Tiger Research: In the battle for liquidity, is Memecoin the salvation or the grave of CEX?

author:Tiger Research Reports

Compiled by: Xiaobai Navigation Coderworld

Summarize

• Memecoins have transformed from a purely speculative asset to a dominant trading force, not only attracting a large amount of liquidity but also reshaping the capital flow pattern in the crypto market.

• 以 Pump.fun 为代表的平台推动了去中心化exchange（DEX）的崛起，吸引了流动性和活跃交易者，从而削弱了中心化交易所（CEX）的早期价格发现能力。

• 像 MEXC 这样快速适应 Memecoins 交易的交易所表现强劲，而 Binance 等反应较慢的平台则面临流动性和市场影响Xiaobai Navigation力的双重挑战。

1.交易所的新战场

Memecoins 正在重新定义cryptocurrency市场。从最初的投机趋势开始，它们如今已经成为主要交易所的重要交易品种，推动了巨大的交易量。

为了适应这一趋势，交易所纷纷调整策略。Gate.io 和 MEXC 通过快速上线 Memecoins 抢占了市场份额，而 Binance 则推出了“Binance Alpha”，专注于早期 Memecoins 的上线并提供平稳的过渡。在 DEX 市场中，基于 Solana 的 Raydium 成功超越了基于 Ethereum 的 Uniswap，成为市场的领导者。这一变化证明了 Memecoins 对市场的强大推动作用。

随着 Memecoins 在交易所中的重要性不断提升，其带来的更广泛影响也值得关注。 Memecoins 交易是否会引领一场持久的市场变革，还是仅仅是一种短暂的周期现象？此外，监管政策的变化又会如何影响 Memecoins 作为主流资产的可持续性？这些问题将决定散户交易和交易所未来的发展方向。

2. DEX breaks the status quo: Raydium surpasses Uniswap

Source: The Block, DefiLlama

Memecoins 的热潮推动了 Raydium 的快速崛起。截至 2025 年 1 月，Raydium 已占据 DEX 市场 27% 的份额，成为散户投资者的首选平台。Raydium 的成功离不开 Solana 链的技术优势，该平台提供了比 Ethereum 链上交易所更低的费用和更快的交易速度。这些特点让 Raydium 成为了 Memecoins 交易的核心平台。

At the same time, Uniswap's market share fell from 34.5% in December 2024 to 22% in January 2025, losing its dominance in the DEX market. High Ethereum Gas fees have become a major obstacle for Memecoins traders, which has also caused many cost-sensitive retail investors to turn to other platforms. If Ethereum-based DEXs fail to innovate in a timely manner, they will face greater pressure to transfer liquidity.

Although Memecoins trading has clearly driven Raydium's growth, the sustainability of this trend remains to be seen. Some analysts believe that the craze for Memecoins trading may gradually fade as speculative demand declines. However, Raydium has become a familiar platform for users with the help of Memecoins trading. If it can seize this trend, Raydium is expected to further consolidate its market position by strengthening liquidity pools, optimizing user experience, and building an efficient trading system. These efforts will help Raydium maintain a long-term advantage in the competition between DEX and CEX.

3. CEX’s response: Can they keep up with the rise of DEX?

Gate.io and MEXC have successfully attracted a large number of retail investors interested in speculative assets by focusing on the listing strategy of Memecoins. Among them, MEXC has become a leader in this trend with its fast Memecoins listing policy. For example, they opened trading on the day of the listing of Memecoins Official Trump ($TRUMP), which directly led to record trading volume and rapid growth in the number of users.

These strategies have produced significant results. MEXC’s daily Memecoins trading volume soared from 5.9% in the first quarter of 2024 to 25.9% in January 2025. At the same time, the proportion of Memecoins traders also increased from 18.7% to 37.1%.

作为全球最大的加密货币交易所，Binance 也在积极扩大其 Memecoins 上市范围，以吸引散户流动性。最近，Binance 更加关注投机性资产，试图抓住“注意力经济”的市场机会。然而，由于其作为中心化交易所（CEX）的特性，Binance 不可避免地受到内部审核流程的限制。这些流程导致 Memecoins 通常在市场热度已经下降或转向新趋势时才被上线。

虽然 Binance 提供了充足的流动性以保护投资者，但这种流动性反而成为了早期持有者抛售 Memecoins 的出口。由于抛售对市场价格的影响较小，许多新上市的 Memecoins 价格在短期内普遍下跌超过 75%，导致大量投资者蒙受损失。这种情况不仅损害了 Binance 的长期信誉，还引发了对其上市审核流程的质疑。

与 Binance 相比，Coinbase、Kraken 和 Upbit 等主要中心化交易所采取了更为保守的策略，专注于经过验证的加密货币，而非 Memecoins 。虽然这种策略无法抓住短期高收益的市场机会，但有助于平台的稳定性，并降低监管风险。

In recent years, the trend of funds flowing from CEX to DEX has become increasingly obvious, which shows that CEX no longer occupies an absolute market dominance. Faced with this change, CEX needs to re-examine its strategic layout. They can choose the following ways:

• 筛选早期资产并提供透明信息（如 Binance Alpha）；

• Managing risk through selective listing of Memecoins;

• Introducing a hybrid trading model that combines on-chain order books with DeFi elements.

The core challenge for CEXs today is how to find a balance between attracting short-term trading activities and maintaining long-term platform stability, while maintaining the trust of institutional investors and effectively attracting more retail investors.

4. Strategic summary and future prospects

Memecoins 已经从单纯的投机工具，逐渐演变为加密货币市场中的重要交易品种。随着去中心化交易所（DEX）上的 Memecoins 交易量大幅增长，这一趋势为加密行业带来了全新的机遇和挑战。

在最近的牛市中，DEX 上的 Memecoins 表现明显优于在中心化交易所（CEX）上市的资产，这促使越来越多的投资者转向 DEX。像 Pump.fun 这样的平台通过优化 Memecoins 的发行和交易流程，使得新Token即使没有在 CEX 上市，也能迅速实现爆发式增长。

In order to adapt to this change, market makers, liquidity providers and project teams have adjusted their strategies. They are no longer just focusing on CEX listings, but are beginning to pay attention to the DEX environment. They have improved the accessibility and flexibility of transactions by establishing liquidity pools on multiple platforms.

However, the Memecoins market still faces many risks. Unethical behaviors such as running away with funds, small group manipulation, and malicious transactions have seriously damaged the interests of investors. These problems are common due to the lack of effective market supervision. For example, the Argentina Libra ($LIBRA) scandal exposed these potential risks, triggered widespread doubts about Memecoins in the market, and caused a significant drop in the trading volume of Solana DEX.

Despite this, Memecoins still demonstrate their potential in the crypto space. They are gradually becoming representative assets for certain entities and groups. For example, Elon Musk’s relationship with Dogecoin, Trump’s association with Official Trump Token, and some cases of Memecoins issued by startups and countries all show that cryptocurrencies are capturing real economic and social value. This trend has similarities with the securitization process in traditional financial markets and may gradually evolve into a new cultural phenomenon.

面对这一变化，CEX 必须迅速调整策略。投资者已经不再等待 CEX 上市才开始交易有潜力的资产。为了吸引更多用户并保持竞争力，交易所需要整合链上功能和 DeFi 元素,同时确保平台的稳定性和合规性。这种灵活且创新的战略将成为推动加密市场进入下一个增长阶段的关键。

Disclaimer

本报告基于被认为可靠的资料编制。然而，我们不对信息的准确性、完整性或适用性作出任何明示或暗示的保证。对于因使用本报告及其内容而导致的任何损失，我们概不负责。本报告的结论和建议基于报告编制时的现有信息，可能随时更改且不另行通知。本报告中提及的所有项目、估算、预测、目标以及观点均可能发生变化，并可能与其他个人或机构的意见不一致。

本报告仅供参考，不应被视为法律、商业、投资或税务建议。任何提及的证券或数字资产仅为说明用途，并不构成投资建议或提供投资咨询服务的邀请。本报告不针对任何投资者或潜在投资者。

terms of use

Tiger Research 允许合理使用其报告。“合理使用”原则指，在不损害材料商业价值的前提下，可将报告内容用于公共利益相关目的。如果使用符合合理使用的范围，无需事先获得许可即可使用报告。然而，在引用 Tiger Research 的报告时，需遵守以下要求：1）明确注明“Tiger Research”为来源；2）附上 Tiger Research 的标志（黑色or白色）。若需对材料进行重新编辑或发布，则需与 Tiger Research 单独协商。未经授权使用报告可能会引发法律追究。

The article comes from the Internet:Tiger Research: In the battle for liquidity, is Memecoin the salvation or the grave of CEX?

相关推荐: 沉浮七年，OpenSea 还是选择了发币

OpenSea 的 SEA Token或许是平台自救的关键，也可能会成为推动 NFT 市场走出低迷行情的驱动力。 作者：Babywhale、Glendon，Techub News 2 月 13 日晚间，OpenSea 在 X 上宣布推出 OS2 公测版本，并将推出平…