MEXC Research, the industry research arm of global cryptocurrency exchange MEXC, has released a comprehensive industry report titled “From ICO to Launchpad”, analyzing the evolution of token offering models and their structural impact on the crypto ecosystem. As the industry experiences a revival in launchpad activity, the report compares centralized exchange (CEX) and decentralized exchange (DEX) platforms through performance metrics, user access design, and long-term sustainability.
Amid renewed bullish momentum, launchpads have become a core mechanism for distributing new tokens. However, most users face opaque allocation models, inconsistent valuation standards, and limited access to early-stage projects. The MEXC Research report provides one of the most detailed comparative breakdowns of launchpad mechanics to date, highlighting both opportunities and critical flaws in the current model.
Key Takeaways:
- MEXC Launchpad launched 5 projects in H1 2025 with an average peak ROI of 10.83x, using a dual-pool, no-VIP model.
- Bybit delivered the highest single-project return in 2025 (Xterio, 14.71x), but required staking tiers and VIP levels for access.
- Gate.io offered the lowest financial barrier to participate (1 USDT minimum), but most allocation went to stakers.
- DEX models gained retail popularity for open access, but face growing fraud risks and price volatility.
Key Performance Findings
Using data sourced from CryptoRank and official disclosures, the report compares dozens of token launches across major platforms, revealing significant differences in ROI performance, access mechanics, and allocation fairness.
MEXC ranked first in the number of launchpad projects in H1 2025, with five new listings and an average peak ROI of 10.83x. Its model is noted for offering fixed allocations and dual pool participation without VIP requirements — a structure that aims to improve retail accessibility.
Bybit led in peak ROI performance, with its Xterio token reaching a 14.71x return, but used a tiered access model that required users to lock substantial funds in advance. Meanwhile, Gate.io was recognized for its low minimum participation requirement (1 USDT) and a flat subscription model; however, its snapshot period gives early participants a higher allocation, introducing a time-based differentiation.
DEX platforms like Pump.fun showed extreme virality and open access, but also raised concerns about volatility, rug risk, and lack of vetting. This comparative analysis gives users and builders a clearer picture of not just where returns can be highest, but also how accessible and transparent those returns are for the average participant.
Systemic Trade-Offs: Fairness, Speed, and Long-Term Value
The report highlights several structural dilemmas embedded in launchpad design. CEX-based offerings bring brand trust, liquidity support, and product integrations — yet frequently favor large token holders or early insiders. On the other hand, DEX-based platforms democratize participation through bonding curves or open auctions, but are plagued by manipulation and scam projects due to limited due diligence.
Importantly, the research underlines that many Launchpads now serve more as marketing tools or liquidity events than long-term growth vehicles. Overvalued Fully Diluted Valuations (FDVs), low circulating supplies, and immediate post-launch drawdowns have become systemic issues. This model benefits early sellers and platforms, but undermines holder confidence and ecosystem development.
Emerging Trends in Token Offerings
The report identifies three emerging models that may shape the future of token distribution:
- Fair Launches with Dynamic Pricing — Projects like pump.fun are experimenting with bonding curves to democratize access, but need stronger safeguards against manipulation.
- Contribution-Based Allocation — Platforms like Virtuals Genesis reward ecosystem participation (e.g. holding NFTs, using testnets) rather than staking capital, encouraging organic growth.
- CEX-Led Incubation Models — Exchanges like MEXC are expanding beyond token sales by offering staking, marketing support, and liquidity bootstrapping, turning launchpads into full-cycle growth accelerators.
These formats point toward a hybrid future where trust and security from CEXs meet the openness and virality of DEX mechanics, but with stricter risk controls and better value alignment.
Call to Action Toward a More Equitable Fundraising Architecture
The report concludes with a set of recommendations to improve the integrity of launchpads in the next growth cycle. These include:
- Implementing valuation caps to avoid inflated FDVs
- Expanding public round allocation ratios
- Replacing VIP-only access with flexible qualification criteria
- Offering post-launch accountability and roadmap tracking
The resurgence of launchpad activity in 2025 reflects more than just market optimism — it underscores a deeper shift in how value, access, and community are structured in the crypto economy. MEXC Research’s report not only compares past and present launchpad performance, but also serves as a blueprint for where the industry must go next. For retail users, it offers clarity. For projects, it offers benchmarks. And for platforms, it delivers a timely warning: in a market defined by momentum and trust, outdated mechanics will quickly be left behind.
Read the full report on MEXC Learn.
About MEXC Research
MEXC Research is the market analysis and industry research arm of global cryptocurrency exchange MEXC. It provides institutional-grade insights, user behavior analytics, and infrastructure assessments to inform the next era of Web3 growth.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC
Disclaimer
For paid/sponsored articles, FintechMode neither endorses nor takes responsibility for the accuracy, timeliness, quality, and content of said articles. The statements, views and opinions expressed in paid/sponsored articles are solely those of the content provider and readers are reminded that Cryptocurrency products are unregulated in most locations and can be highly risky. Do your own research and consult relevant financial experts before making any investment decisions. FintechMode will not be held accountable, either directly or indirectly, for any harm or loss that may stem from or be linked to the usage or reliance on any information, goods, or services mentioned on this page. If you have any concerns, please email [email protected] or refer to our Terms & Conditions
