Getting listed on a Centralized Exchange (CEX) opens the doors to a broader spectrum of investors. The Indigo Protocol stands out as the foremost DeFi protocol on the Cardano network in terms of Total Value Locked (TVL), with INDY as its core token. The protocol’s momentum is fueled by the issuance of INDY tokens (as staking rewards), suggesting that any upward trends in INDY’s value could reflect positively on the protocol’s overall performance.
However, the primary hurdle to securing a spot on centralized exchanges is the associated cost. The CEX listing process is predominantly a “pay-to-play” scenario, where the fees for securing a listing on top-tier exchanges can soar to $500,000 USD or even higher.
Given this landscape, it’s pragmatic to channel our efforts towards reputable and widely-used exchanges. MEXC stands out as the most substantial and feasible platform for our initial listing, due to other Cardano native token listings on the platform, potentially followed by a listing on Gate.IO. Currently, Tier 1 exchanges seem beyond reach for Cardano-based tokens, so we shouldn’t prioritise engagement with giants like Binance or Coinbase momentarily.
Based on these considerations, I propose the following strategic moves:
- We should earmark an equivalent of $500,000 USD in CNTs from the Indigo Treasury for the Indigo Foundation. The foundation can sell these tokens to raise funds for listing fees, market making costs, and other discretionary costs (such as marketing!)
- These funds should be allocated (at the foundations full discretion) for the purpose of securing cryptocurrency exchange listings, with an initial focus on MEXC and subsequently, Gate.IO.