DWF Labs founder predicts higher bar for new coin listings

Andrei Grachev, founder of crypto market maker DWF Labs, argued that cryptocurrency exchanges will become increasingly strict about listing new coins as they generate more revenue from perpetual futures based on traditional financial assets like stocks and commodities. In a post on X, Grachev explained that since an exchange's main revenue comes from trading fees, user activity drops when coin prices fall, which is why it is already difficult to secure spot listings on top exchanges. He identified stock-based perpetual futures as an emerging trend, noting that yesterday, trading volume for SpaceX futures on a leading exchange accounted for about 10% of the total for all perpetual futures. Grachev predicted that founders who already hold tokens will have little choice but to cash out as much as possible before it's too late, and the barrier to entry for new projects will also rise. He diagnosed that the crypto market is shifting from a cycle of "faith to recovery to hyper-competition" and is currently nearing the end of its recovery phase.