Binance Labs Invests, Bitget Lists: What the $GM Case Says About New Power Dynamics in CEXs

A New Cold War Between Exchanges?
The exchange ecosystem is evolving fast, and the race to list the next big project is heating up. Big players like Binance Labs and OKX Ventures have become key incubators for crypto projects. However, listings don’t always follow. The recent case of $GM, incubated by Binance Labs but listed first by Bitget, signals an interesting shift.

II. The $GM Case: Incubated by Binance, Listed by Bitget
Binance Labs is the principal investor behind $GM. But Bitget went ahead and listed the token first, offering it to its users before any other major exchange. Not only that, Bitget also created a Launchpool event to help users generate passive income with $GM before it hit the mainstream.

This unusual move raises questions: Why did Bitget act so quickly while Binance took a more conservative approach?

III. Strategic Analysis: Why Bitget is Moving Faster
Bitget has been leading the way with early listings of niche tokens. Projects like KILO, SLERF, and ACT have all been listed ahead of the competition. Bitget’s strategy is clear: capture the alpha seekers, the community-driven players, and the active users who are constantly looking for the next big thing.

By listing tokens early, Bitget not only gets ahead in the race but also engages a community eager to stake and farm new tokens before they become mainstream.

IV. What This Reveals About Binance’s Internal Logic
Binance’s more cautious approach is rooted in institutional filtering. They have a strict vetting process for projects, which may delay listings. While this helps avoid potential scams, it also means Binance risks losing out on the momentum of newer, smaller projects that could catch fire in the community.

This slower pace of Binance’s listing process highlights a gap that Bitget is exploiting.

V. Who Really Captures the Value for the User?
For the end-user, Bitget is giving them an early advantage. By offering $GM through Launchpool and listing it before other major exchanges, Bitget provides a unique opportunity for early adopters to benefit from the growth of the token before its price soars.

This creates a competitive edge for Bitget over exchanges like Binance, which may be slower to act but also attract more institutional investors.

VI. Conclusion: A Simple Case or a Bigger Sign?
The $GM case is more than just a listing story; it’s a sign of how exchanges are reshaping the crypto landscape. Binance, while powerful, may not have the same agility as smaller, more nimble exchanges like Bitget. The future of token listings may well be defined by the agility of exchanges that can capitalize on emerging projects before they go mainstream.