It has been reported that several prominent cryptocurrency exchanges may demand fees reaching into the hundreds of millions of dollars for the listing of new tokens. This practice raises questions about the accessibility and fairness of the market for emerging cryptocurrencies.
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Justin Sun, the founder of Tron, claimed that Coinbase sought a total of $330 million in fees for the listing of Tron (TRX). In a post on X dated November 4, Sun noted that while Binance did not impose any fees, Coinbase requested 500 million TRX tokens, approximately valued at $80 million, along with a $250 million Bitcoin deposit to be secured in Coinbase Custody.
Sun’s allegations are unsubstantiated but come as a surprising development, especially since Coinbase asserts it does not charge fees for listing new cryptocurrencies.
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“Asset listings on Coinbase are free,” Coinbase co-founder and CEO Brian Armstrong stated in a Nov. 2 post on X.
Binance and Coinbase rank among the leading centralized cryptocurrency exchanges globally. Binance holds the title of the largest cryptocurrency exchange in the world, accounting for more than 39.5% of the overall spot trading volume in the crypto market. In contrast, Coinbase is recognized as the sixth-largest exchange, with a market share exceeding 6.1%, according to data from CoinGecko.
Fantom token listings are reportedly priced as high as $303 million, according to Andre Cronje.
Andre Cronje, the founder of the Fantom Network, recently shared that Coinbase had suggested a range of listing fees for Fantom (FTM), with amounts varying from $30 million to an astonishing $300 million. In response to a post by Armstrong, Cronje remarked, “While Binance charged us nothing, Coinbase has requested fees of $300 million, $50 million, $30 million, and most recently, $60 million.”
Andre Cronje is widely regarded as one of the most esteemed pioneers in the realm of decentralized finance. His Sonic blockchain asserts that it is the swiftest Ethereum Virtual Machine chain, achieving a remarkable “true” finality of 720 milliseconds during testing in a controlled environment.
Prior to this venture, Cronje was the founder of Yearn.finance and the Keep3r Network, both of which have significantly contributed to the evolution of decentralized financial systems. His innovative approaches continue to influence the landscape of blockchain technology.
The fees associated with listings on centralized exchanges may be paving the way for a potential dominance of decentralized exchanges.
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