On listing day, the exchange typically opens deposits first, then starts trading (some exchanges, such as Coinbase, use an opening auction before continuous trading). The project’s job is to have market-maker inventory deposited and quoting from the first second, publish official links only after the exchange announces, keep moderators ready for scams and deposit questions, and monitor spread, depth, and wallet flows for the first 72 hours.
Key takeaways
- Market maker inventory should be on the exchange before trading opens.
- Coinbase uses transfer-only, then an auction of at least 10 minutes, then limit-only or full trading.
- Announce only after the exchange’s official announcement.
- Expect scam links and impersonators the moment the listing is public.
Timeline
| When | What happens | Owner |
|---|---|---|
| Listing confirmed (private) | Agree pairs, timing, inventory transfers | Project, exchange, market maker |
| Exchange announces | Project re-shares official announcement and links | Project, community team |
| Deposit window | Inventory deposited and confirmed | Market maker, treasury |
| Pre-open / auction | Quotes ready; auction participation per exchange rules | Market maker |
| First hour | Spread and depth checks; scam link removal | Market maker, community team |
| Day 1–3 | KPI monitoring, wallet monitoring, holder communications | Whole team |
The deposit window
Kraken warns users not to deposit tokens before a listing is officially announced, or funds may be lost. Make sure your community knows the correct network and contract, and that your market maker deposits on the correct network.
Opening auctions and phased launches
Coinbase launches new assets in phases: transfer-only deposits so liquidity can build, an auction collecting limit orders for at least 10 minutes, and then limit-only or full trading. Coinbase says it monitors liquidity, depth, and volatility in each phase and may extend the auction or halt trading if metrics are unhealthy. Other exchanges use different mechanics; ask yours.
Communications
- Post only after the exchange posts.
- Pin official links and the contract address.
- State clearly that the team never DMs first and never asks for funds.
- Avoid price talk.
Monitoring checklist
- Spread and depth ±2% per pair every few minutes for the first hours
- Market maker inventory levels on each venue
- Team, treasury, and investor wallet movements
- Social channels for impersonators and fake links
- Exchange status pages for deposit or withdrawal issues
Frequently asked questions
When should the market maker deposit inventory?
During the deposit window before trading opens, once the exchange enables deposits. Agree the amounts and timing in advance and confirm receipt before the market opens.
What is an opening auction?
A period where the exchange collects orders without matching them, then sets an opening price where supply and demand meet. Coinbase describes collecting limit orders for at least 10 minutes before an initial matching trade or opening quote.
What if the price moves violently after listing?
A prepared market maker keeps quoting within its risk limits; it does not defend a price. Communicate facts, avoid promises, and review what the order book and wallet data show.
Sources
- Coinbase: A Guide to the Digital Asset Listing Process (phased market launch)
- Kraken: Listings (deposits before official announcement)
Last reviewed 11 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
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