1月份各大交易所新币上线概况

2024年中心化交易所的表现令人失望，被嘲笑为链上流动性的退出。

Major centralized exchanges began listing new coins at the beginning of 2023. According to the latest statistics, OKX has adopted the most conservative listing strategy, launching only four tokens. In contrast, Bitget has taken a more proactive approach, listing 17 tokens this year, primarily through spot listings. Binance and Bybit have listed 11 and 13 tokens, respectively, with Binance having the lowest proportion of spot listings.

各大中心化交易所于2023年初开始上新币。根据最新统计，OKX采取了最保守的上币策略，仅上线了4个币种。相比之下，Bitget 采取了更为积极主动的做法，今年主要通过现货上市的方式上市了 17 个代币。 Binance和Bybit分别上线了11个和13个代币，其中Binance的现货上线比例最低。

Now, let's take a closer look at the performance of these newly listed coins on each exchange.

现在，让我们仔细看看这些新上市的币在各个交易所的表现。

From the beginning of the year to now, the average return rate of centralized exchanges remains negative, with Binance experiencing the largest decline. Among the four major exchanges, Binance has the worst performance, dropping about 10% on the first day, resulting in an average return rate of -36%. The data for other exchanges is not significantly different, with Bitget, despite having the highest number of listings, seeing a decline of about -27%.

从年初到现在，中心化交易所的平均收益率一直为负，其中币安跌幅最大。四大交易所中，币安表现最差，首日下跌约10%，导致平均收益率为-36%。其他交易所的数据没有显着差异，Bitget 尽管上市数量最多，但下降了约-27%。

The table above lists all the tokens newly launched by the four major exchanges since January (both spot and contracts). To avoid price manipulation, the statistics are based on the higher of the opening and closing prices on the day. From the above data, all new coins listed by Binance have negative returns, without exception. Bitget has two projects that rose against the trend in a sea of declines, while Bybit has one token that achieved positive returns, with the rest failing. OKX's four listed projects also all declined.

上表列出了自1月份以来四大交易所新推出的所有代币（包括现货和合约）。为避免价格操纵，统计以当日开盘价和收盘价较高者为准。从以上数据来看，币安上线的所有新币均出现负收益，无一例外。 Bitget有两个项目在大跌中逆势上涨，而Bybit有一个项目取得了正收益，其余项目都失败了。 OKX的四个上市项目也全部下跌。

Additionally, most of the tokens launched in January are still concentrated in AI-related projects. After being criticized multiple times by the community for only listing VC coins, Binance's number of VC coin listings drastically decreased in January. Among the 11 tokens it listed, nine are related to AI agents, accounting for as much as 81%. However, due to Binance's listing time being on average one month later than other exchanges, the market capitalization had already peaked by the time of listing, leading to a dismal outcome. AI16Z dropped sharply after announcing its listing on Binance, declining over 10% within five minutes. Furthermore, the market capitalization of the projects listed by Binance is generally high, almost never below $100 million, which leads to subsequent price weakness and lack of upward momentum. In contrast, the few tokens that rose on Bitget, such as SWARMS and AVAAI, had market capitalizations below $100 million at the time of listing, indicating that the odds for small-cap tokens are gradually improving.

此外，一月份推出的代币大部分仍集中在人工智能相关项目。在多次因只上币 VC 币而受到社区批评后，币安 1 月份上币 VC 币的数量大幅减少。在其上市的11个代币中，有9个与AI代理相关，占比高达81%。但由于币安上市时间比其他交易所平均晚一个月，上市时市值已见顶，结果惨淡。 AI16Z宣布上线币安后大幅下跌，五分钟内跌幅超10%。此外，币安上线的项目市值普遍较高，几乎从未低于1亿美元，这导致后续价格疲软，缺乏上涨动力。相比之下，Bitget 上上涨的少数代币，如 SWARMS 和 AVAAI，上市时市值均低于 1 亿美元，表明小盘代币的胜算正在逐渐提高。

Previously, He Yi, head of Binance China, stated in the community, "If you don't like it, you can short it." Now, it seems that shorting new tokens on Binance is a surefire way to make money; moreover, other exchanges are performing quite mediocrely. If one shorts a new coin on the day it is listed, there are rarely any pullbacks; more tokens continue to fall, starting with a halving. The notion that listing on Binance guarantees a price increase has become a thing of the past, with "soul-drenched children" becoming the community's impression of the continuous declines of new listings on Binance.

此前，币安中国负责人何毅在社区表示，“如果你不喜欢它，你可以做空它”。现在看来，在币安上做空新代币似乎是赚钱的必经之路；此外，其他交易所的表现也相当平庸。如果有人在新币上市当天做空它，那么很少会出现回调；更多代币继续下跌，从减半开始。上币安就保证涨价的观念已经成为过去，“灵魂浸透的孩子”成为社区对币安上币量持续下降的印象。

According to the recent "2024 CEX Market Report" released by 0xScope, in the spot market trend, Binance's market share has shrunk from 50.9% to 42.5% year-on-year.

据0xScope近期发布的《2024年CEX市场报告》显示，在现货市场走势中，币安的市场份额同比从50.9%萎缩至42.5%。

Now, let's analyze the centralized exchange listing effects in 2023.

现在我们来分析一下2023年中心化交易所上市效果。

In 2023, centralized exchanges are still the main channel for users to obtain new tokens. However, with the improvement of on-chain infrastructure and the rise of on-chain DEXs, the listing effects of centralized exchanges are gradually diminishing. On-chain DEXs are rapidly eroding the traditional advantages of centralized exchanges. As the on-chain user experience gradually improves and various DeFi innovations emerge, more and more users and funds will migrate to on-chain platforms. The high transparency, decentralization, and user ownership of funds in the on-chain ecosystem will further accelerate this shift.

2023年，中心化交易所仍然是用户获取新代币的主要渠道。但随着链上基础设施的完善和链上DEX的兴起，中心化交易所的上币效应正在逐渐减弱。链上DEX正在迅速侵蚀中心化交易所的传统优势。随着链上用户体验的逐步改善以及各种 DeFi 创新的出现，越来越多的用户和资金将迁移到链上平台。链上生态系统中资金的高透明度、去中心化和用户所有权将进一步加速这一转变。

However, this does not mean that centralized exchanges will exit the stage. With their advantages in compliant operations and convenient trading, centralized exchanges will still play an important role in user education, new asset introduction, and institutional capital entry. In the future, the boundaries between CEX and DEX may gradually blur. This liquidity battle will ultimately shift from competing for users and funds to enhancing user experience and promoting industry development. The battle for liquidity will bring more innovation and progress, and the crypto industry will ultimately prevail.

但这并不意味着中心化交易所将退出舞台。中心化交易所以其合规运营、交易便捷等优势，在用户教育、新资产引入、机构资本进入等方面仍将发挥重要作用。未来，CEX和DEX之间的界限可能会逐渐模糊。这场流动性之争最终将从争夺用户和资金转向提升用户体验、推动行业发展。流动性之战将带来更多创新和进步，加密行业最终将取得胜利。