Independent token advisory
Project First advises token projects before and after launch. We negotiate with market makers, hold them to their contracts, get you listed on the right exchanges, and build trading volume from real market participants.
We don’t run a market-making book, so our advice isn’t shaped by our own trading.
In MM and exchange negotiations, we represent the project. Their terms get read line by line.
Every engagement comes with numbers you can check: spreads, depth, uptime, volume sources.
Six areas where token projects most often leave money on the table or get locked into bad terms. Engage us for one, or bring us in across the whole launch.
We find and build revenue lines that outlast the launch window: partnership deals, ecosystem integrations, fee design and treasury strategy that gives the project real runway.
Pre & post launchOngoing
Loan-and-call-option, retainer or hybrid, we benchmark every proposal against the market and negotiate spreads, depth, uptime, token loan size, strike prices and exit clauses before you sign.
Pre-launchOr at renewal
A signed contract only matters if it’s met. We track your market makers’ performance on every venue against their committed KPIs and flag breaches with the data to act on them.
Post-launchContinuous
We match you to exchanges that fit your stage and community, prepare the application, handle due diligence, negotiate listing terms, and stay involved after the listing goes live.
Pre & post launchPer listing
Volume that comes from real traders: trading competitions, exchange campaigns, community and KOL activation, and liquidity incentives. Never wash trading. Fake volume gets projects delisted, and we won’t touch it.
Post-launchCampaign-based
Tokenomics and unlock schedule review, launch planning, liquidity strategy across CEX and DEX, and investor and partner introductions. If it affects how your token trades, ask us.
Any stageScoped to fit
Most of the damage in a token launch happens in decisions made months earlier. Most of the value comes from what happens in the months after. We cover both.
Tokenomics review, liquidity plan, target venues and a realistic launch budget.
Market maker RFP, exchange applications and terms, locked in before the clock runs out.
Live oversight on day one: spreads, depth and order-book health across every venue.
Weekly MM reports, breach escalation, and organic volume campaigns.
Uplistings to higher tiers, new revenue lines, and MM renegotiation at renewal.
From our monitoring desk
Two live client projects, tracked over the same week. One is still running with its market makers unmanaged. The other is after we renegotiated and started monitoring its market makers. We checked every order book once a minute, around the clock, and scored each against typical contract terms.
Anonymised: project and exchange names removed, letters assigned. Exchange A is the same venue in both.
Median spread each hour, in basis points (100 bps = 1%). The dashed line is a typical 1% contract ceiling.
Median USD resting within the band around mid. Lopsided books mean one side of the market is expensive to trade.
Median price impact of filling $10,000 in one go, as a percentage. This is what a real buyer or seller pays.
Pass: spread within 1% at least 95% of the time and $5k+ depth within ±2%. Watch: one target missed. Breach: spread within 1% less than 90% of the time.
| Exchange | Median spread | Time within 1% | Depth ±2% | $10k buy impact | Two-sided uptime | 24h volume | Status |
|---|
Source: our order-book tracker polling public exchange APIs every 60 seconds over 7 days (70,576 snapshots). Spreads and depth are medians across the week; impact is simulated by walking the live book.
Exchanges and regulators are cracking down on manufactured markets. The projects that last are the ones built on real activity. That’s the only kind we help build.
No wash trading, no self-matching, no spoofing. Every volume strategy we run brings in real counterparties.
We don’t take hidden fees from the exchanges or market makers we recommend. Our fee comes from you.
Every recommendation comes with the data behind it, and every engagement with reporting you can verify.
Tell us where your project is. We’ll come back within one business day with an honest read on where we can help, and where we can’t.