Exchange tiers should be evaluated based on order flow quality — not brand recognition alone.

Tier 1 venues typically deliver concentrated liquidity, strong retail participation, and efficient price discovery. Tier 2 exchanges expand distribution and accessibility but often produce weaker depth, lower sustained volume, and less durable trading KPIs. Tier 3 venues are largely distributional; they can increase surface area but should not be relied upon for signaling strength or long-term liquidity support.

Tiering is ultimately about liquidity quality, capital composition, and post-listing performance — not logos on a slide.