Market making is one of the most misunderstood parts of a token launch, and one of the most expensive to underestimate.In this article, Maxim Moris, CEO and co-founder of Cicada, explains what market making actually is, why exchanges ask about it before listing, and what happens when founders treat it as a last-minute checkbox instead of a core part of launch preparation.
The numbers are difficult to ignore. Most tokens decline after listing on a centralized exchange. Many reach their all-time high on listing day and never recover it. The first 90 days often determine whether a project builds stable market structure or begins a long decline. That is exactly why exchanges ask one of the same questions so early in the process: who is your market maker?
A strong market maker does much more than place orders on an exchange. The role includes spread management, order book depth, cross-exchange price balancing, anomaly detection, and broader launch preparation. A professional setup helps projects maintain tighter spreads, stronger trading conditions, and more reliable execution across venues. It also gives founders a partner who has seen the same failure patterns many times before and can help avoid costly mistakes.
Timing matters just as much as execution. Market making should be part of preparation months before listing, not something added in a rush right before TGE. That preparation usually includes tokenomics review, exchange selection, liquidity distribution, communication with listing managers, and a structured plan for the first 90 days after launch. When that work is skipped, projects often end up paying not for preparation, but for damage control.
The broader point is simple: market making is not a formality for a listing application. Done properly, it helps protect liquidity, improve market structure, and reduce avoidable losses in the most fragile stage of a token’s life cycle. Done poorly, or ignored entirely, it can become one of the reasons a promising launch fails.
Watch the full video on YouTube
