Against the backdrop of renewed momentum across the market and heightened expectations from users, the new report from MEXC Research titled “From ICO to launchpad” offers one of the most comprehensive analyses of crypto launchpads to date. The report is a product of a thorough analysis of leading CEX and DEX platforms by examining the evolution of token offering models and the most important launchpad metrics like ROI, participation access, systemic risks, and sustainability, coupled with how launchpad’s structural design affects both investor outcomes and long-term project viability.
According to the report, MEXC’s launchpad emerged as a standout performer across the industry, ranking first in the number of token launches in the first half of 2025. MEXC’s launchpad debuted five new projects with an average peak ROI of 10.83X, placing it among the top performers in the space. MEXC model is notable for its dual-pool model and no-VIP access structure, ensuring broader retail participation without staking and tier-based access requirements. This has led to strong user engagement and more equitable token distribution without sacrificing any upside potential. In comparison, Bybit recorded the single highest ROI for a launchpad project this year, with Xterio hitting 14.71X, but its tiered staking and VIP access requirement effectively limited access to a narrower user group. Gate.io also offered a low minimum 1 USDT entry barrier, but its model still favored early stakers and snapshot participants for allocation priority.
Decentralized launchpads like Pump.fun gained rapid popularity in 2024 and 2025, riding the memecoin hype wave, appealing to users via its decentralized and open-access model. These platforms offer unrestricted participation, often relying on bonding curves or auction formats to set prices dynamically. While DEXs offer greater decentralization, their unfiltered nature has led to them becoming a breeding ground for short-lived hype projects and bad actors. The lack of due diligence, heightened rug risks, price manipulation, and extreme volatility have raised concerns over the sustainability of the model.
Beyond raw ROI, the report also highlighted the growing systemic challenges across the launchpad landscape, including inflated Fully Diluted Valuations (FDVs), low circulating supply to create artificial scarcity, and rapid post-launch drawdowns — structures that often favor early insiders over long-term investors. These practices have usually led to the erosion of user trust and compromise in the long-term project value, often turning launchpads into short-term liquidity events rather than incubators of sustainable growth.
In response to this rising systemic risks, MEXC announced that its launchpad model is extending its role beyond just token sales into full-cycle project incubation and growth acceleration. The MEXC launchpad would provide support for staking infrastructure, marketing, liquidity provision, and go-to-market execution. MEXC’s full cycle approach seeks to close the gap between fundraising and the real-world adoption by helping projects maintain traction well beyond their initial listing. By this, MEXC is providing a stable foundation for projects to build long-term value for both users and builders.
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