Approximate observed ranges:
- Binance (Spot / Launchpool): <1-5%
- OKX (Spot): <1%
- OKX (Boost): <5%
- Coinbase: <5%
- Upbit: <0.1%
- Bithumb <0.50%
- Bitget: ~10%
- KuCoin ~20%
- Gate: ~20%
- MEXC: 50-75%
Lower conversion generally correlates with higher signaling power and stronger price outcomes.