A new report from MEXC Research suggests that the renewed activity around token launchpads in 2025 is masking deeper structural problems in how access to early-stage projects is distributed. Titled “From ICO to Launchpad,” the report provides a comparative analysis of launch models used by centralized and decentralized platforms, focusing on return profiles, participation criteria, and long-term alignment between platforms and users.
The report comes as the crypto market regains bullish momentum, with launchpads once again playing a central role in token distribution. However, despite improved average returns across the board, the analysis finds that most platforms continue to concentrate allocation among staking participants, VIP tiers, or early adopters — limiting broader retail inclusion.
Based on data from the first half of 2025, MEXC itself launched five projects via its launchpad, with an average peak ROI of 10.83x. Unlike competitors, MEXC uses a fixed allocation model with dual pools that allow users to participate without VIP status or token lock-up requirements. The approach contrasts with other platforms like Bybit, which recorded the highest individual launch return (14.71x on Xterio) but required users to stake large amounts of native tokens to qualify.
Gate.io, another high-volume player, operated a flat minimum entry of 1 USDT, though its allocation algorithm favored stakers and snapshot-qualified users. This structure, while nominally accessible, still reinforces entry asymmetries.
The report also highlights the rise of decentralized launchpads like Pump.fun, which rely on open-access bonding curves or auctions. While these platforms have attracted significant retail participation, they continue to face challenges related to token volatility, fraud risk, and insufficient project vetting.
Beyond platform performance, the report notes that many launchpad events are increasingly structured as short-term marketing pushes rather than sustainable growth mechanisms. Low float, high FDV tokens and rapid post-launch drawdowns remain common. These dynamics reward early insiders but leave later participants exposed to price instability and unclear long-term project fundamentals.
MEXC Research analysts call for launchpad platforms to adopt clearer qualification standards, reduce reliance on privileged access models, and implement mechanisms that promote accountability beyond the token generation event.
The return of launchpads in 2025 coincides with a broader shift in how crypto projects think about distribution, access, and trust. As exchanges like Coinbase move to acquire launch platforms like Liquifi and regulators signal increased scrutiny around token listings, the architecture of early-stage crypto investing is clearly in transition. Whether launchpads remain vehicles for community growth or continue evolving into tightly controlled capital funnels may come down to design choices made now — before the next cycle moves from ignition to full lift-off.