The report reviewed dozens of offerings across centralized exchange (CEX) and decentralized exchange (DEX) platforms. MEXC recorded five listings in the first half of the year with an average peak return of 10.83 times the sale price, topping the field by deal count.
The report identified several mechanics that dilute long‑term value. Many launchpads list tokens at inflated fully diluted valuations while releasing only a small circulating supply. This combination encourages early holders and platforms to sell into the first wave of secondary‑market demand.
Immediate drawdowns erode confidence and leave retail buyers holding depreciating assets despite headline ROI figures.
Access design also skews benefits in favor of insiders. CEX programs often favor large balance holders through VIP tiers or increased staking thresholds, while DEX bonding curves can be gamed by bots that front‑run manual buyers.
Both pathways undermine the “democratic offering” narrative that originally distinguished token sales from traditional venture rounds.
The report outlined emerging models designed to address these flaws.
Furthermore, full‑cycle incubation programs promise liquidity, marketing, and post‑listing oversight to align projects with investors. The report recommended hard caps on fully diluted valuations, higher public‑round ratios, and flexible qualification criteria that scale with project maturity.
They also called for post-launch accountability metrics, so platforms can track whether listings meet development milestones after the initial sale.
The study concluded that launchpads will continue to dominate early‑stage distribution during the next market upswing. However, only models that balance return potential with transparent allocation and realistic pricing are likely to retain user trust.
