Primary Listings Lead Price Discovery as 80% of Exclusive 2025 Tokens Hit Green

The 2025 crypto cycle has been defined by more than just Bitcoin hitting new all-time highs, it has been a year of structural evolution. As capital flows between on-chain venues and centralized exchanges (CEXs) reached fever pitch, the industry’s focus shifted toward how platforms source and price new assets. A new comprehensive audit by Gate Research, covering 447 spot listings throughout 2025, reveals a clear divergence in performance between fast-follow listings and primary launches. The data suggests that Gate has carved out a significant listing alpha, particularly within its exclusive project pipeline, where short-term price discovery was most intense, delivering a median gain of nearly 81% within the first 30 minutes of trading. Notably, around 80% of these exclusive assets opened with immediate positive momentum, signaling high demand from the start. The Primary Engine: 71% First-to-Market Supply Gate’s 2025 strategy was characterized by its role as an incubator for new supply. Of the 447 assets analyzed, 318 (71%) were primary listings, meaning Gate was the first major venue to facilitate price discovery for these tokens. The data confirms that being early pays off. In the first 24 hours: Primary Listings posted a median return of 12.56%. Non-Primary Listings (secondary listings of existing tokens) lagged significantly with a median of just 1.18%. This gap highlights Gate’s ability to capture the initial heat of a project’s lifecycle, where volatility and demand are at their peak. While the average 24-hour return for gainers reached a staggering 635%, the median across the entire sample (including decliners) was a more grounded 7.57%, suggesting that while the “long-tail” of winners is massive, the platform also provides a stable environment for broader asset pricing. The Exclusive “30-Minute Sprint” The most aggressive alpha was found in the Gate-exclusive subset, a group of 28 high-conviction projects. These assets didn’t just perform; they exploded ou...