Fee competition is back at center stage in crypto. Through Q2 2025, several centralized exchanges rolled out limited zero-fee campaigns to attract activity as spot and derivatives volumes rebounded. Independent trackers show that monthly rankings continue to reshuffle as users chase liquidity, listings, and lower explicit costs.

Known platforms like MEXC Ventures are leaning to this trend by introducing a zero-fee campaign on selected USDC- and USDT-margined futures pairs. The offer aimed to lower transaction costs on widely traded assets (including large-cap names and a handful of momentum sectors) during a period of higher market participation. According to company-disclosed materials, these pairs drew elevated activity while the campaign was live. Separately, third-party dashboards placed the mentioned platform among the top-tier venues by monthly spot share during mid-year, reflecting how quickly standings can shift when fees, listings, and liquidity line up.

Market Share and Sector Pivot

Q2 also marked a shift in investor attention. After the meme-driven frenzy of Q1, focus tilted toward mainstream coins, infrastructure upgrades, and DeFi-related projects. For example, MEXC Ventures adapted its zero-fee promotion to align with this trend. Company figures indicate that:

• TON/USDC pairs captured ~42% share within the campaign set.
  
  
• ETH/USDT pairs reached ~33% share.
  
  
• HYPE/USDC attracted ~21% share.
  
  
• ONDO/USDC and POPCAT/USDC each added roughly +5%.

These numbers highlight how targeted campaigns can concentrate liquidity where users are already looking. For example, ETH/USDT appeals to traders of stable, high-cap assets, TON/USDC taps demand for emerging blockchains, HYPE/USDC fits speculative project interest, while POPCAT/USDC caters to those still engaging in meme coin risk.

While the figures are company-reported, they illustrate how exchanges adjust fee structures to match shifts in sentiment—part of the competitive jockeying that defines today’s market.

More Than Just Fees

For traders, the immediate appeal of zero-fee trading is obvious. But total trading cost is more than the headline fee: spreads, funding rates, slippage, and promo terms all matter. On liquid pairs, lower explicit fees can help frequent traders; on thinner books, wider spreads may offset savings. Users should also note that fee holidays are time-bound and pair-specific, with eligibility rules that vary by region and KYC tier.

From a market-structure view, fee waivers are a familiar lever. They can seed liquidity on targeted pairs, pull order flow from rivals, and nudge users to try new instruments. The flip side is sustainability: venues still compete on reliability, proof-of-reserves transparency, risk controls, and product breadth once the promo window closes.

Bottom Line

The Q2 fee skirmish shows competition working in users’ favor—but it also raises the bar for due diligence. If you’re evaluating where to trade, look beyond a single promotion. Compare depth and execution quality on the pairs you care about, understand the terms, and factor in non-fee costs. In a fast-moving leaderboard, the most durable edge tends to be liquidity + trust, not just a temporary zero.

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