In the fast-paced world of decentralized finance, or DeFi as it's commonly known, exchange listings can make or break a project's launch. Recently, a tweet from DeFi analyst Ignas sparked a lively discussion about Binance's decision to skip listing Monad's $MON token right at its Token Generation Event, or TGE—the moment when a new token is first made available to the public.

Ignas pointed out that it's unusual for Binance, one of the largest crypto exchanges, to pass on hyped projects like Monad, especially when day-one trading volumes are expected to skyrocket. "Binance skipping a $MON listing on TGE is telling," he wrote. "Don't remember many hyped TGEs they skipped. Why? Volumes are going to be high on day one." This simple observation opened the floodgates to speculation from the crypto community.

One popular theory revolves around listing fees. Several replies suggested that Monad might have declined to pay Binance's rumored hefty fees—often speculated to be around 2-10% of the token's supply. For instance, user Kaizen noted, "Seems silly from a business perspective, probably because Monad didn’t pay them 2% supply." Similarly, Hefe quipped, "Because they didn’t rape 5-10% of tokenomics, they fade the fees?" And Ibrahim chimed in with, "because they want 10% of $MON." These comments highlight a common critique of centralized exchanges: they sometimes prioritize profits over supporting innovative projects.

Ignas himself pushed back on the idea that Binance is truly developer-friendly, replying to one comment: "Goes both ways: Binance likes to pretend supporting developers. But skipping MON proves otherwise." This underscores a tension in the industry where exchanges claim to foster growth but may skip listings if the financial incentives aren't met.

Another angle came from The DeFi Investor, who suggested it might be tied to Monad's choice of launch platform: "Probably because they decided to launch via Coinbase launchpad." Ignas responded that if that's the case, Binance could be shooting itself in the foot. "If this is the real reason, they are short-sighted. Binance users who want to use Monad chain would go to Coinbase or other exchange. Bad move." This points to growing competition among exchanges, with Coinbase positioning itself as a more U.S.-friendly alternative.

Chainyoda offered a different take, noting that recent Binance listings haven't always been bullish due to "farm and dump" mechanics—where users quickly sell off tokens after farming rewards. "Binance listings have not been bullish lately... Maybe they will list later." Ignas agreed, referencing his earlier analysis: "Yes exactly. Binance listing tokens some time after tge is more bullish." He even quoted his own past tweet showing that the last 10 tokens listed on Binance at TGE were all down, suggesting that a delayed listing might actually benefit the token's long-term value.

For those new to this, Monad is an upcoming Layer 1 blockchain designed to be compatible with the Ethereum Virtual Machine (EVM), promising faster transactions and lower fees—key for DeFi apps and meme tokens alike. While $MON isn't strictly a meme token, its hype cycle mirrors many viral projects in the space, making this snub noteworthy for traders and builders.

This thread serves as a reminder of the opaque world of crypto listings. Exchanges like Binance wield enormous power, but decisions like this could push more projects toward decentralized alternatives or rival platforms. If you're eyeing $MON, keep an eye on Coinbase and other exchanges for launch details. In the meantime, discussions like these help demystify the behind-the-scenes drama in DeFi.

For more insights on emerging tokens and blockchain trends, check out our knowledge base at Meme Insider.