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PANAMA CITY, Dec. 18, 2025 /PRNewswire/ -- HTX Research, the dedicated research arm of leading global crypto exchange HTX, has released a new report titled The Pre-Market Asset Trading Ecosystem: Mechanism Evolution, Market Structure, and Future Trends Behind Its Multi-Billion Scale. The report provides a systematic analysis of how pre-market trading has emerged, how different asset structures function before a Token Generation Event (TGE), and how this ecosystem is reshaping project launches and exchange listing pathways.
The study focuses on a trend that is becoming increasingly visible across the crypto industry: as fundraising becomes more difficult and token issuance timelines stretch out, trading activity before TGE is evolving from fragmented experimentation into a distinct "1.5-level market" sitting between the primary and secondary markets.
From the Pre-TGE "Vacuum" to a New Market Layer
According to the report, the rise of the pre-market ecosystem is closely tied to structural shifts following the market downturn that began in late 2022. With primary market funding tightening and issuance cycles extending, many projects turned to points systems, airdrop expectations, testing access, and early participation programs to sustain operations and community engagement before launching a token.
At the same time, issuance costs fell and token creation tools lowered barriers dramatically, leading to a surge in the number of new tokens and a constant dilution of market attention. In this environment, attention itself became a scarce resource. Pre-market trading mechanisms—built around future value, expectations, and redeemable rights—naturally emerged, forming an "in-between layer" that previously existed largely behind closed doors between venture funds and exchanges. This layer is now widely referred to as the Pre-Market, or the 1.5-level market.
Three Asset Types Defining the Pre-Market Ecosystem
HTX Research categorizes pre-market assets into three core types by how their future value is anchored.
Token-value-anchored assets revolve around future token prices and include pre-market OTC transactions, pre-market spot trading, and pre-market perpetual futures. These assets are most directly linked to post-listing spot markets and concentrate on early price discovery.
Points-anchored assets are built around user behavior points that later map to airdrops. Through OTC trading and yield-splitting mechanisms, points increasingly function as early expressions of assetized expectations under today's airdrop-driven tokenomics.
Rights-anchored assets package future redeemable rights—such as whitelist access, early participation slots, or future token allocations—into tradable forms like NFTs, access passes, or BuildKey-style vouchers. These structures transform non-standard entitlements into marketable claims.
Together, these three types cover the full chain from user contribution and market expectation to entitlement assignment and final settlement, turning the pre-market into a multi-layered system rather than a single speculative tool.
HTX's Practice on Pre-Market Perpetual Futures
As demand has grown, pre-market trading has expanded beyond OTC and spot formats into derivatives. Pre-market perpetual futures allow users to express leveraged views on a token's future price before it is listed, pushing price discovery further forward in time. According to the report, pre-market perpetuals have already become one of the highest-volume pre-market trading formats.
In this context, HTX launched a WLFI/USDT pre-market perpetual futures ahead of WLFI (World Liberty Financial)'s official listing. This allowed users to participate in price discovery and manage risk prior to TGE, illustrating a broader trend identified in the report: exchanges are extending their role from the listing moment into the pre-issuance phase, making pre-market trading an increasingly important part of exchange product systems.
Scale Potential and Structural Challenges
The pre-market has already reached a meaningful scale. For major projects, pre-market trading can easily generate hundreds of millions of dollars in turnover, while flagship names such as WLFI and Monad have seen cumulative pre-market volumes exceed $1 billion. As a result, the pre-market has become a stable multi-billion-dollar segment with room to expand further.
At the same time, clear structural risks remain. Liquidity is naturally thinner, prices can be moved by large players, and settlement often depends heavily on project teams. Information asymmetry is persistent, and different asset types still lack unified standards for rules, settlement, and risk allocation. Whether the pre-market can continue scaling will depend on its ability to move from an opportunity-driven market toward more institutionalized and coordinated structures.
Conclusion
HTX Research concludes that pre-market trading is not a temporary phenomenon. Driven by changes in funding conditions, user participation models, and exchange product design, it is reshaping how projects launch tokens, how exchanges structure listings, and how users engage with early-stage markets.
As the pre-market evolves from a grey zone before issuance into a core layer connecting primary and secondary markets, it is likely to become a long-term, increasingly institutionalized feature of the crypto market landscape.
About HTX Research
HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends. Committed to providing data-driven insights and strategic foresight, HTX Research plays a pivotal role in shaping industry perspectives and supporting informed decision-making within the digital asset space. Through rigorous research methodologies and cutting-edge analytics, HTX Research remains at the forefront of innovation, driving thought leadership and fostering a deeper understanding of evolving market dynamics. Visit us.
PANAMA CITY, Dec. 18, 2025 /PRNewswire/ -- HTX Research, the dedicated research arm of leading global crypto exchange HTX, has released a new report titled The Pre-Market Asset Trading Ecosystem: Mechanism Evolution, Market Structure, and Future Trends Behind Its Multi-Billion Scale. The report provides a systematic analysis of how pre-market trading has emerged, how different asset structures function before a Token Generation Event (TGE), and how this ecosystem is reshaping project launches and exchange listing pathways.
The study focuses on a trend that is becoming increasingly visible across the crypto industry: as fundraising becomes more difficult and token issuance timelines stretch out, trading activity before TGE is evolving from fragmented experimentation into a distinct "1.5-level market" sitting between the primary and secondary markets.
From the Pre-TGE "Vacuum" to a New Market Layer
According to the report, the rise of the pre-market ecosystem is closely tied to structural shifts following the market downturn that began in late 2022. With primary market funding tightening and issuance cycles extending, many projects turned to points systems, airdrop expectations, testing access, and early participation programs to sustain operations and community engagement before launching a token.
At the same time, issuance costs fell and token creation tools lowered barriers dramatically, leading to a surge in the number of new tokens and a constant dilution of market attention. In this environment, attention itself became a scarce resource. Pre-market trading mechanisms—built around future value, expectations, and redeemable rights—naturally emerged, forming an "in-between layer" that previously existed largely behind closed doors between venture funds and exchanges. This layer is now widely referred to as the Pre-Market, or the 1.5-level market.
Three Asset Types Defining the Pre-Market Ecosystem
HTX Research categorizes pre-market assets into three core types by how their future value is anchored.
Token-value-anchored assets revolve around future token prices and include pre-market OTC transactions, pre-market spot trading, and pre-market perpetual futures. These assets are most directly linked to post-listing spot markets and concentrate on early price discovery.
Points-anchored assets are built around user behavior points that later map to airdrops. Through OTC trading and yield-splitting mechanisms, points increasingly function as early expressions of assetized expectations under today's airdrop-driven tokenomics.
Rights-anchored assets package future redeemable rights—such as whitelist access, early participation slots, or future token allocations—into tradable forms like NFTs, access passes, or BuildKey-style vouchers. These structures transform non-standard entitlements into marketable claims.
Together, these three types cover the full chain from user contribution and market expectation to entitlement assignment and final settlement, turning the pre-market into a multi-layered system rather than a single speculative tool.
HTX's Practice on Pre-Market Perpetual Futures
As demand has grown, pre-market trading has expanded beyond OTC and spot formats into derivatives. Pre-market perpetual futures allow users to express leveraged views on a token's future price before it is listed, pushing price discovery further forward in time. According to the report, pre-market perpetuals have already become one of the highest-volume pre-market trading formats.
In this context, HTX launched a WLFI/USDT pre-market perpetual futures ahead of WLFI (World Liberty Financial)'s official listing. This allowed users to participate in price discovery and manage risk prior to TGE, illustrating a broader trend identified in the report: exchanges are extending their role from the listing moment into the pre-issuance phase, making pre-market trading an increasingly important part of exchange product systems.
Scale Potential and Structural Challenges
The pre-market has already reached a meaningful scale. For major projects, pre-market trading can easily generate hundreds of millions of dollars in turnover, while flagship names such as WLFI and Monad have seen cumulative pre-market volumes exceed $1 billion. As a result, the pre-market has become a stable multi-billion-dollar segment with room to expand further.
At the same time, clear structural risks remain. Liquidity is naturally thinner, prices can be moved by large players, and settlement often depends heavily on project teams. Information asymmetry is persistent, and different asset types still lack unified standards for rules, settlement, and risk allocation. Whether the pre-market can continue scaling will depend on its ability to move from an opportunity-driven market toward more institutionalized and coordinated structures.
Conclusion
HTX Research concludes that pre-market trading is not a temporary phenomenon. Driven by changes in funding conditions, user participation models, and exchange product design, it is reshaping how projects launch tokens, how exchanges structure listings, and how users engage with early-stage markets.
As the pre-market evolves from a grey zone before issuance into a core layer connecting primary and secondary markets, it is likely to become a long-term, increasingly institutionalized feature of the crypto market landscape.
About HTX Research
HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends. Committed to providing data-driven insights and strategic foresight, HTX Research plays a pivotal role in shaping industry perspectives and supporting informed decision-making within the digital asset space. Through rigorous research methodologies and cutting-edge analytics, HTX Research remains at the forefront of innovation, driving thought leadership and fostering a deeper understanding of evolving market dynamics. Visit us.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
HTX Research Releases New Report on How the Pre-Market Ecosystem Is Reshaping Token Launches
Propelling modern Chinese cuisine in Singapore to the world stage
SINGAPORE, Dec. 16, 2025 /PRNewswire/ -- Helmed by leading tastemaker Executive Chinese Chef Edward Chong, Peach Blossoms celebrates yet another triumphant year, bringing home debut wins and a run of top honours at major culinary awards on the world stage. Rising from critical acclaim to global recognition, Chef Edward Chong elevates Singapore's modern Chinese Cuisine with quiet confidence and authority.
This year, Peach Blossoms proudly makes its debut on several major awards, including Trip.com Gourmet Lists 2026, Tatler Best 100 Restaurants in Asia-Pacific 2025, The Best Chef Awards, Tripadvisor Travellers' Choice Awards 2025, Chinese Restaurant Awards 2025, and the Black Pearl Restaurant Guide.
"These recognitions fuel our passion for advancing Chinese cuisine through a deep respect for tradition, innovation and artistry," said Edward Chong, Executive Chinese Chef of Peach Blossoms. "We're deeply grateful to our guests, partners, and the international culinary community for their trust and inspiration. This is only the beginning of our journey, as we remain committed to sharing and elevating Singapore's Chinese cuisine on the world stage."
(Debut to Diamond status) Trip.com Gourmet Lists 2026
Peach Blossoms was elevated to a higher recognition at the Trip.com Gourmet Lists 2026, advancing from Platinum to Diamond restaurant status, placing it among 152 other Diamond restaurants worldwide and 29 restaurants in Singapore.
The Trip.com Gourmet Lists 2026, organised by Trip.com Group, is one of the world's most trusted travel-industry recognitions, celebrating excellence across hotels, restaurants, attractions, nightlife and destinations. Winners are selected based on verified guest reviews, booking data, service consistency and distinct experience features, making the awards a definitive guide for discerning travellers and travel professionals alike.
(Debut) Tatler Best 100 Restaurants in Asia-Pacific
Peach Blossoms was proudly featured among Tatler Best 100 Restaurants in Asia-Pacific for the first time, joining the coveted regional list alongside the best fine dining restaurants. Notably, Peach Blossoms proudly stands as the only Chinese restaurant in Singapore on the list.
Tatler Best Restaurants is an annual curation of the region's most exceptional dining destinations, celebrating culinary excellence, creativity, and influence. Carefully selected by Tatler's editors and a panel of industry experts, the list highlights restaurants that define the evolving landscape of gastronomy across Asia Pacific by pushing boundaries, championing local ingredients, and delivering outstanding dining experiences with global impact.
(Debut) The Best Chef Awards 2025 – One Knife
At The Best Chef Awards 2025 held in Milan, Italy, Peach Blossoms' Chef Edward Chong earned recognition among the world's top chefs, a testament to his vision and dedication to innovation, craftsmanship and cultural depth in contemporary Chinese cuisine. He was awarded the distinction of One Knife (Excellent) for the first time.
Founded in 2017, The Best Chef Awards is a global initiative celebrating the creativity, innovation and influence of chefs beyond their restaurants. Now in its ninth edition, the 2025 ceremony brought together nearly a thousand voters from across six continents, including chefs and industry professionals. The Awards recognise culinary excellence through a tiered "Knife" system and special categories that honour visionaries, innovators and humanitarians, cementing its status as one of the world's most influential platforms spotlighting leading and emerging culinary talents.
Tripadvisor Travellers' Choice Awards 2025 - "Best of the Best" in Fine Dining, Singapore
Adding to the momentum, Peach Blossoms was named a "Best of the Best" Winner in Tripadvisor Travellers' Choice Awards 2025, placing it among the top 1% of all restaurants worldwide. Honoured in the Fine Dining – Singapore category, the award underscores the restaurant's commitment to excellence and the consistently exceptional experiences proactively shared by its guests.
Tripadvisor Travellers' Choice Awards is one of the most trusted recognitions in global hospitality, celebrating the world's top destinations, restaurants, and experiences as chosen by real travellers. Based entirely on the quality and quantity of reviews and ratings submitted by millions of Tripadvisor users over a 12-month period, it reflects genuine guest satisfaction and consistent excellence. The "Best of the Best" distinction, Tripadvisor's highest honour, recognises the top 1% of all listings worldwide, spotlighting establishments that deliver outstanding service, quality and memorable experiences.
(Debut) Chinese Restaurant Awards 2025
Peach Blossoms also marked a milestone at the Chinese Restaurant Awards 2025, being named one of the Top 30 Honourees in the inaugural Elite 15 Asia Awards. It stands as the only restaurant from Singapore to receive this honour, a recognition that highlights its mastery of Chinese gastronomy, balancing time-honoured traditions with forward-thinking creativity.
Founded in Vancouver, Canada in 2008, the Chinese Restaurant Awards is the world's longest-running program dedicated to celebrating excellence in Chinese cuisine. In 2025, the Awards expanded its influence across Asia, marking a new era in its mission to elevate Chinese culinary culture on the global stage.
(Debut) Black Pearl Restaurant Guide
In January 2025, the Black Pearl Restaurant Guide launched in Singapore, with Peach Blossoms proudly featured among its list of top restaurants, recognised through the lens of Chinese culinary excellence. Its Crispy Scales Fillet of Marble Goby in Spicy Pineapple Sauce was also named the Annual Dish Award representing Singapore, standing as a shining example of Contemporary Singapore Chinese Cuisine.
Launched by Chinese technology and retail giant Meituan, the Black Pearl Restaurant Guide is a prestigious dining ranking system that celebrates restaurants evaluated by Chinese dining standards — blending storytelling, culinary innovation, heritage, and rigorous anonymous assessments.
From refined storytelling through food to an unwavering pursuit of excellence, Peach Blossoms continues to shape the future of Chinese fine dining in Singapore and beyond.
To download high-resolution images, please check the link here.
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Peach Blossoms
PARKROYAL COLLECTION Marina Bay, Singapore
Level 5
6 Raffles Boulevard, Singapore 039594
Opening Hours
Lunch:
Mondays to Fridays, and Eve of Public Holidays
Saturdays, Sundays and Public Holidays
Dinner:
Mondays to Fridays, and Eve of Public Holidays
Saturdays, Sundays and Public Holidays
- 6:30pm to 8:00pm (1st seating)
- 8.30pm to 10:30pm (2nd seating)
Reservations
Tel: +65 6845 1118
Email: peachblossoms.prsmb@parkroyalcollection.com
Website: https://bit.ly/PRSMB-PeachBlossoms
Require Approval Before Distribution : YES
Nearest MRT: Esplanade Station (CC3)
About Peach Blossoms
Peach Blossoms exudes a fresh and contemporary energy, serving modern Chinese cuisine with influences from Southeast Asia. With premium seasonal produce, masterful culinary techniques and artful presentation, award-winning Executive Chinese Chef Edward Chong breathes life into one of Singapore's top Chinese restaurants, earning acclaim by food connoisseurs and the elite business community alike.
As one of Singapore's highly lauded Chinese chefs, renowned for redefining Chinese cuisine with his own innovative and modern interpretation. Chef Edward's story is one of transformation and dedication, from a novice to a culinary virtuoso, who now entices diners from across the globe with his elevated Chinese cuisine.
The modern Chinese restaurant has won numerous recognitions, including the prestigious Diamond Restaurant Award at the Trip.Best 2026 Awards, the One-Knife (Excellent) Award at The Best Chef Awards 2025, One-Diamond Restaurant Award in the 2025 Black Pearl Restaurant Guide, Tatler's 100 Best Restaurants, Tatler Best 2025's Best Innovation and Singapore's Top 20 Restaurants Award, Singapore's Top 10 Fine Dining Restaurants in Tripadvisor's Best-of-the-Best Travellers' Choice Awards, and attaining #74 in the coveted Asia's 50 Best Restaurants 51-100 Extended List 2024.
More information on Peach Blossoms here: Top Chinese Restaurant Singapore | Peach Blossoms Restaurant
PARKROYAL COLLECTION Marina Bay, Singapore
Sitting in the heart of the central business district and Marina Bay, with panoramic views of the Singapore city skyline and world-class attractions, the 583-room PARKROYAL COLLECTION Marina Bay, Singapore is the country's first Garden-in-a-Hotel.
A champion of sustainability and environmental responsibility, the hotel features one of Southeast Asia's largest indoor sky-lit atriums, flourishing with over 2,400 lush plants, trees, shrubs and groundcovers spread indoors. An expansive rooftop Urban Farm cultivates more than 60 varieties of fruits, vegetables, herbs and edible flowers, forming the backbone of the hotel's farm-to-table, farm-to-bar and farm-to-spa offerings.
PARKROYAL COLLECTION Marina Bay, Singapore is honoured to be recognised among the very best — ranked in the Top 10 Best Singapore Hotels by Travel + Leisure Asia Pacific readers (2025/2024), named one of TripAdvisor's Top 3 Hotels in both the Luxury and Top Hotel categories as reviewed by the international TripAdvisor community, placing the Hotel in TripAdvisor's coveted Travellers' Choice 2025 Best of the Best. Voted Best Hotel – Singapore by TTG Asia for three consecutive years and recognised as Singapore's most Sustainable Hotel (Asia) by Travel Weekly Asia Readers' Choice Awards 2025, these numerous distinctions are a true testament to the exceptional experiences the hotel strives to create.
More information on PARKROYAL COLLECTION Marina Bay, Singapore here: Hotel in Marina Bay Singapore | PARKROYAL COLLECTION Marina Bay
PARKROYAL COLLECTION Hotels & Resorts
Operated by Pan Pacific Hotels Group, PARKROYAL COLLECTION Hotels & Resorts has an expanding footprint of sustainable hotels, with a current network comprising PARKROYAL COLLECTION Kuala Lumpur, Malaysia; PARKROYAL COLLECTION Marina Bay, Singapore; and PARKROYAL COLLECTION Pickering, Singapore. Driven by a passion for life, PARKROYAL COLLECTION's iconic properties rejuvenate the wellbeing through nature-driven design, eco-wellness and refreshing lifestyle luxury.
About Pan Pacific Hotels Group
Pan Pacific Hotels Group is a global hospitality company that owns and/or manages more than 50 hotels, resorts and serviced suites across three brands – "Pan Pacific", PARKROYAL COLLECTION, and PARKROYAL – encompassing more than 30 cities across Asia Pacific, North America and Europe. Headquartered in Singapore, it is a member of Singapore-listed UOL Group Limited.
More information on Pan Pacific Hotels Group here: Pan Pacific, PARKROYAL COLLECTION & PARKROYAL | Pan Pacific Hotels Group
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Commanding Accolades: Peach Blossoms and Executive Chinese Chef Edward Chong Honoured by Multiple International Award Wins
Commanding Accolades: Peach Blossoms and Executive Chinese Chef Edward Chong Honoured by Multiple International Award Wins
