Animoca Brands ‘2025 Listing Report’: CEX-DEX Integration Leads Trends, Binance And Gate Top Tokenized Gold And Stock Trading

Software company Animoca Brands released its “2025 Listing Report,” highlighting key trends in the evolving digital asset listing landscape. 

According to the study, over the past five quarters, the scope of listings has expanded beyond traditional spot markets on centralized exchanges (CEXs) to include alternative models such as Initial DEX Offerings (IDOs), Alpha programs, and tokenized real-world assets (RWAs) including stocks and commodities. This reflects a broader shift as exchanges seek to position themselves as comprehensive financial hubs bridging traditional capital markets with blockchain technology.

The report notes that tokenized RWAs, particularly tokenized stocks tracking major US indices and tokenized gold, are capturing increasing attention, driven by demand for diversified revenue streams and a one-stop approach to wealth management. Gate led in tokenized stock listings with $4.9 billion in Q4 2025, while Binance dominated tokenized gold trading with $6.2 billion, though volumes of crypto-native assets remain higher.

CEXs are also increasingly linking with decentralized trading platforms. The Binance Alpha program exemplifies this trend by integrating on-chain trading into exchange accounts, allowing users to access DEX-like functionality while retaining CEX liquidity. While this model has accelerated the discovery of mid-cap tokens, the report highlights the persistence of “pump-and-fade” dynamics, with post-launch token gains often eroding within weeks.

A Shift Toward IDOs, Tokenized RWAs, And Evolving Exchange Listing Dynamics

In 2025, nearly 200 projects opted for IDOs and fair launchpads rather than direct CEX listings, responding to concerns over speculation-driven volatility and insider advantages. New IDO mechanisms, such as Proof of Liquidity and Refund Shields, aim to enhance transparency, align long-term incentives, and prioritize active participant engagement over passive speculation.

Spot token listing activity saw a contraction in unique assets, declining by roughly 21% across nine major exchanges, primarily in the small FDV, under $30 million, segment. However, overall listing events dropped by only 6%, as high-volume exchanges expanded their coverage to mid-size tokens and small FDV assets, offsetting broader market contraction. The report also observes a decoupling from traditional Bitcoin correlation, with exchanges and participants adopting more cautious, confidence-sensitive trading approaches.

Overall, Animoca Brands identifies 2025 as a year of diversification and structural evolution, marked by the rise of tokenized RWAs, closer integration of CEX and DEX functionalities, and the emergence of IDO platforms that seek to create healthier, more transparent post-launch market dynamics.

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