<p>Crypto exchanges <a href="https://www.theblockcrypto.com/post/32827/binance-backed-security-auditing-firm-launches-mathematically-infallible-blockchain">Binance</a>, FTX and <a href="https://www.theblockcrypto.com/daily/30456/poloniex-exchange-now-allows-fiat-to-crypto-trading-credit-card-purchases">Poloniex</a> are most active when it comes to listing decentralized finance (<a href="https://www.theblockcrypto.com/post/62858/coinbase-launches-a-price-oracle-as-it-widens-its-focus-on-defi-space">DeFi</a>) governance tokens, according to The Block Research.</p> <p><a href="https://www.theblockcrypto.com/post/35061/binance-dex-set-to-list-usd-gbp-aud-cad-hkd-stablecoins-from-trusttoken">Binance</a> has <a href="https://www.theblockresearch.com/a-look-at-defi-token-exchange-listings-74402">already listed</a> nine out of 13 DeFi tokens, including Maker and Compound. FTX follows next in Tier-1 category of exchanges with six listings, and <a href="https://www.theblockcrypto.com/daily/49375/trading-places-tron-soils-poloniex-coinbase-looks-to-embrace-wall-street-again-and-other-exchange-musings">Poloniex</a> is at the top in Tier-2 category with 11 listings.</p> <p><a href="https://www.theblockcrypto.com/daily/1887/coinbases-zrx-listing-draws-new-scrutiny-to-the-companys-token-addition-process">Coinbase</a>, on the other hand, has listed four DeFi tokens thus far — Maker, Compound, Kyber, and 0x. <a href="https://www.theblockcrypto.com/daily/25343/gemini-dollars-puzzling-slide-amid-soaring-competitors-raises-questions">Gemini</a> and <a href="https://www.theblockcrypto.com/daily/49725/bitstamps-big-flash-crash-wasnt-manipulation-exchange-says-but-the-event-spurred-internal-investigation">Bitstamp</a> are yet to move — this reflects with their broader strategy of listing large coins that attract volume, according to The Block's Larry Cermak.</p> <p>There are also many Tier-3 crypto exchanges that have listed nearly all DeFi tokens. However, these exchanges don't have reliable volume and tend to be illiquid, per Cermak.</p> <p><img src="https://cdn-images-1.medium.com/max/1600/1*K2Wi4IN_-OcrZNpe61LsXA.png" /><span style="color: #999999; font-size: 8pt;">Source: The Block Research</span><br /> <br /> DeFi tokens have been seen to jump in price after their listing on <a href="https://www.theblockcrypto.com/post/36589/binance-lab-backed-crm-solution-raises-3-5m-to-bring-more-enterprises-onto-blockchains">Binance</a> or <a href="https://www.theblockcrypto.com/daily/18663/a-conversation-with-the-man-building-coinbases-new-matching-engine">Coinbase</a>. For instance, <a href="https://www.theblockcrypto.com/post/37602/binance-enters-into-crypto-lending-space-offers-interest-earning-opportunities-for-bnb-and-tether">Binance</a> recently listed Balancer's BAL token and Yearn. Finance's YFI token and both have increased by at least 50% since their listing.</p> <p>To read the <a href="https://www.theblockresearch.com/a-look-at-defi-token-exchange-listings-74402">full report</a> and more such data-driven stories, subscribe to <a href="https://www.theblockcrypto.com/genesis">The Block Research</a>.</p>