Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The token launchpad revival of 2025 is collecting fortunes, but at the same time, it is also exposing the truths about how crypto fundraising really works. In its recent piece, MEXC Research explains what launchpads are all about, and what’s wrong with centralized and decentralized retail funding models.
Crypto launchpads gaining traction, but inequality persists, MEXC Research says
In its latest industry report, From ICO to Launchpad, MEXC Research unpacks the mechanics driving this year’s launchpad resurgence. The report highlights a landscape still plagued by limited access, opacity, and fragile trust.
While some platforms secure double-digit returns, the rules of participation still leave out retail users or reward only those with the most capital. As such, the existing models of launchpads fail to protect the process of fundraising from being whale-dominated and too concentrated.
MEXC’s own launchpad, which delivered five launches with a 10.83x average peak ROI, seeks to deliberately bypass staking tiers. In doing this, it offers equal allocation through a dual-pool system.
Some other launchpads, associated with two exchanges, still have to deliver an inclusive and democratic ecosystem for fair participation.
Are decentralized launchpads truly fair?
While decentralized launchpads promise openness, MEXC Research warns that many sacrifice long-term utility for short-term virality. Platforms like Pump.fun are redefining the idea of fair launches, but remain prone to rug pulls and chaotic valuations.
This has created a market environment where participation is widespread, but protections are minimal. Moreover, engaging with fully on-chain platforms requires a deep understanding of blockchain, smart contracts, and self-custody practices, raising the barrier for newcomers.
The report argues that launchpads (originally intended to support long-term project growth) have morphed into flash campaigns, prioritizing hype and early exit liquidity over sustainable ecosystem value. Overblown fully diluted valuations (FDVs) and minimal token float only make matters worse.
However, the market is still optimistic. MEXC highlights models that reward community involvement over wallet size, including testnet usage and NFT holding. Combined with full-cycle incubation from centralized exchanges, these experiments could reshape token distribution in the next cycle.
As launchpads evolve, the industry is to make a choice—continue to reward insiders, or rebuild systems that serve the builders and communities they claim to empower. Most of the modern examples remain too exposed to manipulations by large actors or are still struggling with UX/UI issues.
Rebuilding trust in launchpads might unlock new opportunities for funding in various spaces within Web3 and introduce crypto to the next cohort of customers.
Vladislav Sopov
U.Today Editorial Team