What is the token launch checklist?
Each row is a decision with a deadline, counted back from the token generation event.
| Deadline | Decision | Output |
|---|---|---|
| Day -90 | Launch format and venues | CEX, DEX or both; the list of exchanges and pools |
| Day -75 | Day-one supply | A count of airdrop, market maker loan, exchange allocations and unlocked investor tokens |
| Day -60 | Depth targets | Depth at 0.5%, 1% and 2% per venue, sized against day-one supply |
| Day -45 | Deal structure | Retainer or token loan, with options valued in dollars |
| Day -30 | Market maker signed | Contract with spread, depth and uptime per venue and no profit share |
| Day -21 | Accounts and keys | Sub-accounts in the project's name; trade-only API keys |
| Day -14 | Pool design | DEX, fee tier, range, and anti-sniper settings |
| Day -7 | Rehearsal | Funding complete; connection tests; first-hour quoting limits agreed |
| Day 0 | Launch | Two-sided quotes from the first second; one price across venues |
| Day 8 to 90 | Hold targets | Spread and depth kept as volume falls; weekly reports |
| Month 3 onward | Unlock plan | Liquidity sized ahead of each scheduled release |
How does pre-launch liquidity planning work?
Planning starts from supply. On day one the market has to absorb every token that is free to sell. The plan sets depth against that.
- Count sellable supplyAirdrop recipients, unlocked investors, exchange allocations, the market maker's loan
- Estimate day-one sellingAbout 41% of top ZK airdrop recipients sold everything within a day
- Set depth per venueBid depth on each order book; quote-side liquidity in each pool
- Fund inventoryTokens and stablecoins placed before launch
- Agree stress limitsWider spread and depth limits for the first hours
How much liquidity does a token launch need?
Size it from the depth you want, then convert to capital by venue type. The figures below supply $10,000 on each side within 2%; scale them in proportion.
| Venue type | Capital for $10,000 a side within 2% | Multiple of depth | Note |
|---|---|---|---|
| CEX order book | About $20,000 | 2x | Tokens on the ask, stablecoins on the bid |
| Concentrated range, plus or minus 10% | About $98,341 | 9.8x | Needs active range management |
| Full-range constant-product pool | About $2,009,950 | 201x | No management, far more capital |
How volatile are the first hours?
Median hourly price range after listing, 753 listings
How should a project select a market maker for launch?
Selection is a comparison of written terms. Four questions separate offers quickly.
| Question | Good answer | Warning sign |
|---|---|---|
| What do you commit to per venue? | Maximum spread, minimum depth at three levels, uptime | Price or volume targets |
| How are you paid, in dollars? | A fee, or options valued at a realistic volatility | A token loan described as free |
| Whose accounts and keys? | Project-owned sub-accounts; trade-only keys | Withdrawal rights or pooled accounts |
| Can the contract be shown to exchanges? | Yes; no profit share; loan use defined | Profit share or valuation-linked incentives |
| Do you cover CEX and DEX? | One book and one reference price | Order books only while the token also has pools |
| How long is the mandate? | At least 12 months past TGE | Launch week only |
What are the most common token launch mistakes?
| Mistake | What it causes | Fix |
|---|---|---|
| Hiring a market maker two weeks before launch | No time for accounts, funding or tests | Start 60 to 90 days out; sign 30 to 45 days out |
| Too little inventory for the first hours | Quotes run out during a 41% hourly range | Fund from the depth target, with a reserve |
| Ignoring airdrop selling | A supply shock in the first day | Count sellable supply and size bid depth against it |
| Seeding a pool and leaving it | Ranges go out of range; pool price drifts | Managed ranges tied to order book prices |
| Treating a token loan as free | Hidden cost of $275,000 to $550,000 per $1M loaned | Value the options before signing |
| Profit-share or valuation incentives | Selling against holders; exchange action | Fee or fixed options only; defined loan use |
| Sizing off pre-market prices | Anchoring to a squeezed price | Use depth and supply, not a pre-market perp |
| Ending the mandate at launch | No plan for unlocks | Run the mandate at least 12 months |
What do the numbers say about launches?
Most launches fall
100 of 118 token generation events in 2025 traded below launch valuation by December, with a median fall of 71% in fully diluted value.
Low float is the norm
Binance Research found 2024 launches had a market cap to fully diluted value ratio of 12.3%, the lowest in three years.
Airdrops rarely hold
Keyrock found 8 of 62 airdrops in 2024 were higher after 90 days.
Unlocks weigh on price
About 90% of more than 16,000 unlock events put downward pressure on price, often from 30 days before.
How do you plan launch liquidity in five steps?
- 1
Count day-one supply
Every token that is free to sell at launch.
- 2
Set depth targets
Per venue, at 0.5%, 1% and 2% of price.
- 3
Convert to capital
By venue type: order book, concentrated range or full-range pool.
- 4
Sign and fund
Market maker terms, accounts, keys and inventory in place 30 days out.
- 5
Plan beyond launch
Targets for the first 90 days and liquidity for each unlock.
Where can you go deeper?
- Token launch support
Launch formats, the first 168 hours and TDMM's launch timeline.
- DEX market making
Pool designs, range management and launchpad graduation.
- Token listing guide
Checklist, requirements and costs for exchange listings.
- What founders get wrong about market making
Twelve mistakes with order book data and the fix for each.
- Best market makers for new token launches
Firms compared for launch support.
- Market making cost calculator
Price a retainer against a token loan and size launch inventory.
- Treasury management
Runway, yield and sale routes after launch.
- Market maker buyer's guide
How to choose and what to put in the contract.
Frequently asked questions
What is a token launch checklist?
A token launch checklist is a dated list of decisions before a token generation event. A liquidity-first version covers launch format and venues, day-one supply, depth targets, deal structure, market maker contract, accounts and keys, pool design, rehearsal, and the plan for the first 90 days and first unlocks.
What is pre-launch liquidity planning?
It is the work of matching liquidity to supply before a token trades. Count the tokens free to sell on day one, estimate how many will be sold, set bid depth on each venue against that, and fund the inventory before launch.
What are the liquidity requirements for a token launch?
There is no universal number. For $10,000 of depth on each side within 2%, TDMM's model gives about $20,000 on an order book, $98,341 in a plus or minus 10% concentrated range and about $2 million in a full-range pool. Scale to your depth target.
When should market making start before a token launch?
Start conversations 60 to 90 days before the token generation event and sign 30 to 45 days before, so accounts, keys, funding and tests are complete and quotes are live from the first second.
How do you select a market maker for a token launch?
Compare written terms: spread, depth and uptime per venue; cost in dollars including option value; project-owned accounts; a contract with no profit share; CEX and DEX coverage; and a mandate of at least 12 months.
What are the biggest token launch mistakes?
Hiring a market maker too late, underfunding the first hours, ignoring airdrop selling, leaving DEX pools unmanaged, treating a token loan as free, accepting profit-share terms and ending the mandate at launch.
Why do token launches fail after TGE?
Usually because supply arrives faster than liquidity. Low initial float, airdrop selling and thin first-day books move price further than fundamentals justify, and later unlocks add pressure. In 2025, 84.7% of 118 launches traded below launch valuation.
What is DEX launch liquidity?
It is the pool capital a project provides when a token starts trading on a decentralised exchange. It sets the opening price and depth. Concentrated ranges need about a twentieth of the capital of a full-range pool for the same depth, but must be actively managed.
Related TDMM offerings and guides
Offerings
TDMM publishes this guide and provides the services it describes. Figures are dated in the text and come from TDMM research and named public reports. This is information only, not investment, legal or tax advice. TDMM does not promise token prices, trading volume or exchange listings.