MEXC’s research division, known as MEXC Research and associated with the global cryptocurrency trading platform MEXC, has published a detailed study titled “From ICO to Launchpad.” This report examines how token offering methods have evolved and how these changes have influenced the crypto market. Given the recent surge in launchpad activities, the report offers a comparative look at centralized exchanges (CEXs) and decentralized exchanges (DEXs) based on key factors such as performance, user accessibility, and long-term viability.
With a renewed positive trend in the market, launchpads are now crucial for introducing new digital tokens. However, many users are challenged by ambiguous allocation processes, inconsistent token valuation practices, and restricted access to early-stage ventures. The MEXC Research report delivers a thorough comparison of launchpad operations, pointing out both the potential benefits and significant shortcomings of the current framework.
Main Points:
- MEXC Launchpad featured 5 projects during the first half of 2025, achieving an average peak ROI of 10.83x. This was facilitated through a two-pool system that doesn’t require VIP status.
- Bybit showcased the highest ROI from a single project in 2025 with Xterio reaching 14.71x, although access was dependent on staking levels and VIP tiers.
- Gate.io provided the easiest entry point with a minimum of 1 USDT, but most tokens were allocated to those staking their holdings.
- DEX models have become popular among retail investors due to their open access, but they increasingly face risks related to fraud and price swings.
Key Performance Observations
The report uses data from CryptoRank and official sources to compare numerous token launches across prominent platforms, uncovering substantial differences in ROI, entry requirements, and allocation fairness.
MEXC led in the number of launchpad projects during the first half of 2025, introducing five new tokens with an average peak ROI of 10.83x. Their approach is recognized for providing set allocations and participation options in two pools without needing VIP status, designed to improve accessibility for retail investors.
Bybit excelled in peak ROI performance, with the Xterio token reaching a 14.71x return. However, their system uses tiered access, requiring users to commit considerable funds in advance. Meanwhile, Gate.io stood out with a low minimum investment threshold (1 USDT) and a standard subscription method. Nevertheless, its snapshot mechanism favors early participants with larger allocations, introducing a time-based advantage.
DEX platforms like Pump.fun displayed rapid growth and open access but also highlighted concerns about instability, potential scams, and insufficient project screening. This comparative study offers users and developers a clearer view of where returns are highest, as well as the accessibility and transparency of those returns for the average person.
Systemic Trade-Offs: Fairness, Speed, and Long-Term Value
The report points out inherent challenges in the design of launchpads. CEX-based offerings provide credibility, liquidity, and integrated services but often prioritize major token holders or early participants. Conversely, DEX-based platforms offer wider participation through bonding curves or public auctions but are susceptible to manipulation and fraudulent projects due to limited oversight.
Crucially, the research stresses that many launchpads now function more as marketing instruments or liquidity events than as means for sustained growth. Issues like inflated Fully Diluted Valuations (FDVs), minimal circulating supplies, and immediate price drops after launch have become commonplace. This setup benefits early sellers and the platforms but damages investor trust and ecosystem development.
Emerging Trends in Token Offerings
The report highlights three emerging models that could influence the future of token distribution:
- Fair Launches with Dynamic Pricing — Projects like pump.fun are testing bonding curves to make access more democratic, but require stronger protection against manipulation.
- Contribution-Based Allocation — Platforms like Virtuals Genesis reward involvement in the ecosystem (e.g., holding NFTs, utilizing testnets) rather than simply staking funds, thereby fostering organic expansion.
- CEX-Led Incubation Models — Exchanges such as MEXC are extending beyond token sales by providing staking, marketing assistance, and initial liquidity, transforming launchpads into comprehensive growth accelerators.
These strategies suggest a mixed future where the reliability and security of CEXs combine with the openness and rapid growth of DEX mechanisms, but with stricter risk management and improved alignment of interests.
Call to Action: Toward a More Equitable Fundraising Architecture
The report concludes with several recommendations to enhance the integrity of launchpads in the upcoming growth phase. These include:
- Enforcing valuation limits to prevent excessive FDVs.
- Increasing the proportion of tokens allocated to public rounds.
- Replacing VIP-only access with more adaptable qualification standards.
- Ensuring ongoing accountability and monitoring of project roadmaps post-launch.
The resurgence of launchpad activities in 2025 indicates not only market optimism but also a fundamental change in how value, access, and community are organized within the crypto economy. MEXC Research’s report analyzes past and present launchpad performance and serves as a guide for future industry development. It offers clarity for retail users, benchmarks for projects, and a timely warning for platforms: in a market driven by momentum and trust, outdated practices will quickly become obsolete.
Read the complete report on MEXC Learn.
About MEXC Research
MEXC Research is the market analysis and industry research branch of the global cryptocurrency exchange MEXC. It delivers institutional-quality insights, user behavior analysis, and infrastructure assessments to inform the next stage of Web3 development.
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