Pump.Fun推出后，市场经历了几个以模因为中心的疯狂

泵推出后，市场经历了几种以模因为中心的疯狂，持续时间为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.

泵推出后，市场经历了几种以模因为中心的疯狂，持续时间为2024年4月至2025年1月上旬。但是，在特朗普的价格大幅下降之后，投资者开始质疑公用事业令牌是否值得将来投资。

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.

公用事业令牌通常用作费用。这在许多协议和区块链的业务模型中很常见。此外，这些协议还可以回购或燃烧令牌，这可以反映基本面。

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

市场上的转变会导致公用事业令牌的更高回报吗？

1/ CEX tokens are more stable

1/ cex令牌更稳定

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后，模因空间涌现出来，但在一个月内冷却，到2月1日之前就会逆转。

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.

在随后的下降中，模因令牌的价格继续下降。其他领域，包括链，Defi和基础设施令牌也经历了类似的趋势。

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

但是，在此期间，BTC和CEX令牌仍然稳定，CEX令牌甚至上涨。

8 CEX tokens (7 if considering only 2024 data)

8个CEX令牌（7仅考虑2024个数据）

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

总共57个令牌（从市场上限划分的前100个）

Meme, chain, DeFi, and infrastructure tokens

模因，链，defi和基础设施令牌

BTC and CEX tokens

BTC和CEX令牌

2024 and 2025 periods

2024年和2025个时期

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.

仔细观察：今年8个CEX代币中有7个表现优于BTC，有6个实现了正价回报。

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

令牌Xchange在早期阶段显示出显着增长，而Gate.io的代币则获得了最高的年增长。

So, why are CEX tokens more stable?

那么，为什么CEX令牌更稳定？

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).

一个可能的原因是CEX令牌的收入更高（收入是指被摧毁或回购的代币数量）。

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

在过去的一年中，CEX代币的平均收入与市场上限比为0.12，是DEFI的两倍以上。

4/ CEX Token Income and Returns

4/ CEX代币收入和回报

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，在这些CEX令牌中，Gatechain-Token显示出最稳定的性能，反映了其去年1月1日至2025年3月18日之间其收入与市值与市值之比的显着价格回报。但是，这并不意味着每个代币都会遵循同样的趋势。例如，Bitget的令牌位于右下角，因为它在2024年的回报率很高，但是这种回报无法持续到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，狮子座，kucoin-shares和dokenize-xchange去年没有记录有关象征破坏或回购的任何公告。

5/ Conclusion

5/结论

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.

在市场低迷时期，由于收入的期望，CEX空间的价格可能会保持强劲。但是，在查看单个交流时，许多其他因素继续推动代币价格的变化。

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个令牌是从市场上限的前100个项目中选出的，包括：>具有确认收入或费用数据的令牌>标记>确认收入（例如，模因标记）不包括：>包装器令牌>包装令牌> Bridge nockens> bridge btc> btc> btc> btc hard forks hard forks hard forks for