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.

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:

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 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 out of the gate:

This indicates that Gate’s screening process for exclusives is highly synchronized with market appetite, successfully identifying assets that can convert immediate attention into trading momentum.

The report provides a granular look at the post-listing lifecycle, identifying a critical inflection point for investors.

By the 72-hour mark, the initial listing bounce typically fades, and the market shifts from momentum-driven trading to a few winners, many givebacks regime. The 30-day median return drops to -25%, reinforcing that the most actionable wealth effects are concentrated in the first three days of a listing.

Gate’s positioning in 2025 was less about market timing and more about a deliberate focus on specific narratives. The exchange’s trajectory was largely defined by three themes:

Projects like Pi Network (PI) demonstrated Gate’s ability to handle massive, community-driven traffic assets. After listing, PI surged nearly 60x within seven days, proving that Gate’s liquidity layers can absorb concentrated demand from millions of external users without breaking the price discovery mechanism.

As AI evolved from simple wrapper apps to core infra, Gate stayed ahead of the curve. Unibase (UB), a candidate in the x402 narrative, showed remarkable resilience. Despite broader market volatility in October, UB trended upward to an ATH of $0.086, a 500% gain from its open, showcasing the longevity of technology-driven listings.

In the hyper-speed world of memes, timing is everything. Gate’s agility in listing Mubarak (MUBARAK) early in its hype cycle led to a single-day gain of 120%. By moving fast when cultural symbols gained traction, the platform allowed its users to capture the expansion phase of community consensus.

Data from the past year confirms Gate’s evolution into a strategic launchpad for emerging assets. By focusing on exclusive listings, the platform has optimized its role in the early stages of the market cycle. 

As we move into 2026, the sustainability of this high-volume listing strategy will be critical for the exchange to remain competitive in securing liquidity and user engagement.

The post Primary Listings Lead Price Discovery as 80% of Exclusive 2025 Tokens Hit Green appeared first on BeInCrypto.

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