How to List Your ERC-20 Token on Uniswap V3: A Step-by-Step Guide

Deploying your ERC-20 token to Ethereum is the first step. But a token nobody can buy or sell is just a number in a database. For your token to have a market — for people to actually trade it — you need liquidity. And on Ethereum, the primary place to establish that liquidity is Uniswap.

Uniswap V3 is where most new token launches happen. It's permissionless, meaning anyone can list any ERC-20 token without approval from anyone. There's no application, no review committee, no minimum market cap requirement. If you've got a token and some ETH to pair it with, you can have a live trading pair within minutes of completing this guide.

That said, "permissionless" doesn't mean "consequence-free." Listing on Uniswap without understanding what you're doing can mean losing money to sniper bots, setting the wrong initial price, or watching your liquidity drain within the first hour because it wasn't locked. This guide covers the concepts, the mechanics, and the traps — so you can create your own ERC-20 token, list it properly, and give it a genuine shot at building traction.

If you haven't deployed your token yet, start with our guide on how to create an ERC-20 token — it walks through deployment from zero. Once your token is live on mainnet and verified on Etherscan, come back here.

What Is Uniswap and How Does It Work?

Uniswap is a decentralized exchange (DEX) that operates entirely through smart contracts on Ethereum. It has no company running servers, no order book, no matching engine, no signup required. It's code deployed to addresses on Ethereum that anyone can interact with.

Traditional exchanges match buyers with sellers: you post a limit order, someone else posts a matching order, the exchange's engine matches them. Uniswap works completely differently. It uses an Automated Market Maker (AMM) model — instead of matching buyers and sellers, it maintains pools of two tokens and uses a mathematical formula to determine the price at any moment.

The original Uniswap V2 formula is elegant in its simplicity: x * y = k. If a pool contains x tokens of asset A and y tokens of asset B, the product x*y always equals a constant k. When a trader buys asset A (removing it from the pool), the pool's balance of A decreases and B increases — so A becomes more expensive relative to B, and the price adjusts automatically. No order book, no matching engine. Just math running in a smart contract.

Who provides the tokens to these pools? Liquidity Providers (LPs) — anyone who deposits an equal-value pair of tokens into a pool in exchange for a share of the trading fees. When traders use the pool, they pay a fee that accumulates for LPs. This creates a financial incentive for people to provide liquidity and keep markets functional.

Uniswap has gone through three major versions. V1 (2018) was a proof of concept — ETH-only pairs. V2 (2020) added ERC-20/ERC-20 pairs and became the dominant DEX infrastructure through the DeFi summer of 2020. V3 (2021) introduced the most significant innovation: concentrated liquidity.

In V2, your liquidity was spread across the entire price curve from 0 to infinity. That meant most of your capital sat at price ranges where essentially no trading happened, earning you nothing. V3 lets you specify a price range for your liquidity — you can concentrate it exactly where you think prices will trade, which dramatically improves capital efficiency. An LP providing liquidity in a narrow range around the current price might earn 10-100x more in fees than one providing the same capital across the full price range.

Uniswap V3 also introduced multiple fee tiers: 0.01%, 0.05%, 0.3%, and 1%. Each fee tier is a separate pool. The fee goes entirely to LPs — Uniswap Labs collects no protocol fee from the standard deployment (though governance has the ability to activate a protocol fee in the future). As of 2025, Uniswap V3 regularly processes $1B+ in daily trading volume across all pairs and fee tiers, making it by far the dominant on-chain trading venue for ERC-20 tokens.

What You Need Before Listing

Don't open app.uniswap.org until you've got all of these in place. Trying to list without preparation leads to mistakes that are expensive and sometimes irreversible.

Your ERC-20 token, deployed and verified. The token needs to be live on Ethereum mainnet with a confirmed contract address. It also needs to be verified on Etherscan — an unverified token looks suspicious to anyone who checks, and many potential buyers will check before trading. If you haven't deployed yet, use our ERC-20 token creator to deploy in minutes, then get it verified using our Etherscan verification guide.

ETH for gas fees. You'll pay gas for at least two, likely three transactions when creating your first Uniswap position: approving your token for spending, and adding liquidity. If you're using USDC as the pair asset instead of ETH, you'll also pay gas to approve USDC. Budget $30–$100 in ETH for gas depending on network conditions.

The paired asset — ETH or USDC. Your token needs to be paired with something to create a trading pair. For most new tokens, ETH is the natural choice — it's what everyone has, it creates a direct price relationship in ETH terms, and the ETH/token pair is the most liquid pairing structure on Uniswap. USDC is a good alternative if you want your token priced in USD from launch, but it means buyers need to hold USDC to trade, which can reduce initial trading volume. Some tokens pair against both ETH and USDC in separate pools.

Initial liquidity amount — thought through, not improvised. How much ETH (or USDC) you pair with your tokens determines two critical things: your token's initial price and how deep your market is. More on both below. The minimum viable amount is subjective, but anything under $2,000–$3,000 worth of ETH is going to result in extremely thin liquidity that sniper bots can manipulate easily. Most first-time launchers with serious intentions provide $5,000–$20,000 in initial liquidity. Meme coin launches sometimes go much higher to signal commitment.

Your initial price — decided deliberately. This is the most consequential decision you'll make when listing. Your initial price is set implicitly by the ratio of tokens to ETH you deposit. If you deposit 1,000,000 tokens and 1 ETH, and ETH is worth $2,500, then each token is priced at $0.0025. If you deposit 10,000,000 tokens and 1 ETH, each token is $0.00025. Decide what price makes sense for your token at launch before you sit down at the Uniswap interface — changing your mind once liquidity is added means removing it and starting over.

Anti-sniping considerations. Sniping bots monitor the mempool for new liquidity additions and execute buy transactions in the same block as your liquidity transaction. They buy at your initial price and immediately sell at a higher price to regular buyers, extracting value before your community can participate. Common mitigations: max wallet limits in your token contract (limits how much a single address can hold), max transaction limits (caps how many tokens can be bought in one tx), and enabling these limits only for the first 24-48 hours before removing them. These need to be in your token contract before deployment — they can't be added after.

Understanding Uniswap V3 Concepts

V3 is more powerful than V2, but it introduces concepts that need understanding before you interact with it. Skipping this section is how people make expensive mistakes.

Concentrated liquidity is the core V3 innovation. Instead of spreading your liquidity across all possible prices (0 to infinity), you choose a specific price range for your position. Your liquidity only earns fees when the token price is within your specified range. If the price moves outside your range, you stop earning fees and your position converts entirely to one asset (whichever one is getting sold).

For a new token with unpredictable price movement, this creates a real tradeoff. A narrow range (say, ±20% from launch price) earns more fees per dollar of liquidity when the price trades in that range — but if the price moves beyond it, your capital stops working and you've effectively converted to the other asset. A full-range position (0 to infinity) earns less but never goes out of range. For first-time token launchers, full range is almost always the right call — it's predictable, always active, and doesn't require active management.

Fee tiers are separate pool deployments for each fee level. The four standard tiers are 0.01% (used for stable pairs like USDC/USDT), 0.05% (used for correlated pairs like WBTC/ETH), 0.3% (the V2-era standard, used for most pairs), and 1% (used for exotic or low-liquidity pairs). For a brand-new token with unknown volatility and thin initial liquidity, the 1% fee tier is generally the right choice. Here's why: higher fees compensate LPs for the higher risk of providing liquidity to a volatile, unproven asset. The 0.3% tier is appropriate once your token has established price history and deeper liquidity. Most serious new tokens start at 1%.

The LP NFT is unique to V3. Unlike V2, where LP positions were fungible ERC-20 tokens (anyone's LP share looked the same), V3 positions are represented as NFTs because each position has unique parameters (price range, fee tier, amounts). When you add liquidity to Uniswap V3, you receive an NFT in your wallet. This NFT is your ownership token for the liquidity position — you need it to collect fees and to remove your liquidity. Do not burn it, do not send it to a random address. Losing your LP NFT means losing access to your liquidity position permanently.

Impermanent loss is the opportunity cost of providing liquidity versus simply holding the two assets separately. If you provide 1 ETH and 1,000,000 tokens, and the token price increases significantly relative to ETH, your LP position will contain more tokens and less ETH than if you'd just held both. The "loss" is impermanent because it disappears if the price returns to the original ratio — but if you remove liquidity while the price is different from when you entered, you realize the difference. For the founder providing liquidity, impermanent loss is usually an acceptable cost — you're not trying to maximize returns on your LP position, you're trying to build a market for your token.

Step 1: Access Uniswap and Connect Wallet

Navigate to app.uniswap.org. Make sure you're on the official Uniswap interface — bookmark it now to avoid phishing sites in the future. The interface is clean and minimal. You'll see "Swap" as the default view.

Click "Connect Wallet" in the top right corner. Select MetaMask from the list of wallet options. MetaMask will open a popup — select your account (the one holding your tokens and ETH) and click "Connect." After connecting, your wallet address appears in the top right of the Uniswap interface, abbreviated to the first and last few characters.

Confirm that MetaMask is set to Ethereum Mainnet. You can see the current network in the MetaMask header — it should show "Ethereum Mainnet." If it shows anything else (Sepolia, Polygon, Arbitrum), click the network name in MetaMask and switch to Ethereum Mainnet. The Uniswap interface will also show the connected network.

Navigate to the "Pool" tab in the Uniswap interface. This is where you manage liquidity positions — it's separate from the "Swap" tab that regular traders use. The Pool tab shows any existing positions you have (none, if this is your first time). This is where you'll create your token's trading pair.

Step 2: Create a New Position

Click the "+ New Position" button on the Pool tab. This opens the position creation interface — it's more complex than the Swap UI and warrants careful attention to each field.

Select your token pair. The first slot (Token 1) defaults to ETH. Leave it as ETH unless you're intentionally creating a USDC or USDT pair. For the second slot (Token 2), click the token selector dropdown. In the search field, paste your token's contract address — the 42-character 0x string. Do not search by name or symbol if your token isn't already indexed; searching by name might pull up a different token with the same name. Your token should appear after a moment, showing your name, symbol, and the balance in your wallet.

If your token doesn't appear immediately after pasting the address, wait a few seconds and try again. Occasionally the Uniswap interface takes a moment to fetch token metadata from the blockchain. Once it appears, select it. You'll now see the pair displayed at the top of the form — something like ETH / YOURTOKEN.

Select your fee tier. Four options appear: 0.01%, 0.05%, 0.3%, and 1%. As discussed above, 1% is the recommended starting point for new tokens with limited history and thin initial liquidity. It compensates LPs appropriately for the volatility risk and reduces the fee advantage for high-frequency arbitrage bots who are working against your LPs. You can always create additional pools at other fee tiers later. Click "1%" to select it.

Uniswap may show which fee tier has existing liquidity for your pair. If this is a brand-new token, all tiers will show "0% select" — no existing liquidity anywhere. If there's already liquidity at another tier (perhaps someone else listed before you), the interface flags that. In that case, consider whether to join the existing pool or create a separate one at your preferred fee tier. Generally, concentrating liquidity in one pool is better for price discovery than splitting it.

Step 3: Setting Your Price Range

This is the most conceptually complex step in the V3 process, and it's where the most consequential mistakes happen. Take your time here.

Because this is a new token with no existing pool at this fee tier, Uniswap will ask you to set the initial price. This is not a trivial input — it defines what 1 unit of your token is worth in ETH from the moment you add liquidity. The formula is straightforward: if you set an initial price of 0.000001 ETH/TOKEN and ETH is at $2,500, your token launches at $0.0025.

How do you decide the initial price? Work backwards from where you want your token to sit at market cap. If you have 1,000,000,000 tokens in total supply and you want an initial fully diluted valuation (FDV) of $1,000,000, your initial price should be $0.001 per token, or $0.001 / $2,500 = 0.0000004 ETH per token. This math is worth doing explicitly before you open the interface, not on the fly while staring at the form.

Now for the price range. V3 lets you specify a minimum and maximum price for your position. If the token price drops below your minimum or rises above your maximum, your position goes out of range and stops earning fees.

For a first-time launcher, set the range to Full Range. Uniswap provides a "Full Range" button that sets the minimum to 0 and the maximum to infinity (represented in the UI as extremely large numbers). A full-range position never goes out of range — it always earns fees proportional to your share of the pool, regardless of how far the price moves. You earn fewer fees per dollar compared to a concentrated position, but you never face the risk of going inactive and converting entirely to one asset.

The math behind concentrated ranges: if you concentrate liquidity at ±50% around the current price, your capital efficiency is roughly 4x compared to a full-range position. That sounds attractive until the price moves 51% in either direction and your position goes inactive. For a new token that might 5x or 0.2x in its first week, that's not an abstract concern — it's a near-certainty. Stick with full range until your token has meaningful price history and you understand where it's likely to trade.

Step 4: Adding Initial Liquidity

With your token pair, fee tier, initial price, and price range set, it's time to input the actual amounts you're depositing.

Enter an amount in either the ETH field or your token field — the other will auto-fill based on the price ratio you set. This is where the initial price math becomes tangible. If you're depositing 1 ETH and set a price of 0.000001 ETH per token, you'll need to deposit 1,000,000 tokens alongside that 1 ETH to create the pool at that ratio. If you deposit a different ratio of ETH to tokens, the actual initial price will be the ratio you deposit, not the price you specified in the previous step. Double-check that the amounts you're entering reflect the price you intend.

The interface will show a preview of your position — the ETH and token amounts, your price range, and the fee tier. Review this carefully before proceeding.

Click "Approve [YOUR TOKEN]." MetaMask will prompt you to confirm a transaction that gives Uniswap's contract permission to move your tokens. This is an ERC-20 approval transaction (the approve() function discussed in our token overview). It costs gas — typically $5–$20 — and doesn't add liquidity itself. Wait for this transaction to confirm before proceeding.

After the approval confirms, click "Add" (or "Preview" then "Add Liquidity" — the exact button label varies slightly with Uniswap UI updates). MetaMask will prompt for a second transaction — this is the actual liquidity addition. Review the gas estimate, confirm it's reasonable, and click "Confirm." This transaction typically costs $20–$60 in gas on mainnet.

When this transaction confirms, you receive your LP NFT in your wallet — it represents your ownership of this liquidity position. You can view it in MetaMask under the NFTs tab, or on OpenSea (Uniswap V3 positions appear there as NFTs). The pool is now live, and your token is tradeable on Ethereum.

Step 5: Confirming Your Pool Is Live

After your liquidity transaction confirms, verify everything is working correctly before announcing anything publicly. This is an important step that many first-time launchers skip in their excitement.

Go back to the Uniswap Pool tab. Your new position should appear there with the token pair, fee tier, current price, and your liquidity amount. If it doesn't appear immediately, refresh the page and reconnect your wallet.

Go to etherscan.io and search for your token's contract address. On the token page, you should now see the Uniswap pair address listed (Etherscan indexes Uniswap pair deployments automatically). You'll also see your initial liquidity transaction in the token's transfer history.

Check your token on DEXTools (dextools.io) and DexScreener (dexscreener.com) — both aggregate data from Uniswap and other DEXes and are among the first places traders look for new token information. Search your token by contract address. It typically takes 5-15 minutes after pool creation for your token to appear on these platforms. When it does, you'll see the price chart, trading volume, and liquidity depth displayed.

Now do a critical test: from a different wallet (not the one that deployed the token or added liquidity), try buying a small amount — $5-$10 worth. Use app.uniswap.org's Swap interface, search for your token by contract address, and execute a small buy. Verify that the swap works, your token appears in the buyer's wallet, and the transaction is visible on Etherscan. If the swap fails or behaves unexpectedly, you need to diagnose why before any wider announcement.

Managing Your Liquidity Position

Your LP NFT is a living asset that you'll need to manage over time. Understanding what you can do with it is essential.

Collecting fees. Every time someone trades in your pool, 1% (or whatever fee tier you chose) of the trade amount accumulates as fees for LPs. These fees aren't automatically sent to your wallet — they accumulate within your position and you collect them manually. In the Uniswap Pool interface, your position will show "Unclaimed fees" once trading activity begins. Click "Collect fees" to claim them. Fees are paid in both tokens in the pair (a mix of ETH and your token, proportional to which way people are trading).

Adding more liquidity. If you want to deepen your pool, you can add more liquidity to your existing position. In the Pool tab, click your position, then "Add Liquidity." This adds to your existing position without creating a new NFT. Adding more liquidity increases your share of fees and makes the pool more resilient to large trades and sniping.

Removing liquidity. If you need to exit your position — or want to move liquidity to a different range — you can remove it from the Pool interface. Click your position and select "Remove Liquidity." You can remove a percentage of your position (from 1% to 100%). Removing liquidity returns your tokens and ETH back to your wallet, minus any impermanent loss relative to when you entered. Think carefully before removing large amounts of liquidity — it signals to the market that you're exiting, and it can be interpreted as a rug pull by nervous token holders. Communication matters here.

One useful tool: impermanent loss calculators like dailydefi.org/tools/impermanent-loss-calculator let you model how much IL you'd experience given your entry price and a hypothetical exit price. Useful for planning, though it's not something you can control after the fact.

Considering liquidity lock. Before removing any liquidity, consider whether you've locked it. This is covered in the next section — and it's relevant here because once liquidity is locked, you cannot remove it until the lock expires, regardless of what you want to do. Plan your liquidity management strategy before locking.

Why You Should Lock Your Liquidity

Locking your liquidity is one of the most powerful trust signals you can give your token community, and in the current market environment, many experienced token investors expect it as a baseline requirement. Here's what it means and why it matters.

A "rug pull" is when the token deployer removes all liquidity from the Uniswap pool, takes the paired ETH, and abandons the project. The token price collapses to zero immediately because there's no longer any ETH backing it. Rug pulls are unfortunately common in the low-barrier-to-entry world of permissionless token creation, and they've made the broader market understandably skeptical of new tokens.

Locking liquidity means sending your LP NFT to a smart contract that holds it for a specified time period and won't release it until the lock expires. You can't access the liquidity during the lock period, even if you wanted to. This creates a credible, verifiable commitment to your community that you won't rug pull — at least not for the lock duration.

The most trusted liquidity locking services are:

• Team Finance (team.finance) — widely used, supports Uniswap V3 NFT positions, provides a public lock page you can link to
• UniCrypt (uncx.network) — another established locker with multi-chain support and a public lock registry
• Mudra Locker (mudra.website) — popular for BNB Chain but also supports Ethereum

To lock your liquidity, go to your chosen locking service, connect your wallet, and follow their interface to lock your Uniswap V3 LP NFT for a specified duration. The service will ask you to approve the transfer of your LP NFT to their contract. Common lock periods: 6 months (minimum for credibility), 1 year (solid signal), or longer. Some projects lock for multiple years or permanently — the longer the lock, the stronger the signal.

After locking, the locking service provides a public URL showing the lock details: which NFT is locked, who the owner is, when it unlocks, and the current value of the locked liquidity. Share this link in your community channels, pin it in your Telegram or Discord, and include it in your token's social media profiles. It's a tangible, verifiable proof of commitment that sophisticated buyers check for before making significant purchases.

The recommended approach: lock before you make any public announcement about your token. Announcing your token and then saying "we'll lock liquidity next week" invites a race between your community wanting to buy and sniper bots looking for an easy exit. Lock first, announce second, with the lock proof included in the announcement.

Getting Your Token Noticed After Listing

You've deployed your token, added liquidity, and locked it. Your token is technically live and tradeable. But trading volume doesn't appear spontaneously — you need to build awareness. Here's a prioritized approach.

Submit to CoinGecko and CoinMarketCap. Both platforms let project teams submit tokens for listing through their own application portals. CoinGecko (coingecko.com/en/request-form) is typically faster than CMC and will list tokens with an active trading pair and some basic project information. CoinMarketCap (coinmarketcap.com/request/) is more selective and prefers tokens with consistent trading volume and community size. Having your token on these platforms dramatically improves discoverability — these are the first places most crypto investors check for token information.

Claim your DEXTools and DexScreener profiles. Both platforms let token creators claim their project pages and add logos, descriptions, social links, and websites. This makes your token look professional instead of anonymous. On DexScreener, you can also pay for boosted visibility — it puts your token in the featured section and can drive significant organic traffic from people browsing for new launches.

Claim your Etherscan token page. Go to etherscan.io and find your token's page. There's an option to submit token information including your logo, website, social links, and description. A filled-out Etherscan page with a logo looks dramatically more credible than a bare contract address with no information. This is free and takes about 10-15 minutes.

Check your TokenSniffer score. TokenSniffer (tokensniffer.com) is a tool that automatically analyzes smart contracts for red flags: honeypot mechanics, hidden owner privileges, high buy/sell taxes, and other common rug pull patterns. Many buyers check TokenSniffer before purchasing any new token. Run your contract through it now. If it flags any issues, investigate why — some flags are false positives for legitimate features (like pausability), and you can explain them in your community. Others might indicate genuine problems you should address.

Build your community. Reddit's r/CryptoMoonShots, r/0xPolygon (for Polygon tokens), and r/ethtrader are active communities for new token launches. Posting there with a genuine project description and your lock proof can drive initial awareness. Twitter/X is essential for ongoing communication — a dedicated account for your project where you post updates, milestones, and engage with holders. Telegram is the primary community platform for most token projects — a public group where potential buyers can ask questions and existing holders stay updated. Discord works well for larger or more technically oriented communities.

Be patient and consistent. Token listings don't typically go viral on day one. Building genuine momentum takes weeks or months of consistent communication, delivering on stated milestones, and being transparent with your community. The projects that fail fast are usually the ones that went silent after listing. The ones that succeed are usually the ones that kept showing up.

Common Mistakes When Listing on Uniswap

These mistakes are predictable and avoidable. Most of them are made because people rush the listing process without fully understanding what they're doing.

Adding too little initial liquidity. A pool with $500 of liquidity is trivially easy to drain. Sniper bots watch for new pools and can identify tiny liquidity positions as easy targets. Even a $5,000 buy on a $500 pool would move the price catastrophically. The minimum for a serious token launch is at least $5,000-$10,000 in paired ETH, with $20,000+ being much more defensible. More initial liquidity means a more stable launch, more confident early buyers, and less extreme price impact on normal trade sizes.

Wrong fee tier selection. Choosing 0.05% or 0.3% for a brand-new, volatile token means LPs (including yourself) are undercompensated for the risk of holding your token. It also makes arbitrage bots more profitable at the expense of LPs. Start at 1% and consider moving to 0.3% once your token has established itself with real volume history.

Not locking liquidity before announcing. This one is almost universal among failed new launches. You announce your token, people buy in, and then three weeks later you pull the liquidity and walk away with the ETH. Even if you had no intention of doing that, the market assumes you might. Lock the liquidity before the announcement, include the lock proof in the announcement, and remove that concern entirely from the conversation.

Announcing before the pool is ready. Running a countdown to your token launch while the pool isn't created yet is an invitation to sniper bots. They'll be watching for your pool creation transaction and can front-run your launch. Add liquidity first, confirm everything is working, lock the liquidity, then announce. In that order.

Not verifying the token contract before listing. An unverified contract is a massive red flag. If you add liquidity to a token with an unverified contract, serious buyers will see "no source code" on Etherscan and walk away. Make sure your contract is verified before any liquidity is added. Our platform handles this automatically, but if for any reason verification didn't trigger, do it manually using the Etherscan verification guide.

Setting the wrong initial price ratio. If you type the initial price incorrectly in the Uniswap interface and then add liquidity, your token launches at the wrong price. Buyers who discover the price is "off" compared to your announced valuation will arbitrage the difference immediately. Do the math explicitly before opening the Uniswap interface, and double-check that the amounts you're depositing produce the ratio you intend.

Forgetting to set slippage tolerance for buyers. Thin liquidity pools have high price impact for trades. If someone tries to buy $500 of your token in a $1,000 pool, the price impact might be 30-40%. Most wallets default to 0.5% slippage tolerance, so the trade will fail. In your community communications, tell buyers to set their slippage tolerance to at least 5-10% for new tokens with thin liquidity. MetaMask and Uniswap both allow custom slippage settings. This is a frustration point for new buyers that's easily solved with clear communication.

No plan for what happens after launch. Creating your own ERC-20 token and listing it on Uniswap is straightforward. Building something worth holding is not. Tokens without a clear roadmap, without regular communication, and without actual product development fade fast. Before listing, write down what you're going to do in the first 30, 60, and 90 days after launch. Share it publicly. Then do it.

FAQ

Listing your token on Uniswap V3 is the moment your token becomes real — not just a contract address, but a tradeable asset with a price, a chart, and a market. Do it right the first time: deploy to mainnet, verify on Etherscan, prepare your parameters carefully, add adequate liquidity, lock it before announcing, and then build your community with the same energy you put into the launch.

Haven't deployed your token yet? Create your own ERC-20 token on our platform — the whole deployment process takes about five minutes, no coding required. Once you're deployed and listed, our guide on ERC-20 tokenomics design is the best next read for thinking about long-term token economics and distribution strategy.