Binance，Kucoin和Bithumb出現了，作為2024年最出色的集中式交流，以供新的代幣清單交流

該研究分析了令牌清單如何影響整個行業的流動性，價格趨勢和波動性。

According to a new report by Klein Labs, Binance, KuCoin, and Bithumb emerged as the top-performing centralized exchanges for new token listings in 2024. The study analyzed how token listings affect liquidity, price trends, and volatility across the industry.

根據克萊因實驗室的一份新報告，Binance，Kucoin和Bithumb在2024年成為了新的代幣列表的最佳基礎交易所。該研究分析了代幣列表如何影響整個行業的流動性，價格趨勢和波動性。

The findings highlight a preference for exchanges with stricter listing criteria and lower token volumes, leading to better investor outcomes. As institutions increasingly participate in crypto markets, exchanges are adapting by focusing on legal, compliant, and sustainable practices.

研究結果強調了與更嚴格的上市標準和較低令牌量的交流的偏愛，從而帶來了更好的投資者成果。隨著機構越來越多地參與加密貨幣市場，交流正在通過關注法律，合規和可持續的實踐來適應。

Klein Labs unveiled its research findings in a report titled "The Truth About Liquidity: A 2024 Study on the Token Listing Effect on Centralized Exchanges (CEXs)." The study examined tokens listed from January 2024 onward. It focused on price changes, liquidity patterns, and trading volume in the first 30 days after a Token Generation Event (TGE).

克萊因實驗室（Klein Labs）在一份題為“關於流動性的真相：2024年關於代幣上市對集中式交流（CEXS）的效果的研究”的報告中揭示了其研究結果。該研究檢查了從2024年1月開始列出的令牌。它的重點是在代幣生成事件（TGE）之後的前30天，價格變化，流動性模式和交易量。

The report's analysis aimed to quantify the impact of listing activity on the performance and survivability of new tokens. It also explored how liquidity flowed across exchanges post-listing, noting the implications for institutions engaging in arbitrage and capital deployment.

該報告的分析旨在量化上市活動對新令牌的性能和生存能力的影響。它還探索了在上市後交換的流動性如何流動，並指出了從事套利和資本部署的機構的影響。

Charting the Impact of Listing Frequency

繪製上市頻率的影響

The Klein Labs report provides a unique snapshot of the competitive landscape among major exchanges. It assessed the performance of platforms based on average and median price change within the first 30 days of listing. The analysis also encompassed the variance in trading volumes during that period.

Klein Labs報告提供了主要交易所之間競爭格局的獨特快照。它根據上市的前30天內根據平均價格和中位價格變化評估了平台的性能。該分析還涵蓋了此期間交易量的差異。

The findings indicate that exchanges with tighter listing criteria and fewer token additions enjoyed more favorable post-listing environments. These platforms typically saw more stable price movements and managed to attract and retain long-term liquidity.

研究結果表明，與更緊密的上市標準交流和更少的代幣添加享有更有利的上市後環境。這些平台通常會看到更穩定的價格變動，並設法吸引和保留了長期流動性。

In contrast, exchanges that engaged in frequent listings observed higher volatility and noted more fragmented capital inflows. This suggests that high volumes of new tokens led to rapid price fluctuations as investors cycled through different investment opportunities.

相反，經常清單的交換觀察到較高的波動性，並註意到資本流入更加零散。這表明，隨著投資者在不同的投資機會中騎自行車，大量的新代幣導致了迅速的價格波動。

The report's findings are summarized in the table below, ranking the exchanges by the average price change of newly listed tokens within the first 30 days. It's important to note that the analysis began in January 2024, and the performance figures might vary depending on the time period and specific tokens examined.

該報告的調查結果總結在下表中，將交易所在前30天內的新列出令牌的平均價格變化對交易所進行了排名。重要的是要注意的是，分析始於2024年1月，性能數字可能會根據時間段和所檢查的特定令牌而有所不同。

Among the top exchanges, Binance achieved an average token price gain of 12.67% within the first 30 days of listing, with a median volume gain of 8.27%. This indicates consistent investor interest and trading activity in newly listed tokens.

在最高交易所中，二元在上市的前30天內達到了平均代幣的價格增長12.67％，中位數增長了8.27％。這表明在新列出的代幣中，投資者的興趣和交易活動一致。

Bithumb followed closely with an average gain of 9.05% and a median of 5.3%. The exchange showed resilience in drawing in capital and managing to retain it, leading to dependable performance and solid liquidity across new listings.

Bithumb緊隨其後的是9.05％，中位數為5.3％。該交流表明，在資本繪製並設法保留資本方面表現出彈性，從而在新列表中帶來了可靠的績效和可靠的流動性。

KuCoin rounded out the top three with a 6.82% average post-listing price increase. While its median price gain was negative, the platform showed strength in minimizing abnormal price swings and suppressing volatility. Despite a relatively high number of token listings, KuCoin did not fall into the "High Outlier Risk" classification, suggesting effectiveness in project screening and selecting projects that performed well.

Kucoin以平均上市後的價格上漲6.82％的前三名。儘管其價格中位數為負，但該平台在最小化異常價格波動和抑制波動率方面表現出強度。儘管令牌列表數量相對較高，但Kucoin並未屬於“高離群風險”分類，這表明在項目篩选和選擇表現良好的項目中有效性。

Other exchanges in the top ten included OKX, Gate.io, and Upbit, but with notably lower performance. Major U.S. exchanges like Kraken and Coinbase showed negative average and median performance figures, highlighting a divergence in market listing outcomes.

前十名中的其他交流包括OKX，GATE.IO和UPBIT，但性能較低。像Kraken和Coinbase這樣的美國主要交易所表現出負平均表現和中位數性能，突出了市場上市結果的差異。

KuCoin's Disciplined Strategy and Compliance Progress

Kucoin的紀律策略和合規進度

Beyond the performance data, Klein Labs highlighted KuCoin for its disciplined listing strategy. Unlike some platforms that favored high-frequency token launches, KuCoin balanced its listing activity while performing stringent due diligence. This approach enabled it to maintain control over token volatility and avoid overexposure to low-quality projects.

除了績效數據之外，克萊因實驗室還強調了庫康的紀律清單策略。與一些支持高頻令牌發布的平台不同，Kucoin在執行嚴格的盡職調查的同時平衡了其上市活動。這種方法使其能夠保持對令牌波動率的控制，並避免過度暴露於低質量的項目。

The report also touched upon KuCoin's recent progress in compliance and regulatory engagement. As early as 2023, the exchange was among the first major platforms to mandate Know Your Customer (KYC) verification for users, which is now a common practice in the industry.

該報告還談到了庫康在合規性和監管參與方面的最新進展。早在2023年，該交易所就成為了強制性的第一個主要平台之一，以了解您的客戶（KYC）對用戶的驗證，這現在是該行業的常見做法。

In the same year, KuCoin registered with India's Financial Intelligence Unit and secured operational licenses in Poland, Australia, El Salvador, and the Czech Republic. These efforts highlight the exchange's initiative in expanding into key geographic markets and adhering to local regulations.

同年，庫京在印度的金融情報部門註冊，並在波蘭，澳大利亞，薩爾瓦多和捷克共和國獲得了運營許可證。這些努力強調了交易所的倡議，以擴展到關鍵的地理市場並遵守當地法規。

More recently, in early 2025, KuCoin reached a favorable settlement with U.S. regulators concerning its activities and offerings in the U.S. Currently, the exchange is pursuing a MiCAR license in Europe and expanding its presence in emerging markets with a new office opening in Vietnam.

最近，在2025年初，Kucoin與美國監管機構有關其在美國的活動和產品目前達成了有利的和解，該交易所正在歐洲尋求MICAR許可，並在越南開設新的辦公室開業。

KuCoin is a global cryptocurrency exchange with over 40 million users globally. It is especially popular in Southeast Asia, South America, and other emerging regions. The exchange's products and services include KuCoin Token (KCS), Launchpad, Krazy Degen Rankings for highlighting interesting projects, and KuCoin Earn for yield-generating opportunities. These products contribute to user engagement and the platform's sustainability in the long term.

Kucoin是全球超過4000萬用戶的全球加密貨幣交易所。它在東南亞，南美和其他新興地區特別受歡迎。 Exchange的產品和服務包括Kucoin代幣（KCS），Launchpad，Krazy Degen的重點介紹有趣的項目的排名以及Kucoin賺取了產生產生的機會。這些產品從長遠來看有助於用戶參與度和平台的可持續性。

The Importance of Listing Discipline and Capital Protection

列出紀律和資本保護的重要性

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