It depends on your demand profile and strategic objective.

Centralized exchanges offer concentrated retail order flow, deeper volumes, and broader distribution. If the goal is mass adoption, aggressive liquidity, and strong price discovery, anchoring on CEX liquidity can make sense.

However, exchange listings often come with token allocations, marketing commitments, and potential sell-side pressure from campaigns or airdrops. If you allocate multiple percentage points of supply to exchanges, you must be confident that bid-side demand is sufficient to absorb that distribution.

Decentralized exchanges offer more control and on-chain transparency. They can be effective for early ecosystem-native communities, particularly when liquidity incentives are tightly structured and demand is organic.

The decision is not ideological — it is structural. Where does your real demand live, and can your liquidity infrastructure support the supply you are introducing?