The Revolution of Coin Issuance: From Craftsmanship to Industrial Assembly Line

By: crypto insight|2025/11/17 09:00:11

Key Takeaways

The number of tokens has exploded from 35,000 in 2021 to over 40 million by spring 2025, highlighting the ease of token issuance.
Issuing tokens has become an industrial process primarily driven by speed and market strategies rather than product and technology development.
Despite the focus on quick gains, the most significant profits are generated by exchanges and market makers at the top of the food chain.
The change in approach has led to a market where value is tied more closely to narrative and flow rather than the actual utility of tokens.
The rise of Memecoins illustrates a shift toward attention-driven projects that often lack technical or product depth.

The Transformation of Token Issuance

In 2025, the cryptocurrency market has shifted dramatically toward an efficient machine for token issuance, evolving from a space of groundbreaking ideas to an industry where the speed of releasing new tokens takes precedence. Back in 2021, the growth from 35,000 kinds of tokens to a staggering 40 million today highlights not just an expansion but a fundamental change in how cryptocurrencies are developed and introduced.

Industry insiders reveal that the time from the inception of a project to its token generation event (TGE) has been drastically reduced, now often completed within half a year. The swift cycles cater to a market no longer reliant upon the craftsmanship of products or the depth of technology but on the narrative and perceived value, sometimes artificially manufactured through data manipulation and strategic storytelling.

The New Token Economy and Its Mechanics

The contemporary token issuance cycle has been redefined by quick turnarounds. Historically, developing a significant user base and generating meaningful data was a prerequisite for TGE, but by 2025, these steps have almost inverted. Even for the most prominent projects, the process from concept to launch can stretch only as far as a year, or even less. The reasons are rooted in an industry secret: the focus on technology and products has waned, with fabricated activity data and polished narratives now filling the void.

Interestingly, Memecoins epitomize this velocity-centric approach, often spiking in valuation within mere hours of launch without any utility backing them. The primary cost for projects today comprises exchange fees and expenditures for market-related services—leaving a mere 20% or less for the actual product and technology development. This shift indicates the transformation from detailed entrepreneurial activities to a systematic process akin to industrial manufacturing.

The De-Mystification of Previous Narratives

The last significant market cycle witnessed high expectations placed upon technologies such as layer-2 solutions and privacy advancements, which were anticipated to revolutionize the industry. However, many of these technologies failed to capture a real, engaged user base, leading to widespread disillusionment. As a result, Memecoins came to the forefront as a paradoxical victor—narrative-driven and seemingly void of intrinsic utility.

This led to a realization among investors and project creators alike: it is often those focusing on the “story” rather than substance who thrive. Attempts to create detailed, high-quality products frequently ended in financial ruin, while those who speculated heavily enjoyed continued success by exploiting the market’s predictable cycles of attention and liquidity.

Dominance of Exchanges and Market Makers

Regardless of the transformations in token issuance, exchanges and market makers have consistently retained their dominance. Binance, for instance, has harnessed this new era with innovations such as Binance Alpha, which represents a pivotal moment in token listing methods. This strategy effectively expanded Binance’s influence over blockchain assets while rekindling the active use of its chain.

Binance Alpha did not only revolutionize token issuance but simultaneously provided a clear advantage to BNB, Binance Chain, and its user base, even as it de-emphasized the pursuit of enduring value in favor of liquidity and flow. Yet, this model highlights a trend: trading dynamics have often been decoupled from underlying value, with traders focusing more on price volatility.

Market Strategies: Agents Over Projects

Today, market operations depend strongly on KOLs (Key Opinion Leaders) and agency collaborations. As projects scramble to secure attention within short issuance cycles, these agencies—essentially marketing tacticians—have forged roles as conduits between projects and key market influencers. By doing so, they command their position as indispensable participants within the industry’s infrastructural framework.

Agencies capitalize on (and help translate) market interest into currency, enabling an entire ecosystem to flourish around the distribution and marketing of new tokens. Unsurprisingly, the associated activities of hype generation and consensus building have surpassed product development as the core costs of launching tokens.

Brand Alignment

While platforms like Binance have optimized processes for maximum market participation, WEEX similarly emphasizes innovation while prioritizing security and user experience. Through optimism and ingenuity, WEEX remains distinct in fostering a reliable environment for its users, positioning itself as a robust alternative in an era dominated by rapid token cycles and speculative pursuits.

FAQ

What is the significance of token issuance in the current market?

Token issuance has become essential for rapid market capitalization, often prioritized over product and technology advancements, leading to numerous projects focusing on strategic narratives to capture attention and investment.

How have Memecoins impacted the token market?

Memecoins illustrate the market’s shift toward narrative-driven investments that thrive on speculative interest, often lacking fundamental utility, yet drawing significant speculative trading.

Why do exchanges continue to dominate the crypto market?

Exchanges profit not by token price but by trading volume and volatility, ensuring their place at the market’s center through facilities like innovative token listing services such as Binance Alpha.

What role do KOLs play in the cryptocurrency ecosystem?

KOLs influence market trends and investor perceptions, especially in short issuance cycles, by creating organic buzz around new tokens, thus critical to project success.

How does WEEX position itself amid rapid market changes?

WEEX adapts swiftly to market trends while maintaining focus on security and user-centric innovation, offering a balanced approach between market engagement and integrity.

Over the past 24 hours, the crypto market has shown strong momentum across multiple dimensions. The mainstream discussion has focused on Coinbase's official entry into the prediction market through the acquisition of The Clearing Company, as well as the intense controversy within the AAVE community regarding token incentives and governance rights.

In terms of ecosystem development, Solana has introduced the innovative Kora fee layer aimed at reducing user transaction costs; meanwhile, the Perp DEX competition has intensified, with the showdown between Hyperliquid and Lighter sparking widespread community discussion on the future of decentralized derivatives.

I. Mainstream Topics

1. Coinbase Acquires The Clearing Company, Officially Entering Prediction Market

This week, Coinbase announced the acquisition of The Clearing Company, marking another significant move to deepen its presence in this field after last week's announcement of launching a prediction market on its platform.

The Clearing Company's founder, Toni Gemayel, and the team will join Coinbase to jointly drive the development of the prediction market business.

Coinbase's Product Lead, Shan Aggarwal, stated that the growth of the prediction market is still in its early stages and predicts that 2026 will be the breakout year for this field.

The community has reacted positively to this, generally believing that Coinbase's entry will bring significant traffic and compliance advantages to the prediction market. However, this has also sparked discussions about the industry's competitive landscape.

Jai Bhavnani, Founder of Rivalry, commented that for startups, if their product model proves to be successful, industry giants like Coinbase have ample reason to replicate it.

This serves as a reminder to all entrepreneurs in the crypto space that they must build significant moats to withstand competition pressure from these giants.

2. Kalshi Launches Kalshi Research and Integrates BSC Network

Regulated prediction market platform Kalshi launched its research arm, Kalshi Research, this week, aimed at opening its internal data to the academic community and researchers to facilitate exploration of prediction market-related topics.

Its inaugural research report highlights Kalshi's outperformance in predicting inflation compared to Wall Street's traditional models. Kalshi co-founder Luana Lopes Lara commented that the power of prediction markets lies in the valuable data they generate, and it is now time to better utilize this data.

Meanwhile, Kalshi announced its support for the BNB Chain (BSC), allowing users to deposit and withdraw BNB and USDT via the BSC network.

This move is seen as a significant step for Kalshi to open its platform to a broader crypto user base, aiming to unlock access to the world's largest prediction market. Furthermore, Kalshi also revealed plans to host the first Prediction Market Summit in 2026 to further drive industry engagement and development.

3. AAVE Token Incentive Controversy Persists as Founders and Whales Increase Holdings Against the Market Trend

The AAVE community recently engaged in heated debates around an Aave Improvement Proposal (AIP) titled "AAVE Tokenomics Alignment Phase One - Ownership Governance," aiming to transfer ownership and control of the Aave brand from Aave Labs to Aave DAO.

Aave founder Stani Kulechov publicly stated his intention to vote against the proposal, believing it oversimplifies the complex legal and operational structure, potentially slowing down the development process of core products like Aave V4.

The community's reaction was polarized. Some criticized Stani for adopting a "double standard" in governance and questioned whether his team had siphoned off protocol revenue, while others supported his cautious stance, arguing that significant governance changes require more thorough discussion.

This controversy highlights the tension between the ideal of DAO governance in DeFi projects and the actual power held by core development teams.

Despite governance disputes putting pressure on the AAVE token price, on-chain data shows that Stani Kulechov himself has purchased millions of dollars' worth of AAVE in the past few hours.

Simultaneously, a whale address, 0xDDC4, which had been quiet for 6 months, once again spent 500 ETH (approximately $1.53 million) to purchase 9,629 AAVE tokens. Data indicates that this whale has accumulated nearly 40,000 AAVE over the past year but is currently in an unrealized loss position.

The founder and whale's increased holdings during market volatility were interpreted by some investors as a confidence signal in AAVE's long-term value.

4. Top Articles: DeFi Curators and Ethereum Annual Summary

In this week's top article, Morpho Labs' "Curator Explained" detailed the role of "curators" in DeFi.

The article likened curators to asset managers in traditional finance, who design, deploy, and manage on-chain vaults, providing users with a one-click diversified investment portfolio.

Unlike traditional fund managers, DeFi curators execute strategies automatically through non-custodial smart contracts, allowing users to maintain full control of their assets. The article offered a new perspective on the specialization and risk management in the DeFi space.

Another widely circulated article, "Ethereum 2025: From Experiment to Global Infrastructure," provided a comprehensive summary of Ethereum's development over the past year. The article noted that 2025 is a crucial year for Ethereum's transition from an experimental project to global financial infrastructure. Through the Pectra and Fusaka hard forks, Ethereum achieved significant reductions in account abstraction and transaction costs.

Furthermore, the SEC's clarification of Ethereum's "non-securities" nature and the launch of tokenized funds on the Ethereum mainnet by traditional financial giants like JPMorgan marked Ethereum's gaining recognition from mainstream institutions. The article suggested that whether it is the continued growth of DeFi, the thriving L2 ecosystem, or the integration with the AI field, Ethereum's vision as the "world computer" is gradually becoming a reality.

II. Mainstream Ecosystem Updates

1. Solana: Launches Kora Fee Layer and propAMM Data Research

The Solana Foundation engineering team released a fee layer solution called Kora this week.

Kora is a fee relayer and signatory node designed to provide the Solana ecosystem with a more flexible transaction fee payment method. Through Kora, users will be able to achieve gas-free transactions or choose to pay network fees using any stablecoin or SPL token. This innovation is seen as an important step in lowering the barrier of entry for new users and improving Solana network's availability.

Additionally, a deep research report on propAMM (proactive market maker) sparked community interest. The report's data analysis of propAMMs on Solana like HumidiFi indicated that Solana has achieved, or even surpassed, the level of transaction execution quality in traditional finance (TradFi) markets.

For example, on the SOL-USDC trading pair, HumidiFi is able to provide a highly competitive spread for large trades (0.4-1.6 bps), which is already better than the trading slippage of some mid-cap stocks in traditional markets.

Research suggests that propAMM is making the vision of the "Internet Capital Market" a reality, with Solana emerging as the prime venue for all of this to happen.

2. Perp DEX: Hyperliquid vs. Lighter Competition Intensifies

The competition in the perpetual contract DEX (Perp DEX) space is becoming increasingly heated.

In its latest official article, Hyperliquid has positioned its emerging competitor, Lighter, alongside centralized exchanges like Binance, referring to it as a platform utilizing a centralized sequencer. Hyperliquid emphasizes its transparency advantage of being "fully on-chain, operated by a validator network, and with no hidden state."

The community widely interprets this as Hyperliquid declaring "war" on Lighter. The technical differences between the two platforms have also become a focal point of discussion: Hyperliquid focuses on ultimate on-chain transparency, while Lighter emphasizes achieving "verifiable execution" through zero-knowledge proofs to provide users with a Central Limit Order Book (CLOB)-like trading experience.

This battle over the future direction of decentralized derivatives exchanges is expected to peak in 2026.

Meanwhile, discussions about Lighter's trading fees have surfaced. Some users have pointed out that Lighter charged as much as 81 basis points (0.81%) for a $2 million USD/JPY forex trade, far exceeding the near-zero spreads of traditional forex brokers.

Some argue that Lighter does not follow a B-book model that bets against market makers, instead anchoring its prices to the TradFi market, and the high fees may be related to the current liquidity or market maker balance incentives. Providing a more competitive spread for real-world assets (RWA) in the highly volatile crypto market is a key issue Lighter will need to address in the future.