Author: ChainCatcher, RootData
Original Title: 2025 Centralized Exchange Chinese-Language User Survey: Nearly 80% of Respondents Increase Fund Investment, 74% of Respondents Desire Transparent Listing Process
Centralized exchanges (CEX) are facing unprecedented industry changes. On one hand, the industry faces multiple challenges, such as weakening listing effects, frequent security incidents, intensifying trust crises, and on-chain competition. On the other hand, DEXs like Hyperliquid continue to erode market share through technological innovation. At this critical turning point, Chinese-language users, as the core client group of CEX, will directly impact the industry landscape evolution.
ChainCatcher and RootData recently launched the "2025 Centralized Exchange Chinese-Language User Survey", collecting 715 valid questionnaires in over 10 days. This report will analyze the user demands behind these trends and provide decision-making references for industry participants.
[Rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English]Here's the English translation:
4. CEX Listing Strategy and Process
Binance still ranks first with a 36.4% share, though its leading advantage has narrowed. Binance has been controversial in this cycle due to listing issues (such as insider trading suspicions and high post-launch price drops), but its screening capabilities, liquidity, and global resources still make it the most satisfactory exchange for respondents.
However,Kcompared to its dominant performance in high-frequency usage and asset, users' satisfaction listing shows a significant gap, indicating that review transparency and project quality control urgently need optimization.
KuCoin follows closely behind Binance with a 26.2% share, ranking second in strategy and process According process to Labs report, KuCoin listed 297 projects in in, far higher than Binance (60) and OKX (64), but significantly lower than the most aggressive Gate.io (629). This "moderately proactive" listing strategy and and community voting mechanism attract some investors who value participation. OKX ranks third with a a a % share. ><... [rest content of follows the same translation approach]
5. Analysis of Reasons for Abandoning a CEX
The survey of respondents shows that the negative impact of the token listing mechanism is the primary reason for abandoning a centralized exchange. 63.9% of users abandoned a CEX due to token listing issues, the highest proportion, reflecting concentrated user dissatisfaction with the listing mechanism. High listing fees may increase project costs and indirectly drive up token prices, while market manipulation doubts further erode user trust in platform fairness. Additionally, 15.4% of users would abandon a CEX due to "lack of listing effect", indicating that CEXs urgently need to optimize their listing mechanisms to rebuild user confidence. 38.7% of users abandoned a CEX due to platform security incidents, highlighting that security remains a key pain point for users. This year's $1.5 billion theft case at Bybit once again sounded the alarm for crypto CEX users and the industry. 25.6% of users abandoned a CEX due to marketing ethics controversies, indicating that such issues not only damage platform reputation but may also raise questions about the platform's overall operational integrity. 22.7% of users abandoned a CEX due to liquidity crises triggered by token price crashes, reflecting insufficient liquidity management capabilities of some platforms during market volatility. 11% of users abandoned a CEX due to compliance issues, showing that some platforms have shortcomings in regulatory compliance. With increasingly strict global crypto regulations, users are also concerned about asset safety. CEXs need to actively adapt to regulatory requirements and improve compliance to alleviate user concerns.6. Analysis of Potential Factors Reducing Overall CEX Usage
The survey revealed that 60% of users reduce CEX usage during bear markets, the highest proportion, directly reflecting the impact of macroeconomic environments on user behavior. 35% of users reduce CEX usage due to security incidents, highlighting that security remains a core pain point for CEXs. 24.8% of users reduce usage due to market manipulation suspicions, reflecting user doubts about CEX trading fairness. 22.7% of users reduce usage as the token listing wealth effect weakens, indicating that CEXs may lose users if they cannot attract them through quality projects. Additionally, compliance issues and DEX innovations pose challenges to CEX user attraction.IV.华语Users' Expectations for CEX Future Development
1. Consideration of Decentralized Alternatives
69.5% of respondents would consider using DEX or more decentralized solutions to replace CEXs, a significant proportion reflecting escalating user trust crisis and competitive pressure from DEXs. However, 10.1% of respondents remain in a wait-and-see mode, indicating that some users may still have strong brand dependence on CEXs and skepticism about the maturity of decentralized solutions.2. Judgment on Future CEX and DEX Landscape
Regarding whether CEXs will be completely replaced by DEXs, 63.9% of respondents believe DEXs will fully replace CEXs, reflecting the strong appeal of decentralized finance (DeFi) in the crypto community and the gradually narrowing user experience gap between DEXs and CEXs. Nearly 30% of respondents believe CEXs and DEXs will coexist long-term, indicating optimism about CEX's continued existence. CEXs' advantages include fast trading speed, user-friendly experience, high liquidity, and fiat currency trading support, making them particularly attractive to new users and institutional investors.3. Most Anticipated Improvements for Enhancing CEX Trust
Token listing process transparency remains the top concern. Over 74% of respondents believe further disclosure of listing processes is needed, reflecting widespread user perception of potential "black box" operations or interest transfers. Over 37% of respondents are concerned about CEX asset reserve transparency, reflecting concerns about platform financial safety. The shadow of bankruptcies like FTX may not have dissipated for some users. Additionally, over 35% of respondents hope for unified industry risk control standards, suggesting current CEX risk management varies significantly and may lead to systemic risks. Over 18% of respondents wish to limit high-leverage trading.
