Binance，Kucoin和Bithumb出现了，作为2024年最出色的集中式交流，以供新的代币清单交流

该研究分析了令牌清单如何影响整个行业的流动性，价格趋势和波动性。

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.

根据克莱因实验室的一份新报告，Binance，Kucoin和Bithumb在2024年成为了新的代币列表的最佳基础交易所。该研究分析了代币列表如何影响整个行业的流动性，价格趋势和波动性。

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.

研究结果强调了与更严格的上市标准和较低令牌量的交流的偏爱，从而带来了更好的投资者成果。随着机构越来越多地参与加密货币市场，交流正在通过关注法律，合规和可持续的实践来适应。

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).

克莱因实验室（Klein Labs）在一份题为“关于流动性的真相：2024年关于代币上市对集中式交流（CEXS）的效果的研究”的报告中揭示了其研究结果。该研究检查了从2024年1月开始列出的令牌。它的重点是在代币生成事件（TGE）之后的前30天，价格变化，流动性模式和交易量。

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.

该报告的分析旨在量化上市活动对新令牌的性能和生存能力的影响。它还探索了在上市后交换的流动性如何流动，并指出了从事套利和资本部署的机构的影响。

Charting the Impact of Listing Frequency

绘制上市频率的影响

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报告提供了主要交易所之间竞争格局的独特快照。它根据上市的前30天内根据平均价格和中位价格变化评估了平台的性能。该分析还涵盖了此期间交易量的差异。

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.

研究结果表明，与更紧密的上市标准交流和更少的代币添加享有更有利的上市后环境。这些平台通常会看到更稳定的价格变动，并设法吸引和保留了长期流动性。

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，经常清单的交换观察到较高的波动性，并注意到资本流入更加零散。这表明，随着投资者在不同的投资机会中骑自行车，大量的新代币导致了迅速的价格波动。

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.

该报告的调查结果总结在下表中，将交易所在前30天内的新列出令牌的平均价格变化对交易所进行了排名。重要的是要注意的是，分析始于2024年1月，性能数字可能会根据时间段和所检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天内达到了平均代币的价格增长12.67％，中位数增长了8.27％。这表明在新列出的代币中，投资者的兴趣和交易活动一致。

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紧随其后的是9.05％，中位数为5.3％。该交流表明，在资本绘制并设法保留资本方面表现出弹性，从而在新列表中带来了可靠的绩效和可靠的流动性。

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以平均上市后的价格上涨6.82％的前三名。尽管其价格中位数为负，但该平台在最小化异常价格波动和抑制波动率方面表现出强度。尽管令牌列表数量相对较高，但Kucoin并未属于“高离群风险”分类，这表明在项目筛选和选择表现良好的项目中有效性。

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，但性能较低。像Kraken和Coinbase这样的美国主要交易所表现出负平均表现和中位数性能，突出了市场上市结果的差异。

KuCoin's Disciplined Strategy and Compliance Progress

Kucoin的纪律策略和合规进度

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.

除了绩效数据之外，克莱因实验室还强调了库康的纪律清单策略。与一些支持高频令牌发布的平台不同，Kucoin在执行严格的尽职调查的同时平衡了其上市活动。这种方法使其能够保持对令牌波动率的控制，并避免过度暴露于低质量的项目。

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.

该报告还谈到了库康在合规性和监管参与方面的最新进展。早在2023年，该交易所就成为了强制性的第一个主要平台之一，以了解您的客户（KYC）对用户的验证，这现在是该行业的常见做法。

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，库京在印度的金融情报部门注册，并在波兰，澳大利亚，萨尔瓦多和捷克共和国获得了运营许可证。这些努力强调了交易所的倡议，以扩展到关键的地理市场并遵守当地法规。

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与美国监管机构有关其在美国的活动和产品目前达成了有利的和解，该交易所正在欧洲寻求MICAR许可，并在越南开设新的办公室开业。

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是全球超过4000万用户的全球加密货币交易所。它在东南亚，南美和其他新兴地区特别受欢迎。 Exchange的产品和服务包括Kucoin代币（KCS），Launchpad，Krazy Degen的重点介绍有趣的项目的排名以及Kucoin赚取了产生产生的机会。这些产品从长远来看有助于用户参与度和平台的可持续性。

The Importance of Listing Discipline and Capital Protection

列出纪律和资本保护的重要性

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