DeFi on Tezos and CEX: Where to Trade Popular DeFi Project Tokens on Tezos

DeFi on Tezos and CEX: Where to Trade Popular DeFi Project Tokens on Tezos

A few days ago, Plenty DeFi have announced the listing of their token PLENTY on CoinMarketCap. This made us wonder, what other DeFi projects on Tezos are listed on crypto aggregators and centralised exchanges. Spoiler alert: not so many yet.

In this post, we’ll discuss why PLENTY’s listing on CMC is a big deal, and what tokens on Tezos can be purchased beyond DEXs.

Why DeFi Projects Need Centralised Services

Tezos is a platform for decentralised apps. With each new update, the Tezos protocol gets faster and easier for its users. Moreover, it gets more decentralised. Still, centralised services still keep their role as the most accessible bridge between crypto and fiat.

Blockchain projects benefit from being listed. Investors watch crypto prices via centralised aggregators and then buy tokens at centralised exchanges that appeal to them thanks to their speed, convenience, wide range of tools, and discounts for whales. PLENTY’s listing on centralised services is nothing but joy to its creators, investors, and other ecosystem players. PLENTY can theoretically drive Tezos’s renown as a DeFi platform. And it’s a win-win for everyone.

Tezos-based Projects and Tokens on Centralised Exchanges

We started our search on Twitter looking for Tezos-related posts that contain the word “listing.” Then we went to Quipuswap, opened the list of liquidity pools, and checked every token against CMC and CoinGecko databases. It turned out, out of 200 tokens overall, only three are available on centralised exchanges.

PLENTY, the token by Plenty. Its price and other market stats are available at CoinMarketCap and Coingecko. As of mid-September, it is traded at Bitforex paired with USDT, BTC, and ETH. For each pair, the daily volume is around $150,000.

STKR, the token of the cross-chain bridge StakerDAO that transfers assets between Ethereum, Tezos, and Algorand. CoinMartketCap and Coingecko show only one pair for it, STKR/ETH at Uniswap. There were zero volumes in the past weeks.

RCKT, the token of the decentralised crowdsale platform Rocket Launchpad. Its data is only available on Coingecko, and it is traded at LBank against USDT. Average daily trading volume is $45,000.

Why So Few Tezos Projects Are Available on Centralised Services

A mandatory precondition for listing on CMC or CoinGecko is for the token to be actively traded at least at one exchange listed by the aggregator. Neither supports Quipuswap or other Tezos DEXs, and both are very reluctant to list decentralized exchanges. CoinMarketCap’s official position is to evaluate DEX on an individual basis (as per their listing conditions). The conditions of adding a token to a centralised exchange are even more strict. Even small exchanges with allegedly free listing may actually ask for a minimum fee of 5 BTC.

So, it’s what they call Catch 22: the token won’t be listed by an aggregator unless it is listed by a centralised exchange, but without the popularity ensured by the aggregator, the project is unlikely to have sufficient funds to be listed.

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