Looking at Animoca Brands Research's "2025 Token Listing Report," some counterintuitive data have been found:


▪️In September 2025, 9 major CEXs listed a total of 3,007 tokens (not low, and many are CS coins)
▪️However, the "number of new independent tokens" decreased by 21% year-over-year (1645 → 1302) (all exchanges are tightening their standards)
▪️Projects with small FDV (< $30 million) have significantly decreased (the historical trend of just creating a PPT)
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