across other platforms. Nonetheless, this price rally did not reflect any fundamental recovery or long-term value of the token.

這凸顯了即使在負面消息後，“短暫擠壓”或投機性交易行為也會發生，尤其是當市場感覺到低流動性和其他平台上的潛在稀缺性時。但是，該價格集會並未反映令牌的任何基本恢復或長期價值。

Another case that garnered attention was the delisting of MITH (Mithril) in late 2022, which led to a lawsuit against Binance by the project for allegedly lacking transparency in the delisting process.

引起關注的另一個案例是2022年底的Mith（Mithril）脫穎而出，這導致該項目的訴訟是因為據稱在此過程中缺乏透明度。

This signals the potential legal risks exchanges may face if their delisting procedures are not sufficiently clear and disclosed to projects. Ultimately, being listed matters little unless a project stays transparent and keeps engaging its community.

這標誌著如果交易所的推遲程序不夠清楚並向項目披露，可能會面臨的潛在法律風險。最終，除非一個項目保持透明並保持社區的吸引力，否則被列為列出。

TUSD, a stablecoin previously backed by Binance, was also delisted in March 2024 with its liquidity removed unexpectedly. Even tokens linked to the exchange are subject to delisting if they lack transparency or encounter regulatory issues.

圖斯德（Tusd）是先前得到二元支持的穩定幣，在2024年3月，其流動性意外消除了。即使是與交易所相關的代幣，如果缺乏透明度或遇到監管問題，它們也可能會出現。

What are the main takeaways?

主要收穫是什麼？

Binance has listed many tokens tied to trends like GameFi, AI, meme coins, and RWA in the past year. Many tokens have less than $1M in daily volume, indicating poor liquidity and potential for large bid-ask spreads.

Binance在過去一年中列出了許多與Gamefi，AI，Meme Coins和RWA等趨勢相關的代幣。許多代幣的每日銷量不到100萬美元，表明流動性差，可能會出現大型出價差價。

Many projects become inactive 3-6 months after listing, increasing their risk of delist if they can’t sustain growth or support.

上市後的3-6個月，許多項目變得不活躍，如果他們無法維持增長或支持，則增加了他們的Delist風險。

For example, meme coins like XAI and BOME were listed during waves of social media FOMO. They later saw huge drops in trading volume.

例如，在社交媒體FOMO浪潮中列出了Xai和Bome等模因硬幣。他們後來看到交易量大幅下降。

Low updates and a small community increase the chances of delisting if projects fail to deliver lasting value.

如果項目無法實現持久價值，則低更新和小社區增加了脫穎而出的機會。

GameFi tokens like DAR and TLM now have low activity and weak

Gamefi令牌像DAR和TLM現在的活動較低且虛弱