Token launchpads have re-emerged as pivotal fundraising mechanisms in 2025 amid rising crypto market optimism. However, a detailed report by MEXC Research — From ICO to Launchpad — suggests that while returns may be improving, access remains largely inequitable. The report examines performance data and user-access structures across leading centralized and decentralized launchpads from January to June 2025. It finds that centralized exchanges (CEXs) continue to dominate in token volume, though they often favor users with deep pockets or staked holdings. MEXC led in volume with five token launches and a 10.83x average peak return. Its fixed-allocation model avoids VIP tiers and staking thresholds, enabling broader user participation. Bybit secured the highest individual ROI — 14.71x on the Xterio launch — but only for participants meeting high-stake criteria. Gate.io permitted users to invest with as little as 1 USDT, but its snapshot-driven allocation favored early or staked participants, reinforcing inequality in access. Decentralized platforms like Pump.fun are attracting retail interest with unfettered entry—no KYC, thresholds, or staking — yet their lack of controls has led to increased volatility, fraud, and token dumps. While these DEX launchpads can deliver sharp initial returns, they underperform CEX-based launches in terms of stability and retention. MEXC Research warns that many token offerings are positioned more like liquidity or marketing events than long-term ecosystem builders. High fully diluted valuations (FDVs), limited circulating supply, and rapid value drops are becoming common, benefitting insiders at the expense of average investors. Recent industry trends reinforce these concerns. Earlier this month, Coinbase acquired token-launch platform Liquifi, signaling confidence in clearer regulation — possibly preceding U.S. policy movement on token issuance. Meanwhile, multiple U.S. federal regulators emphasized more rigorous risk management for crypto custody, which may influence how institutional-grade launchpad infrastructure develops. MEXC Research suggests that the industry is at a turning point. The report highlights alternative distribution models — such as contribution- and participation-based approaches, and CEX-led incubation systems combining token sales with liquidity, staking, and marketing support, as potential pathways toward fairer and more sustainable token launches. Institutional-grade mechanisms, more equitable access, and accountability post-launch are essential as the market matures. According to the report, failure to reform launchpad structures could undermine trust and marginalize retail participants, even as overall usage rises. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
