Welcome to the August edition of BlockchainGamer.biz’s regular Mavens group.
Will 2025 be the year web3 game developers stop launching their tokens via central exchanges?
Jason Lim – Director of games, Sei Development Foundation
Despite the growth in DEX trading volume, game developers may still prefer to launch on CEXs for several reasons. CEXs provide an established platform where users can easily access and trade tokens, which often results in greater visibility and reach. The infrastructure of CEXs typically supports higher liquidity and trading volumes compared to many DEXs.
Additionally, the listing process on reputable CEXs typically involves due diligence procedures that differ from the permissionless process used to list on decentralized platforms. This vetting process, along with the association with established exchanges, can influence market perception of new tokens. CEXs also offer features like simplified onboarding and fiat on-ramps that may be important considerations for gaming projects targeting mainstream audiences.
Robby Yung – CEO, Animoca Brands
My view on this is that this question is applicable not only to game companies, as everyone in web3 is continuously assessing the best strategies for launching and pushing the adoption of their tokens. At the end of the day, all token issuers want the same thing, they want reach and they want their tokens as widely distributed as possible, and there’s no better way than centralised exchanges.
So while many tokens may launch on DEXs to start as a way to demonstrate demand and traction, ultimately I think that having CEXs on board is a necessary step to maturity for every token, at least for the foreseeable future.
Parker Heath – Gaming Lead at Ava Labs
While DEXs have matured and many smaller or community-driven projects in web3 gaming are already choosing them for token launches, 2025 is unlikely to mark the end of centralized exchange CEX launches altogether. Larger studios and high-profile titles still benefit from the liquidity, market reach, and user familiarity that CEXs can offer, especially when aiming for mainstream visibility.
That said, most game developers do not strictly need a CEX to successfully launch a token. What’s more important is when and why a game chooses to launch a token at all. As the industry continues to mature, we expect the conversation to shift away from where a token is launched toward how token economics and in-game utility are designed to create lasting value for players and communities.
Christina Macedo – Founder and CEO, PLAY Network
As onchain gaming continues to evolve, 2025 is already marking the year that game developers move away from launching tokens on CEX. Centralized platforms have long been the go-to for token launches, offering liquidity and exposure. However, these exchanges present risks such as security concerns, market manipulation, and regulatory challenges. Instead, decentralized exchanges (DEXs) are a more globally accessible option for launching tokens, allowing developers to foster fairer, more community-driven ecosystems. This trend is already being reflected in platforms like Coinbase, which has begun allowing DEX tokens to trade on its platform, further signaling the growing importance, popularity and legitimacy of decentralized exchanges.
What’s more, many onchain games may not even launch tokens at all. As developers shift their focus toward building strong intellectual property (IP) and nurturing loyal communities, the reliance on tokens as a core feature of onchain games is diminishing. Instead of viewing tokens as speculative assets, more games are embracing the idea of creating value through IP that appeals to passionate fans. These players are more likely to purchase tokens as part of a collection or to engage more deeply with the game’s universe, rather than for financial gain alone.
The future of onchain gaming is about fostering long-term, sustainable communities rather than short-term profits. The games that do launch tokens will prioritize fair, decentralized token offerings via DEXs, ensuring accessibility and inclusivity for a global audience. Ultimately, the shift away from CEX-based launches represents a broader movement towards more community-focused, IP-driven gaming ecosystems that put players first and align more closely with the ethos of web3.
Jack O’Holleran – Co-founder and CEO, SKALE Labs
The second half of 2025 will mark serious growth for the web3 game industry. We’ll continue to see the majors get listings across CEXs but the lionshare of token launches will live in DEXs. DEXs are easier to access for smaller games.
However, while we see this play out, I think we’ll see an even greater transformation away from games launching their own token to games utilizing stablecoins as the core in-game token. Stablecoins are about to cross the chasm into mainstream. We’ll use stablecoins to pay for all daily expenses in the near future – gas, coffee, lunch, etc. The smart game developers are going to get ahead of this and make sure they are plugged into the stablecoin ecosystem. Games will have plenty of opportunities to monetize without their own native token. Blockchain helps them do this in a much more efficient and meaningful way.
This is one of the core reasons SKALE is designed for frictionless gameplay. To truly enable a world of stablecoin flow inside of games you need a fast and invisible gaming experience without gas fees.
Quinn Kwon – Head of web3 strategy, Delabs Games
In 2025, there’s been a lot of talk about shifts in token launch strategies, especially with the rise of memecoins early this year influencing game token launches to adopt similar mechanics. This signals a clear movement toward more grassroots, community-driven approaches, and I expect many more projects to continue down this path.
While this is the trend, the role of centralized exchanges still remains highly impactful, especially the very top platforms. They do undoubtedly bring significant user bases, measurable trading volume, and strong buying power, which are difficult to replicate elsewhere. In many cases, mid-sized exchanges are also still seen as necessary steps to progress further up the listing ladder.
However, the influence of CEXs comes at a cost. The concentration of power among a few top platforms allows them to demand outsized concessions from projects, ranging from large token allocations to aggressive listing terms, without necessarily ensuring those tokens end up in the hands of long-term supporters. This imbalance can result in short-lived trading spikes followed by weakened market performance, and it leaves projects overly dependent on a small number of gatekeepers.
A healthier market would see this power more evenly distributed across multiple exchanges, creating genuine competition, and reducing the monopoly dynamic that currently exists. Decentralized launch models are one-way projects can sidestep this imbalance, and many will choose that route to retain more control and build directly with their communities. That said, there will always be room for both approaches, and the market will likely continue to reflect a balance between them.
2025 still feels premature for the year when this power dynamic truly shifts. But if the industry is to mature, we need to see greater competition between platforms and more projects willing to experiment with various alternative routes that could serve projects’ long-term goals.
Mitja Goroshevsky – GOSH co-founder, Acki Nacki co-author
On the question of DEX vs CEX the gamedevs, institutional adoption aside, game devs are looking primarily for users who play the game and trade its currency. So in the end it is the question of adoption. Is DEX going to be adopted by retail next year to compete with Binance, Coinbase etc? No it won’t. Not yet, at least. Because for that to happen there is need to be an intermediary global onramp/offramp layer where any stablecoin from a DEX can be easily exchanged with fiat and vice versa. A lot will need to happen beforehand in the market to really start eating the CEX market share in retail.
I would rather personally see more web3 native game experiences making fun games where users would want to engage in its crypto economy and make money for developers in more sustainable, real way, rather than speculating on its token prices or just waiting to cash out on few tokens they made playing the game otherwise nobody would consider playing.
I would rather live in a world where we don’t even talk about web3 gaming at all, but rather just about gaming where web3 represents just a natural part of any game experience instead of parents’ credit cards.
Read our previous Mavens questions here.