About half a dozen crypto exchanges control the centralized exchange market (CEX), while even fewer control most of the decentralized exchange market (DEX). The likes of Binance and Uniswap have carved out massive chunks of monthly trading volume, but this lack of diversity is arguably a massive opportunity for new, innovative, and creative crypto exchanges that challenge the status quo.
So, if you’ve developed the next best DEX or CEX with a clean interface, fantastic UI, and robust security, there’s a lot of trading volume and, therefore, fees up for grabs. However, even the best idea in crypto is worthless without a top-notch crypto marketing strategy.
This article will delve into how to market a crypto exchange in 2024, focusing on key tactics and approaches that crypto exchanges can leverage to make their mark. It will also discuss essential elements such as crypto SEO, PR distribution, and influencer marketing.
The Concentrated Exchange Market in 2024
The top five cryptocurrency exchanges dominate the market in 2024. Binance stands out by a considerable margin, with the following four exchanges processing between $2-4 billion compared to Binance’s $11 billion every 24 hours, according to data from CoinGecko.
The DEX market is in a similar position, with Uniswap, Orca, and Jupiter dominating the market. Uniswap often clocks well over $600 million in 24-hour volume, while other top DEXs can clock above $300 million fairly often.
These exchanges have established themselves as leaders through a combination of genuine usability and extremely effective marketing. Jupiter is a very interesting case study. It’s a relatively new DEX launched on the Solana (SOL) blockchain, which has seen a very impressive growth trajectory over the past couple of years.
Jupiter has a clear interface, which makes it very easy for users to trade Solana-based tokens in a decentralized manner. The platform is compatible with the most popular Solana wallets and reduces the processes of connecting a wallet and executing a swap to a few simple steps.
In terms of marketing, Jupiter shows the importance of a solid long-term Web3 content marketing strategy. The project has an extremely active social media network which has effectively used influencers and KOLs to drive adoption. Furthermore, the project has built its brand through various PR efforts and effective advertising campaigns.
Crypto PR for Exchanges
Crypto press release distribution is a crucial element in building an exchange's authority and brand recognition within the crypto industry. It involves strategic communication efforts to establish trust, generate positive media coverage, and position the exchange as a thought leader in the industry.
Crypto marketing agencies play a pivotal role in executing successful PR campaigns for exchanges. They possess established connections with editors and journalists at leading publications in both the crypto and financial worlds, such as CoinDesk, Cointelegraph, Bloomberg, and Forbes.
In 2024, simply targeting low-rent crypto news sites isn't enough. Exchanges need to aim higher, securing features in prominent financial publications to reach a broader audience and gain mainstream recognition. Crypto marketing agencies, with their network and expertise, can help facilitate these valuable media opportunities.
In addition, it's important to work with expert crypto copywriting teams that can draft professional copy that readers of high-brow publications will take seriously. Nothing screams low-budget project more than generic copy that lacks flare and fails to portray the value of a new DEX or CEX.
A well-executed PR strategy can position the exchange as a leader in the industry, attract new users, and potentially drive increased trading volume from users who only interact with quality projects.
Influencer and KOL Marketing for Exchanges
Crypto Influencer marketing is a potent tool for crypto exchanges seeking to establish a presence and attract users. Collaborations with respected figures within the crypto community can significantly amplify a project's message and lend it credibility. This strategy, however, requires careful planning and execution to ensure maximum effectiveness.
For instance, a new Solana-based DEX aiming to build a strong community and drive trading volume would benefit from partnering with prominent Solana influencers and key opinion leaders (KOLs). These individuals have dedicated followings within the Solana ecosystem and possess in-depth knowledge of its projects and technologies. Their endorsements can be instrumental in introducing the new DEX to the community.
However, partnering with influencers with large Ethereum followings could prove counterproductive. In 2024, a degree of tribalism exists between certain blockchain communities, and audiences may be less inclined to embrace projects built on competing chains. A misaligned influencer partnership could result in wasted resources and minimal impact.
Web3 digital marketing agencies specializing in the Solana ecosystem understand these nuances. They possess the expertise to identify the most relevant influencers and KOLs whose audience aligns with the target market of a DEX. These agencies can also negotiate favorable terms, manage communication, and craft quality visual content for campaigns.
Programmatic Ads for Crypto Exchanges
Programmatic ads utilize automated technology to purchase and display digital advertising across various platforms. Advertisers specify their target audience and budget, while the system handles real-time bidding on available ad space, ensuring optimal placement and visibility. This allows for efficient, targeted campaigns that reach the right users at the right time.
When it comes to exchange programmatic advertising, it presents unique challenges due to the complex regulatory environment. Ad platforms like Google and Meta have strict policies on crypto-related content, requiring careful adherence to avoid account suspension or financial penalties.
Expert agencies specializing in programmatic crypto advertising possess the knowledge and experience to navigate regulations, ensuring compliance and maximizing campaign effectiveness.
These agencies craft compelling CTAs and eye-catching visuals that appeal to the crypto market while adhering to platform guidelines. They meticulously research target demographics and interests to ensure ads reach the right users, optimizing campaign budgets and performance.
Consider a new DEX entering the competitive Ethereum DEX market. Programmatic advertising can be a powerful tool for generating awareness and attracting early adopters. By targeting ads to users interested in DeFi, Ethereum, and decentralized exchanges, the DEX can reach potential users actively seeking alternative trading platforms.
The agency can craft ads highlighting the DEX's unique features, such as low fees or innovative trading tools while ensuring compliance with advertising regulations. This targeted approach can help the new DEX gain traction, attract users, and establish a foothold in the market.
Final Thoughts on How to Market a Crypto Exchange in 2024
The crypto exchange market is rife with new projects trying to shake things up and get their cut of the multi-billion dollar daily trading volumes. Although the market does appear to be dominated by a handful of CEXs and decentralized protocols, recent success sites such as Jupiter have shown that there’s plenty of demand for new platforms. The marketing tools outlined in this article, when implemented correctly, give exchanges in 2024 the best shot at being successful.
