Pump.Fun推出後，市場經歷了幾個以模因為中心的瘋狂

泵推出後，市場經歷了幾種以模因為中心的瘋狂，持續時間為2024年4月至2025年1月初。

After the launch of Pump.fun, the market experienced several meme-focused frenzies, lasting from April 2024 to early January 2025. However, after $TRUMP’s price dropped significantly, investors began to question whether utility tokens are worth investing in in the future.

泵推出後，市場經歷了幾種以模因為中心的瘋狂，持續時間為2024年4月至2025年1月上旬。但是，在特朗普的價格大幅下降之後，投資者開始質疑公用事業令牌是否值得將來投資。

Utility tokens are usually used as fees. This is common in the business models of many protocols and blockchains. In addition, these protocols may also buy back or burn tokens, which can reflect fundamentals.

公用事業令牌通常用作費用。這在許多協議和區塊鏈的業務模型中很常見。此外，這些協議還可以回購或燃燒令牌，這可以反映基本面。

Will the shift in the market lead to higher returns for utility tokens?

市場上的轉變會導致公用事業令牌的更高回報嗎？

1/ CEX tokens are more stable

1/ cex令牌更穩定

The meme space surged after the launch of Trump’s Meme Token, but cooled within a month, with gains reversing by February 1.

在特朗普的模因令牌推出後，模因空間湧現出來，但在一個月內冷卻，到2月1日之前就會逆轉。

In the subsequent decline, the price of Meme tokens continued to fall. Other areas, including chain, DeFi and infrastructure tokens have also experienced similar trends.

在隨後的下降中，模因令牌的價格繼續下跌。其他領域，包括鏈，Defi和基礎設施令牌也經歷了類似的趨勢。

However, during this period, BTC and CEX Token remained stable, with CEX Token even increasing in price.

但是，在此期間，BTC和CEX令牌仍然穩定，CEX令牌甚至上漲。

8 CEX tokens (7 if considering only 2024 data)

8個CEX令牌（7僅考慮2024個數據）

57 tokens in total (from the top 100 by market cap)

總共57個令牌（從市場上限劃分的前100個）

Meme, chain, DeFi, and infrastructure tokens

模因，鏈，defi和基礎設施令牌

BTC and CEX tokens

BTC和CEX令牌

2024 and 2025 periods

2024年和2025個時期

CEX tokens included: binance-coin, coinbase-2, gate_io, huobi-token, tokenize_xchange, whitebit, leo-token, kucoin-shares, bitget-token

CEX令牌包括：Binance-Coin，Coinbase-2，Gate_io，Huobi-Token，Tokenize_xchange，Whitebit，Leo-Token，kucoin-shares，bitget-token

2/ CEX Analysis

2/ CEX分析

A closer look: 7 out of 8 CEX tokens have outperformed BTC this year, with 6 achieving positive price returns.

仔細觀察：今年8個CEX代幣中有7個表現優於BTC，有6個實現了正價回報。

Tokenize Xchange showed significant gains in its early stages, while Gate.io’s token achieved the highest yearly growth.

令牌Xchange在早期階段顯示出顯著增長，而Gate.io的代幣則獲得了最高的年增長。

So, why are CEX tokens more stable?

那麼，為什麼CEX令牌更穩定？

3/ CEX Token Income

3/ CEX令牌收入

One possible reason is that CEX tokens have higher revenue (revenue refers to the amount of tokens destroyed or repurchased).

一個可能的原因是CEX令牌的收入更高（收入是指被摧毀或回購的代幣數量）。

Over the past year, the average revenue-to-market cap ratio for CEX tokens was 0.12, more than double that of DeFi.

在過去的一年中，CEX代幣的平均收入與市場上限比為0.12，是DEFI的兩倍以上。

4/ CEX Token Income and Returns

4/ CEX代幣收入和回報

As mentioned before, among these CEX tokens, gatechain-token shows the most stable performance, reflecting its significant price return in relation to its ratio of revenue to market capitalization last year between January 1 and March 18, 2025. However, this does not mean that every token will follow the same trend. For example, Bitget's token is in the bottom right corner because it had a high return in 2024, but this return could not be sustained into 2025.

如前所述，在這些CEX令牌中，Gatechain-Token顯示出最穩定的性能，反映了其去年1月1日至2025年3月18日之間其收入與市值與市值之比的顯著價格回報。但是，這並不意味著每個代幣都會遵循同樣的趨勢。例如，Bitget的令牌位於右下角，因為它在2024年的回報率很高，但是這種回報無法持續到2025年。

Note: whitebit, leo-token, kucoin-shares and tokenize-xchange did not record any announcements of token destruction or buybacks last year.

注意：白皮比特，獅子座，kucoin-shares和dokenize-xchange去年沒有記錄有關象徵破壞或回購的任何公告。

5/ Conclusion

5/結論

During a market downturn, prices in the CEX space may remain robust due to expectations of revenue. However, when looking at individual exchanges, many other factors continue to drive changes in token prices.

在市場低迷時期，由於收入的期望，CEX空間的價格可能會保持強勁。但是，在查看單個交流時，許多其他因素繼續推動代幣價格的變化。

6/ Methodology

6/方法

57 tokens were selected from the top 100 projects by market cap, including: > Tokens with confirmed revenue or expense data > Tokens with confirmed no revenue (e.g., meme tokens) Excluding: > Wrapper tokens > Bridge tokens > BTC > BTC hard forks

57個令牌是從市場上限的前100個項目中選出的，包括：>具有確認收入或費用數據的令牌>標記>確認收入（例如，模因標記）不包括：>包裝器令牌>包裝令牌> Bridge nockens> bridge btc> btc> btc> btc hard forks hard forks hard forks for