深度潜水：了解份量清单与货币的脱颖而出之间的比率

本文分析了现货市场上列出的代币与过去三年中从Binance脱颖而出的代币之间的比率，为投资者提供了关键的见解。

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货币交易所，一旦将其列为现货市场，它通常被认为是代币的“黄金邮票”。但是，近几个月来，代币脱颖而出的趋势不断提高，引发了有关其上市生态系统可持续性的严重问题。

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.

该分析研究了现货市场上列出的代币与过去三年中binance的代币之间的比率，为投资者提供了关键的见解。

Spot Listing vs. Delisting Ratio

现场清单与脱落比率

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.

根据Coingecko和Dune Analytics的数据，从2021年初到2025年5月，Binance在其现货市场上列出了420多个令牌。

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

在同一时期，将近70个令牌被划带了，相当于大约16.6％的降级率。

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.

将此视为平均而言，每6个令牌中列出的一个令牌，在接下来的1到2年内将1个令牌划分。这是一个值得注意的统计数据，尤其是考虑到许多投资者仍然将二元列表视为安全性和信誉的标志。

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，一个有趣的发展是，毕业斯斯并没有偶尔地偶然地将代币偏向于更周期性和透明的评估过程，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.

在这些回合中，每次列出的10-15个令牌每次列出，立即删除了5-10个令牌，这表明Binance采用了基于集群的清理策略，尤其是在市场低迷或其上市标准时。

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.

该模型反映了更严格的质量控制政策，而不是仅依靠单个令牌性能。它与更加成熟的市场环境中的更高法规合规性和更高的项目标准相吻合。

Reasons for Delisting and the Periodic Review Process

推荐的原因和定期审核过程

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应用了严格的评估程序。关键标准包括开发团队的实力，流动性潜力，遵守法律要求以及项目的技术价值。

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.

这些相同的标准会定期应用于重新评估列出的令牌。如果代币不再符合所需的标准，则binance可能会决定将其推荐。

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.

根据Binance Academy和Binance的支持，脱颖而出的常见原因包括交易量较低，技术进步缺乏，监管或安全问题，在某些情况下，项目团队本身要求推迟使用。

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“社区脱颖而出的投票”机制，该机制允许用户提出从平台上删除性能不佳的令牌。

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.

除了技术和监管因素之外，DeListing也是防止过多代币流动性分散化的战略举动。当列出大量资产时，交易量和资本可以稀释，最终减少市场深度和整体用户体验。

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.

通过删除表现不佳或不活跃的代币，binance可以将流动性集中在高潜力的资产上，例如交换支持的硬币，新列出的代币和领先的生态系统项目。这种方法提高了交易效率，并支持平台上优先交易对的增长。

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).

一个值得注意的案例是羊驼毛（羊驼），该羊驼在第4季度末第4季度晚些时候被宣布为delist。但是，由于流动性在分散交易所（DEX）重新开放后不久，该代币出乎意料地飙升了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.

这凸显了即使在负面消息后，“短暂挤压”或投机性交易行为也会发生，尤其是当市场感觉到低流动性和其他平台上的潜在稀缺性时。但是，该价格集会并未反映令牌的任何基本恢复或长期价值。

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.

引起关注的另一个案例是2022年底的Mith（Mithril）脱颖而出，这导致该项目的诉讼是因为据称在此过程中缺乏透明度。

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.

这标志着如果交易所的推迟程序不够清楚并向项目披露，可能会面临的潜在法律风险。最终，除非一个项目保持透明并保持社区的吸引力，否则被列为列出。

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.

图斯德（Tusd）是先前得到二元支持的稳定币，在2024年3月，其流动性意外消除了。即使是与交易所相关的代币，如果缺乏透明度或遇到监管问题，它们也可能会出现。

What are the main takeaways?

主要收获是什么？

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在过去一年中列出了许多与Gamefi，AI，Meme Coins和RWA等趋势相关的代币。许多代币的每日销量不到100万美元，表明流动性差，可能会出现大型出价差价。

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

上市后的3-6个月，许多项目变得不活跃，如果他们无法维持增长或支持，则增加了他们的Delist风险。

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，在社交媒体FOMO浪潮中列出了Xai和Bome等模因硬币。他们后来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.

如果项目无法实现持久价值，则低更新和小社区增加了脱颖而出的机会。

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

Gamefi令牌像DAR和TLM现在的活动较低且虚弱