Original｜Odaily Planet Daily (@OdailyChina)
After Jesse Pollak, a representative from Coinbase and head of the Base protocol, sparked the "CEX listing fee dispute," Coinbase, as the "largest exchange in the U.S.," could no longer sit idle in the increasingly competitive market environment, facing the growing concentration of liquidity. Last night, Coinbase first responded to market calls by announcing the upcoming listing of BNB; subsequently, it officially launched the “Blue Carpet Program”, offering a comprehensive package of free listing support services.
With Binance and OKX employing various strategies to attract liquidity, and on-chain Perp DEXs like Hyperliquid and Aster closely following, established cryptocurrency exchanges urgently need to find new "version answers." Odaily Planet Daily will briefly analyze Coinbase's related actions in this article for readers' reference.
What is the intention behind the "Blue Carpet Program" after the great listing fee discussion?
Previously, Jesse Pollak and many representatives from Coinbase reintroduced the industry focal topic of "CEX listing fees," even boldly declaring: "I want to wage war against the phenomenon of CEX charging high listing fees!"
And he indeed did so—Jesse subsequently made a grand call, encouraging crypto projects to join the "anti-listing fee camp," promising to help projects list on the Base ecosystem DEX Aerodrome and even on Coinbase for free.
This initiative was responded to by CJ, a member of the Limitless team from the Base ecosystem, who stated that they recently received a listing fee quote from Binance, which included:
- 1% token airdrop on the first day, alpha listing;
- Further 3% token airdrop within 6 months;
- 1% for "marketing," with Binance having full discretion;
- Providing 100% TVL (over $1 million) for Pancake Swap's token pool;
- $250,000 margin;
- 3% reserved for the BNB HODLer program;
- Tokens worth $200,000 offered to Binance-affiliated market makers at "most favored nation" prices;
- $2 million worth of BNB spot as listing margin.
It is worth mentioning that some later pointed out that CJ's disclosed information was merely the corresponding standard terms for Binance's Alpha project listing, which belonged to optional terms of "accept and play together, or not accept and it doesn't matter"; conversely, leaking relevant information without adhering to confidentiality agreements was rather disgraceful. Although CJ himself emphasized that he had not signed any confidentiality agreements.
Jesse also supported this tweet, reiterating that CEX listing fees should be 0.
Now, two days later, Coinbase's "Blue Carpet Program" has been launched accordingly. It indeed proves the old saying that real business wars are always so simple; they may stem from a seemingly ordinary conflict.
Compared to the latest "Listing Guide" released on September 10, the "Blue Carpet Program" resembles a bundled listing support service package similar to SaaS software, which includes:
- Listing team support: Direct personalized guidance and quick support from the Coinbase listing team, bypassing the "black box" of other listing processes.
- Asset page customization: Updating the asset pages of projects on Coinbase (CEX) and Coinbase retail DEX to ensure accurate information.
- Referral services: Exclusive discounts on market maker matching and tracking services, as well as MiCA white paper support, helping projects reduce costs and focus on core development.
- Coinbase One subscription: Providing a one-year Coinbase One subscription access for selected core team members.
In other words, this Blue Carpet Program is more like a packaged "fast track," facilitating project parties to submit information and receive Coinbase's referral services and listing support, along with a complimentary one-year Coinbase One membership. Of course, the specific effectiveness remains to be verified by the market.
Under the pressure of liquidity from competitors like Binance, OKX, and Hyperliquid in both spot and contract markets, Coinbase's move undoubtedly aims to attract quality projects through a shorter listing process. However, given Coinbase's relatively limited user base and buying liquidity, it may be difficult to see significant changes in the short term.
The listing fee dispute is not the first, and the listing of BNB may be a reluctant move
Last November, we discussed the topic of CEX listing fees in detail in the article “Is Coinbase Under Siege? Unveiling the Unresolved Mystery of Exchange Listing Fees”, at that time, we made the judgment—"As exchange liquidity continues to face challenges and DEX trading volumes hit new highs, perhaps gradually evolving listing fees from 'protection fees unilaterally charged by exchanges' to 'project marketing costs + community user rewards' is a better development direction."
Now it seems that the reason why Binance's Alpha model can stand out among CEX platform functions is that it has achieved a balance and consideration in this regard.
In response to the listing fee questions raised by CJ from the Limitless team, Binance co-founder He Yi also made a targeted response: she stated that all terms within the contract:
- The margin will be refunded;
- Marketing costs are usually earned through Binance Square, Academy content, and trading competitions, with Binance providing airdrops and a complete report of all activities to the project party;
- Details of spot and Alpha airdrops will also be provided in detailed reports.
In simple terms, it boils down to one statement: Every transaction of tokens obtained from project parties by Binance is detailed and traceable, with most being returned to users. Thus, the claim of "CEX exorbitant listing fees" collapses on its own.
Moreover, Coinbase's listing of BNB also indirectly reflects the helplessness behind being a CEX platform—just as crypto KOL Crypto Kanda mentioned in the comments section of Jesse's tweet: the trading volume of altcoins on Coinbase is even lower than that on Gate. The reason for crypto projects to list on Coinbase is more about gaining consideration from Upbit and Binance.
Additionally, the previously "pretending to be dead to survive" Zerebro project founder Jeffy Yu also appeared in the comments section stating: "You should talk to your listing team because they are asking for a considerable token supply plus six figures in cash for the Zerebro listing." Although his personal credibility score has hit zero, the situation he described has indeed received recognition from many.
Looking at it now, the discussion initiated by Coinbase representatives about listing fees and the launch of the encouraging "Blue Carpet Program" is likely a reluctant move to compete for market liquidity, just as they reluctantly listed BNB.
Conclusion: The CEX moat lies only in liquidity and wealth effect
As the industry gradually develops, the liquidity of CEX has been further eroded by DEX, especially by Perp DEXs represented by Hyperliquid. In response to this situation, CEXs like Binance and OKX have chosen to connect on-chain liquidity through wallet entry, Alpha listing screening, Boost channels, and Meme Rush, exploring wealth effects; while Coinbase has opted to leverage the one-stop Base APP to tap into internal traffic and liquidity, but the wealth effect seems to be lacking.
It must be said that the CEX competition, at its core, is still a competition for wealth effects. Whether Coinbase can catch up may depend on the results of Base's token issuance for verification.
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