Covering project overview, issuance mechanism, return performance, track positioning, and unique innovations.

Original text: vinay sabarad

Translation: Yuliya, PANews

As the crypto market enters 2025, the Web3 launchpad ecosystem has evolved into a diverse landscape, with various platforms developing differentiated layouts around different types of projects, users, and financing models. From issuance platforms supported by centralized exchanges to decentralized IDO mechanisms, and new solutions like LBP (Liquidity Bootstrapping Auction), launchpads have become the core vehicle for early investment and project initiation in the crypto world. This article provides an in-depth comparison of 8 mainstream launchpad platforms, including Binance Launchpad, DAO Maker, ChainGPT Pad, Virtuals, CoinTerminal, Fjord Foundry, CoinList, and Seedify, covering their project overview, issuance mechanism, return performance, track positioning, and unique innovations.

DAO Maker: A Launchpad Balancing Retail Friendliness and VC-Style Selection

Platform Positioning and Vision

DAO Maker connects retail users with a VC-style project selection system through its innovative "Strong Holder Offering" (SHO) mechanism. Users must stake $DAO tokens and have a long-term holding record to qualify for allocations, emphasizing the concept of "loyalty staking," thereby aligning the long-term interests of investors and projects. Since 2019, DAO Maker has facilitated over 179 token issuances, raising approximately $107 million, with representative projects including My Neighbor Alice and XCAD. The platform has gradually expanded from one-time sales to an "accelerator ecosystem," with new features like DAO Farms and Vaults allowing users to continuously earn token rewards during the staking period (annual yields of up to 300–1500%), thus extending the community's capital lock-up time. Its core vision is to create a retail-friendly Web3 launchpad with VC-level selection and continuous incentive mechanisms.

Representative Projects for 2025

DAO Maker has recently focused on projects with clear narratives and diverse types, including:

• SpeedThrone: An AAA racing GameFi project integrating AI elements, supporting 6–12 months of staking mining.

• 0xFútbol: A blockchain fantasy sports platform themed around football, combining collectibles and prediction gameplay, aligning with World Cup trends.

• Kayen Protocol: Providing DeFi data verification and modular security services, suitable for restaking and DePIN systems.

• Fusio: An enterprise-level DePIN platform equipped with AI monitoring mechanisms, aimed at enterprise validator operation scenarios.

These cases demonstrate DAO Maker's compatibility with GameFi, sports/fan economy, and AI/infrastructure projects, showcasing a wide range of themes.

Investment Return Performance

In the first half of 2025, DAO Maker's overall project returns have been mediocre, with an average current ROI of about 0.14× the IDO price, and the highest historical average ROI being 3.65×. Most projects saw prices quickly drop after listing, although a few breakthrough results did emerge. The platform mitigates losses from price declines through staking mining mechanisms, allowing token holders to continue earning even if prices fall. The SHO mechanism somewhat curbs selling behavior, but it is still difficult to fully hedge against the overall market weakness. Notably, DAO Maker has historically performed better (e.g., Orion Protocol achieved several times growth), and the current low ROI is more a reflection of the overall market environment rather than a flaw in the platform's mechanism.

Mechanism Innovation Highlights

• Strong Holder Offering (SHO): Obtaining allocation rights through staking $DAO tokens, rewarding long-term holders.

• Yield Mining/Vaults: New projects often come with multi-month mining activities, distributing sold tokens as rewards to DAO stakers or liquidity providers. This "stake to earn" model creates demand and liquidity post-IDO.

• DAO Token Binding: Participants in DAO Maker must hold $DAO to participate, fostering loyalty. The "DAO Power" system records user holding points to prevent rapid sell-offs.

These mechanisms maintain market enthusiasm while enhancing the sustainability of the post-IDO phase, reflecting DAO Maker's dual positioning of broad retail engagement and deep project review.

Track Focus and Strategic Positioning

DAO Maker focuses on emerging narratives and practical projects, with its 2025 project layout covering GameFi 2.0 (SpeedThrone), sports/fan interaction (0xFútbol), DeFi infrastructure (Kayen), and AI/enterprise services (Fusio). Compared to "meme-type platforms" chasing trends, DAO Maker leans towards building a project ecosystem with real value and return mechanisms, aiming to create a "community-driven accelerator" that attracts entrepreneurs looking to balance retail traffic with long-term healthy development.

Seedify: A Community-Driven Next-Generation Launchpad

Platform Positioning and Vision

Since 2021, Seedify ($SFUND) has been dedicated to promoting high-quality project incubation in the fields of NFT, gaming, AI, and DeFi through a community consensus mechanism. To date, Seedify has facilitated over 100 token issuances, raising approximately $40–55 million. The platform combines the advantages of CEX and DeFi, employing a layered staking mechanism for $SFUND to ensure user allocation rights, and introducing community reviews to replace closed private placement selections. In 2025, Seedify continues to innovate technologically, launching a permissionless bond curve issuance platform, a decentralized curation DAO, and an on-chain social distribution mechanism, becoming one of the most cutting-edge launchpads in the tech stack.

Representative Projects for 2025

• Stable Jack (JACK): A fixed/leverage yield protocol deployed on Avalanche, completed its IDO in April 2025, with an FDV valuation of $20 million, raising about $300,000, with the token fully unlocked after TGE, but market response was weak.

• Aiki (AIKI): An AI × gaming prediction platform on the Solana chain, issued in May 2025, adopting a $SFUND + public offering dual-channel model, raising about $175,000, with high early user participation, but the token price performance was average.

• P33L (P33L): An AI satire meme project, issued in April 2025 through a bond curve method, with a total valuation of $250,000, selling 28% of the supply, raising about $70,000, reflecting Seedify's strategy to support culturally innovative projects.

Investment Return Performance

Despite the overall market cooling, Seedify's historical average highest ROI remains around 8×. Several projects launched in 2025 saw considerable initial enthusiasm, but subsequently experienced price corrections. This phenomenon has become the norm for current IDOs. Seedify aims to avoid severe sell pressure by introducing bond curves and flexible unlocking mechanisms, promoting long-term value.

Mechanism Innovation Highlights

• Smart Joint Curve Issuance: Token prices dynamically rise with purchasing demand, automatically generating $SFUND–project token LP pools after selling out, ensuring liquidity upon launch, and incorporating safeguards against "Rug Pull" and "sniping": a 24-hour refund window and progressive pricing to prevent bots from purchasing tokens and protect buyer rights.

• Layered Access Mechanism (Staking + Social): In the early stages, access is prioritized for $SFUND stakers and users with high "social scores" (earned through referrals, interactions similar to Kaito, and community activities), later opening to the public, creating a gamified entry logic that rewards active contributors. This "social distribution layer" rewards community builders, not just whales.

• Investor-Friendly Unlock/Refund Mechanism: Each project can choose a flexible vesting plan, with Seedify offering instant unlock or short-term linear unlock (1-4 weeks) to balance trust and sales pressure. Additionally, each token issuance has a 24-hour refund window, allowing buyers to opt for refunds in uncertain situations. This mechanism is similar to CoinTerminal's model of downside risk protection, providing users with extra confidence.

• Decentralized Curator Program: A network of curators composed of KOLs, VCs, guilds, and DAOs selects projects for the platform and can earn revenue sharing, allocation quotas, and community whitelists.

• $SFUND Incentive Flywheel: Each issuance event injects new use cases for $SFUND. Staking level → token allocation → token issuance → liquidity creation → buying pressure and token burn. As the number of issuances increases, the intrinsic demand for $SFUND tokens also grows. Seedify's design ensures that its native token benefits from the ecosystem it drives.

Unique Strategy Summary

Seedify integrates multiple mechanism advantages to create an "open yet protected" issuance model. Its permissionless bond curve platform, set to launch by the end of 2025, will allow any team to issue tokens independently, combining automatic liquidity and anti-sniping mechanisms, similar to CoinTerminal's openness but with added protections. The curation DAO absorbs DAO Maker's "review spirit" and enhances user engagement through social incentive mechanisms (like Kaito or Ethos points), ultimately forming a composite of CoinTerminal's openness, Fjord's fairness, DAO Maker's interest binding, and community-oriented culture, heralding the emergence of a new generation of launchpads.

ChainGPT Pad: An Incubation Launchpad Focused on Artificial Intelligence

Platform Positioning and Vision

ChainGPT Pad is the preferred launchpad for AI-first Web3 startups. It is part of the ChainGPT ecosystem (known for its AI chatbot and developer tools) and provides in-depth incubation through technical support (smart contract audits, AI analysis) before projects go live. Participation requires holding or staking $CGPT tokens, which are supported by fees from the platform's AI products (a portion of user fees is burned). ChainGPT Pad's vision is to become the primary DEAI (Decentralized AI) issuance tool: any project launched on it will receive customized guidance for AI, while stakers of $CGPT will gain participation rights in token sales.

Representative Projects for 2025

The 2025 project portfolio of ChainGPT Pad combines AI infrastructure with some GameFi:

• Omnia Protocol (OMNIA): A privacy-focused blockchain access provider (RPC relay) crucial for AI data feeds. ATH ROI of about 5 times.

• Arcade (ARC): An interoperable, NFT-based competitive gaming platform, signaling a new trend in GameFi.

• Flash Protocol (FLASH): A DeFi utility token for ultra-fast DEX trading, featuring AI predictive analytics.

• NextGem AI (GEMAI): An AI-driven crypto content discovery platform (an "alpha feed" platform). Issued via whitelist in April 2025.

• AdixAI (ADIX): An AI advertising optimization network. Uniquely, ADIX was distributed to eligible $CGPT stakers through a "Launchdrop" airdrop (rather than a sale) in May 2025.

• Matchain (MAT) & Blink Game AI (BLINK): Two Launchdrops in May 2025—one zk-rollup chain (MAT) and a gamified AI battle game (BLINK)—offered for free to community members to promote adoption.

Investment Return Performance

ChainGPT Pad has been very active, conducting about 35 IDOs in the past six months, raising approximately $10.2 million (about $290,000 each). Most of these are micro-cap, early-stage financings. At peak prices, recently launched projects had an average ATH ROI of about 7.6 times. Some projects launched on ChainGPT in early 2023 achieved returns exceeding 40 times, but the market has cooled in 2025. Currently, the average ROI is only about 0.36 times (i.e., most token prices are below their IDO prices). In other words, high initial doubles are often followed by declines. Nevertheless, ChainGPT Pad continues to produce some multi-fold return projects—several recent IDOs soared "far beyond 20 times" before retreating. Overall, ROI is highly volatile but occasionally performs remarkably, reflecting its focus on emerging AI projects.

Mechanism Innovation Highlights

ChainGPT Pad combines traditional IDOs with novel distribution methods:

• $CGPT Staking Participation: Only holders/stakers of $CGPT can qualify for IDO whitelist. Higher staking levels guarantee allocation amounts.

• Launchdrops: Tokens are airdropped for free to loyal $CGPT community members (e.g., AdixAI, Matchain, Blink). This rewards participation and expands the distribution range beyond paying participants.

• High Incubation Support: Unlike many launchpads, it provides technical consulting (audits, AI tools) for projects before the IDO.

• Anti-Sniping Features: By linking allocations to staking duration and using a $CGPT burn mechanism, it curbs rapid sell-offs and bot activity.

Track Focus and Strategic Positioning

ChainGPT Pad focuses on AI-related fields, with about half of its projects centered on AI, including AI-driven agents, DeFi combined with AI, and AI gaming; the other half focuses on new projects that "redefine GameFi," such as Arcade and Blink, which emphasize real gaming experiences and high fidelity, often incorporating AI elements. ChainGPT Pad also innovates in distribution methods, adopting initial airdrops and cross-chain priority strategies, such as launching the Berachain project, indicating its desire to secure a place in the AI and large-scale DeFi narrative. It positions itself as "the preferred launchpad for DeAI enthusiasts," attracting user participation through strong community incentive mechanisms and advanced token mechanisms.

Virtuals Launchpad: A Gamified AI Agent Platform

Platform Positioning and Vision

Virtuals is a decentralized AI agent launchpad based on Base, allowing users to fund autonomous AI agents (i.e., tokenized automated bots) in a "Genesis" mode. Anyone can propose AI agent ideas, and community members co-fund through on-chain sales. The vision of this platform is to create an "AI version of Pump.fun"—a high-risk, high-reward community participation playground, implementing a gamified issuance mechanism that combines staking and task systems. Unlike most IDOs, all tokens on Virtuals are 100% unlocked at TGE, making the sales process immediately filled with liquidity and volatility.

Representative Projects for 2025

• IRIS ($IRIS): An on-chain autonomous governance AI agent, with 50% community airdrop, issued FDV of only about $200,000, market cap peak reached $80 million, ROI up to 400 times.

• Backroom ($ROOM): A decentralized InfoFi creator economy protocol (tokenizing "knowledge base"), with initial ROI reaching 3 times.

• Maneki AI ($MANEKI): A DeFi strategy AI assistant, rising from a presale low point to about 10 times.

• WachXBT ($WACH): An on-chain DeFi security AI agent, increasing 3–4 times since launch.

• h011yw00d ($HOLLY): An AI movie character token, connecting NFTs with narrative content, an early sample of AI + media integration.

Investment Return Performance

The first batch of Genesis projects on Virtuals has shown explosive potential. According to Gate.io analysis, the average return rate of its first 24 projects reached as high as 32 times, with the highest even reaching 128 times, and multiple trading cases of 10–20 times were widely reported on social platforms. However, these short-term high returns are often accompanied by severe corrections. The platform has introduced a "cooling period penalty" mechanism (if users sell after making a profit within 7–10 days, their scores will be reduced) to mitigate sell-offs, but overall, Virtuals remains a highly volatile issuance space, balancing risk and reward.

Mechanism Innovation Highlights

• Points-Based Distribution Mechanism: Users accumulate Genesis points by staking $VIRTUAL tokens and completing tasks (inviting, answering questions, social activities); the higher the points, the larger the allocation, similar to a "play-to-earn" gaming experience.

• NFT Staking Mechanism (veVIRTUAL): Holding veVIRTUAL (voting escrow) earns "Virgen points," with 37.5% of token shares allocated for such community point distribution.

• Fully Unlocked Sales Mechanism: All tokens are 100% released at TGE (no vesting period), enhancing liquidity but increasing risk, with a cooling penalty system in place to prevent rapid arbitrage.

• No Centralized Review Mechanism: Any AI agent can go live as long as it passes basic compliance checks, fully decentralized, democratizing financing for AI projects.

Track Focus and Strategic Positioning

Virtuals focuses on the "agent-based AI" economy—covering automated trading bots, information assistants, and social AI tools. Its gamified sales style (points + prediction elements) and deep community engagement have made it the preferred launchpad for AI agent + InfoFi projects. Its media image resembles an "AI version of Pump.fun," providing extreme heat and community exposure for projects, while representing high volatility potential opportunities for users.

CoinTerminal: A No-Threshold IDO Platform for the Masses

Platform Positioning and Vision

CoinTerminal launched at the end of 2023, focusing on no-threshold participation. No staking, no token holding, and very low KYC requirements—just connect a wallet to participate. Its core innovation lies in the "buy now, pay later" (BNPL) model: winning users can pay for tokens at the time of listing, and if the token price drops, they can choose not to pay and not claim the tokens. This mechanism, combined with a full refund option on the listing day, gives investors almost no downside risk, with the platform and project parties bearing the losses. CoinTerminal aims to create a "universal equality" project launch platform, breaking down financial barriers so that any retail investor can participate in early investments.

Representative Projects for 2025

• Favrr ($FAVRR): A community-driven "token issuance + prediction market" platform, launching in May 2025.

• Pump AI: An AI-driven token generation and branding tool targeting NFT/gif culture. (Launching in January 2025)

• AIT Protocol: A decentralized AI protocol that achieved up to 80 times return during its 2023 IDO.

• RWALayer: A market for RWA tokenization. (Sales ongoing in June 2025)

• GIANTAI: An upcoming AI-themed meme project.

Investment Return Performance

Most projects on CoinTerminal have impressive return rates. Since its launch, it has completed 75 sales, distributing approximately $65 million to investors, with an average return rate of 1590% (i.e., 15.9 times). The 80 times return of projects like AIT Protocol has been widely circulated in the community. During the mini bull market in mid-2024, several projects recorded increases of 20×, 50×, and even 100×. To date, over 500,000 users have participated, making CoinTerminal one of the most favored issuance platforms for retail investors.

Mechanism Innovation Highlights

• Zero-threshold participation: No need to stake tokens, no KYC (for most sales), and no entry fees.

• VRF lottery mechanism: Utilizes Chainlink VRF to ensure fair distribution and prevent manipulation by bots and whales.

• BNPL + refund mechanism: The platform covers the IDO purchase cost for winners; on TGE day, if the price does not meet expectations, users can forgo their subscription and receive a full refund, resulting in almost no loss.

• Anti-whale cap: Each person has a limited allocation, with no staking threshold to prevent whale monopolization.

• Profit-based fees: The platform has no native token and only charges a portion of profits (e.g., 25%) when users make a profit.

Track Focus and Strategic Positioning

CoinTerminal broadly encompasses AI, DeFi, Gaming, and even Meme projects, particularly favored by small to medium projects and creators. Its open, fair, and decentralized characteristics sharply contrast with higher-threshold platforms like Binance, establishing it as a representative of "universal IDOs."

Fjord Foundry: A Fair Issuance Platform Based on LBP

Platform Positioning and Vision

Fjord Foundry (formerly Copper) focuses on using Liquidity Bootstrapping Pools (LBP) as the primary sale mechanism. The LBP model achieves a price decrease from high to low through Balancer pools, allowing investors to buy at more favorable price points, avoiding front-running and high-frequency manipulation. Fjord supports project customization of parameters, allowing for pure LBP or mixed issuance methods with pricing rounds/lock-ups, and has expanded to multiple chains including Ethereum, Polygon, and Arbitrum. The platform is centered on "price discovery first, fair issuance," serving projects that value long-term building and broad community distribution.

Representative Projects for 2025

• Analog ($ANLOG): A cross-chain interoperability protocol (issued in January 2025), sold about 1.9% of tokens through LBP, with no lock-up, stable post-line trading, and no price manipulation, with a market cap of approximately $1 million–$3 million.

• Form Network ($FORM): A SocialFi project (issued in February 2025), with only 0.5% sold in public sales, showing initial low volatility and community interest in SocialFi.

• Stabble ($STB): A ve model DeFi platform on the Solana chain (issued in February 2025), sold about 1.5% through LBP on Solana, with the price dropping from $0.05 to $0.013 (46% lower than the sale price), with moderate trading volume and a market cap below expectations.

• Arcadia Finance ($AAA): A yield aggregator on the Base chain (issued in April 2025), raised $289,000 through Dutch auction financing, with the price surging 1086% to $1.71 before retracing to $0.237 (+64%). This illustrates the volatility of LBP—huge short-term gains followed by significant corrections.

• BurrBear ($BURR): An AMM governance token on Berachain (issued in April 2025), with 20% of the supply sold at $0.44 (fully unlocked), the price plummeted to about $0.005 after launch, nearly a 99% retracement. The 100% unlock led to immediate liquidity exhaustion and collapse.

Investment Return Performance

The overall return performance of projects issued by Fjord varies. Projects like Analog show stable performance, while high gas fee projects like Arcadia exhibit huge short-term ROIs (10 times) but then significantly retrace. Some fully unlocked LBP projects have had the opposite effect (BurrBear at -99%). Overall, Fjord emphasizes "fairness" and "low fraud risk" rather than short-term speculative returns.

Mechanism Innovation Highlights

• LBP model: Prevents bot and whale manipulation through a high-to-low price mechanism, achieving more balanced distribution.

• Adjustable parameter mechanism: Supports customizable weights and time windows, and can be mixed with airdrops; the platform provides issuance recommendations.

• Permissionless launch: Projects require basic review, allowing DeFi teams, DAOs, etc., to launch freely, emphasizing the spirit of decentralized launches.

• Anti-sniping/bots: Initial prices are set high, requiring whales to wait for price declines, avoiding early front-running.

Track Focus and Strategic Positioning

Fjord focuses on technical and infrastructure projects such as DeFi, DAO, and DePIN, attracting builders like Hivemapper and Rollup teams. By not being driven by hype, Fjord is favored by protocol-native developers and long-term community members, representing a launchpad that prioritizes "infrastructure first, fair issuance."

CoinList: A Compliance-Driven Infrastructure Issuance Platform

Platform Overview and Vision

CoinList is the most mature ICO/ITO platform, known for its compliance. Unlike many IDO platforms, CoinList enforces strict KYC/AML requirements and often restricts participation from U.S. retail investors (open only to accredited investors). The platform does not require staking or holding tokens; registration and passing KYC are sufficient. Its vision is to "connect high-quality Web3 infrastructure projects with compliant investors globally," emphasizing formal channels and transparency.

Representative Projects for 2025

CoinList conducted only a few major sales (8 times) in the first half of 2025, focusing on foundational technology:

• WalletConnect (February 2025): A decentralized wallet-dApp protocol, utilizing a "bottom-up allocation" lottery mechanism, fully unlocked, peak return of 6.7 times, currently about 1.5 times.

• Obol Network (February–March 2025): A decentralized validator network (DVN) for Ethereum staking, using a mixed public + discount sale, with 50% unlocked + linear unlock mechanism, peak return of 1.5 times, current price about 0.6 times. Good fundamentals, but trading performance is flat.

• Aligned Layer (January 2025): A ZK-EVM scaling project, using fixed price, first-come-first-served (FCFS) token sales (two price tiers), yet to be listed by mid-2025, but has garnered significant attention in the crypto developer community.

• Fleek (May 2025): An AI-driven cloud service project for creators, 100% unlocked sale, listing performance yet to be announced.

• Arcium (March 2025): A privacy-focused MPC/AI supercomputing platform, randomly public sale, fully unlocked. Awaiting listing.

• Enso (June 2025): A multi-chain execution platform, random allocation mechanism, raising over $5 million, yet to be listed.

• Pipe Network (June–July 2025): A DePIN content network on Solana, dual-option sale (with/without lock-up). Plummeted 99.9% post-listing, serving as a cautionary tale about overvaluation.

• DoubleZero (April 2025): A Web3 fiber verification network, open only to validators and accredited users, with strict KYC (for U.S. accredited investors). This is an exclusive issuance well-received in trusted communities.

Investment Return Performance

Overall returns on CoinList are typically stable, not focused on short-term explosions. The best performer, WalletConnect, recorded returns of 6–7 times, but many tokens stabilize around or below their sale prices. Pipe Network, among others, collapsed due to overvaluation. On average, the peak return in the first half of 2025 was between 1.5×–6×, with current prices mostly between 0.3×–1.5×. Although returns are not as high as other platforms, CoinList has a high user repurchase rate, reflecting its good reputation and credibility.

Mechanism Innovation Highlights

• Non-hierarchical KYC: No staking required, but comprehensive KYC and regional compliance are mandatory, often excluding U.S. retail investors.

• Mixed allocation mechanism: 50% of projects use "bottom-up" random allocation to prevent front-running and manipulation, with FCFS models and exclusive rounds for validators.

• Flexible unlock mechanism: Some projects are 100% unlocked (like WalletConnect and Enso), while others have linear releases and lock-up options (like Pipe offering a 1-year lock-up option for U.S. investors).

• Institutional connection mechanism: CoinList often serves as a platform for institutions to connect with projects, providing exclusive channels for users with compliant backgrounds.

Track Focus and Strategic Positioning

CoinList is highly focused on infrastructure development, with 2025 projects largely involving DeFi staking, ZK scaling, cross-chain execution, privacy computing, and DePIN. It does not engage in Meme or simple GameFi content, positioning itself as a "compliance-first, infrastructure-oriented" platform, one of the few launchpads still able to attract institutions and high-quality developers.

Binance Launchpad: The Authoritative Representative of CEX

Platform Overview and Vision

Binance Launchpad is the gold standard for centralized exchange issuance platforms, having completed over 80 token issuances since 2018, raising a total of over $133 million, and launching star projects like Axie Infinity, Polygon, and The Sandbox. Users need to stake BNB to participate in lotteries or proportional allocations. It is positioned as a "high-threshold, high-quality" issuance platform, sacrificing issuance frequency and retail convenience in exchange for project quality and institutional trust. Its vision is to empower core infrastructure and quality assets through the Binance ecosystem.

Representative Projects for 2025

• AEVO (March 2025): A Layer-2 derivatives trading platform.

• ether.fi (ETHFI) (March 2025): A non-custodial liquid staking platform.

• Omni Network (OMNI) (April 2025): A re-staking Rollup platform within the EigenLayer ecosystem.

• Renzo (EZ) (April 2025): A liquid re-staking manager for EigenLayer.

• Notcoin (NOT): A meme project launched in 2024, showing Binance's occasional foray into lighter projects.

Investment Return Performance

Due to oversubscription and immediate CEX listings, Binance projects typically surge at TGE. Historically, some projects have reached astonishing heights (for example, Axie Infinity's peak price was about 1600 times its Launchpad price).

However, the market has cooled in 2025, and while recent Binance-listed projects have shown strong initial trading, they often experience significant retracements. For instance, ETHFI surged upon listing but then retraced by 20%. In fact, rapid retracements after ATH (even dropping 80-90% from highs) are common. Binance participants can still achieve considerable profits if they time their entries accurately, but most gains require holding through the patience of a retracement period.

Mechanism Innovation Highlights

• BNB Staking Participation: Binance Launchpad is closely integrated with its exchange, using BNB as the base asset for lottery or subscription-based allocations.

• Listing Protection Mechanism: Introduces initial price limits (such as the initial price cap for the Arkham IDO in 2023) to prevent excessive volatility.

• Centralized and Compliance-Focused: It does not attempt new IDO models, with high KYC and BNB requirements, meaning not all retail investors can participate.

Track Focus and Strategic Positioning

Binance leans towards infrastructure and staking themes, promoting scaling (AEVO, Omni) and re-staking (ether.fi, Renzo) protocols in 2025. Consumer-grade or meme projects are rare, with the overall goal still being to build ecological foundational components. Binance Launchpad has become the platform representing "blue-chip project issuance" among centralized exchanges.

Platform Comparison and Key Trend Summary

To facilitate understanding of the differences and commonalities among major Launchpad platforms, the following comparison is made across four dimensions: participation thresholds, mechanism features, track focus, and average returns:

Key Trends and Future Outlook

The crypto Launchpad ecosystem is rapidly evolving, with its core trend shifting from "launch and pump" to "fair mechanisms + user participation." Here are the seven most representative structural trends for 2024-2025:

1. Increased User Participation and Zero-Threshold Trend

There is a surge in demand for "wallet participation" issuance models. CoinTerminal and Virtuals significantly lower thresholds by eliminating staking and KYC requirements, attracting large-scale retail participation. Fjord's LBP model also wins developer favor through decentralization and flexible configuration. Platforms with "frictionless entry + risk protection" will continue to hold an advantage in a market lacking trust.

2. Rise of the "Open Participation + Community Screening" Hybrid Model

Open participation does not mean sacrificing quality; the industry is shifting towards a hybrid curation model that combines permissionless infrastructure with decentralized threshold mechanisms. DAO Maker's SHO and Virtuals' community-driven reviews showcase the early forms of this trend. In this model, curators (including DAOs, influencers, and expert groups) are responsible for discovering and evaluating projects, while a broader community can gain early participation opportunities. This crowdsourced due diligence approach aligns incentives without stifling innovation and reduces the risk of "rug pulls."

3. Fair Issuance Mechanisms Becoming Industry Standard

Anti-whale, anti-bot, and fair distribution mechanisms are becoming basic configurations across platforms. Fjord's LBP mechanism, CoinTerminal's VRF lottery, and Virtuals and Seedify's dynamic joint curves with refund logic all ensure fairness in different ways. The popularity of these designs reflects an increased user demand for "price protection" and "downside buffering" following significant retracements in 2022.

4. Shift from "TGE Returns" to "Long-Term Incentive" Structures

The current focus in the crypto space is shifting from "launch" to "long-term development." Platforms are attempting to extend the utility of tokens by optimizing token economics, such as DAO Maker introducing liquidity mining, SocialFi platforms' tokenized social staking, and NFT-based reward layers. These mechanisms aim to enhance user participation and retention after project launches. In the future, deeper Info-Fi integrations may emerge, influencing token unlocks, staking multipliers, or NFT minting based on user behavior, on-chain actions, and content creation, encouraging user participation rather than mere speculation.

5. Track Rotation and Verticalization of Launchpads

The 2024-2025 cycle shows a clear thematic rotation trend, with Launchpads for AI-related projects performing particularly well, such as ChainGPT Pad and Virtuals. Following closely are DePIN (like Fjord and CoinList) and SocialFi/creator economy-related projects. Meanwhile, the gaming sector shows strong resilience, with related platforms building infrastructure that adapts to streaming-native and cultural awareness to support new project launches. Launchpad platforms are gradually moving towards verticalization, with specialized platforms focusing on AI agents, on-chain data economy (Info-Fi), or RWA expected to emerge. In this trend, projects that "build culture and consensus within segmented narratives" are likely to become the ultimate winners.

6. Parallel Paths of Compliance and Openness

CoinList demonstrates the appeal of compliance platforms to institutions, with its compliance and quality endorsements being favored. However, on the other hand, fully open platforms can better serve the next batch of billions of potential on-chain users. The future Launchpad ecosystem will trend towards "modularization": providing optional KYC paths for different geographies and investor types, and supporting flexible regulatory layers. Some platforms may introduce mechanisms for "country/investment-grade distribution," balancing openness and compliance.

7. Info-Fi Becoming the Core of Launchpad Competition

As opportunities for early participation in new projects become increasingly common, competition among platforms will no longer be about who can get you "on board," but will shift to an "information war" for user attention. The future winners will be those platforms that can provide "information finance" (Info-Fi) tools, helping users clearly see public sentiment about a project, which influencers are backing it, social media trends, and real user behavior data. Just as search engine optimization (SEO) once dominated website traffic, this intelligence data will determine the success or failure of future crypto projects, and platforms that can integrate this intelligence into their issuance, staking, and reward mechanisms will undoubtedly gain more attention and conversions.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。