Over a year since the foundation of our agency we have witnessed crypto projects of all shapes and sizes, from gaming to motion pictures and to financial services. From 500 projects that sought our assistance (let alone those who were not receiving any guidance) at least half had made the following mistakes before:
1. Lack of awareness about terms and estimated time
Most of the teams are so preoccupied with their ICO process that a thought of listing on exchanges seems like too much to handle. They start asking questions only after the token sale is closed and the funds are collected, which leaves them nervous and their community high and dry. Add at least one extra month for negotiation with an exchange and about two weeks for the actual listing process. This kind of a delay is the least expected yet one of the most common reasons why investors get mad and go blitzing community chats (and that is yet the best-case scenario). Not every team can afford such a reputation hit, and this mistake becomes fatal for many.
2. Price expectations are too optimistic
Since most teams start familiarizing themselves with the terms of listing on the late stages, if not after the end, of the ICO, they tend to have unrealistic expectations about its cost. This results in teams waiting until it’s too late to increase the amount of required funds, which makes it particularly hard to finance the listing with the money already raised during ICO.
Reckless, but true.
By the way, the cost of listing varies from 7–10 BTC to 30–40 BTC for a decent exchange (Daily Volume > 5000 BTC) to over 100 BTC for the Top-5 crypto exchanges.
3. Increased amount and quality of fraud
The current state of crypto market already suggests that one can never be too careful with any kind of transactions, yet huge amount of teams become victims of fraud every day. This mainly happens mainly because of the inherent hopes for better of every human being (just a polite way to say cheeseparing), shouting out the voice of common sense.
Just bear in mind that if you get an email from one of the top crypto exchanges saying they will decrease their fee from 100 BTC to 6 BTC just for you, that is not because of that exceptional project of yours. Alas.
For those of you who naively think that listing fee should decline due to general crypto recession, we have bad news. Despite Bitcoin reaching it’s 9-months minimum and the delay of SEC’s decision on allowing Bitcoin Exchange Traded Funds (ETFs), as well as overall crypto market chill, the exchanges have been steadily increasing the fees from month to month. But don’t shoot the messenger, as the messenger has the means to save the day, like decreasing the cost and time for the projects, and, most importantly, spreading the word for the wider audience.
Vanessa Emrith