Binance Adopts Secondary Listing Model: How Binance Wallet is Reshaping Token Launches
In a strategic shift, Binance has moved away from its traditional direct listing model, opting instead for a secondary listing approach facilitated through Binance Wallet. This change allows projects to undergo a more gradual market entry, reducing initial selling pressure and enhancing price stability.
The Secondary Listing Model in Action
So far in 2025, Binance Wallet has played a central role in launching five projects, including Particle Network (PARTI), Bedrock (BR), and Bubblemaps (BMT). Rather than immediately listing tokens on Binance’s main exchange following Token Generation Events (TGEs), Binance now enables initial trading on Binance Wallet, PancakeSwap, and other centralized exchanges (CEXs). This approach helps mitigate sharp price drops that typically follow token launches.
Once the market stabilizes and early investors have exited, Binance then lists the token, often at a lower valuation. By this point, projects with strong capital backing may have repurchased their tokens, setting the stage for a potential price surge when the official Binance listing occurs.
Driving Growth Across the Binance Ecosystem
This model has several benefits beyond token price stability. It enhances the Total Value Locked (TVL) on the BNB Chain by attracting new assets, encourages more users to engage with Binance Wallet, and increases demand for BNB purchases.
Crypto analyst Ahboyash highlighted Binance’s four-stage strategy for token projects, where the ultimate goal is a Binance Futures listing followed by a coveted Binance Spot listing. A recent example is MyShell, which started with a TGE on Binance Wallet, then moved to Binance Alpha before securing a Binance Spot listing.
Strong Performance and Market Impact
Data from ICO Analytics suggests that Binance Wallet-launched projects have significantly outperformed those listed via Binance Alpha. The five projects released through Binance Wallet in 2025 have delivered returns ranging from 2.3x to 14.7x, demonstrating the effectiveness of the new model.
Binance Wallet’s trading volume surged to $90.5 million on March 18, marking a 24x increase from early March. While this strategy benefits Binance and its ecosystem, investors on other CEXs may face losses due to early selling pressure. Additionally, if a project fails to sustain its growth, both Binance and its investors could experience setbacks.
Binance’s shift to a secondary listing model via Binance Wallet represents a significant evolution in token launches. By prioritizing market stability and ecosystem growth, Binance is redefining how new digital assets enter the crypto market. While this approach presents certain risks, its early success suggests it may become a standard for future token launches.