Budgeting depends heavily on the tier and sequencing of exchanges you are targeting.

For projects pursuing a Tier 1 anchor listing alongside selective Tier 2 expansion, total 12-month allocation for listings, liquidity infrastructure, and structured incentive programs can realistically reach the low single-digit millions.

In many cases, a $2-3M envelope is sufficient to support this strategy — but that figure often includes refundable deposits, liquidity capital commitments, and structured marketing allocations, not simply non-recoverable fees.

Listing costs are only one component. Ongoing liquidity provisioning, incentive calibration, and contingency buffers must also be funded across the first year post-TGE.

Under-budgeting this category is one of the most common structural launch mistakes.

If you want a bottom-up forecast tailored to your FDV, exchange targets, and liquidity footprint, book a consultation with Forgd.