Pre-Market Trading for Tokens: How OTC Deals and Points Markets Price Assets Before They Go Live
FinanceFeeds
The shift began when decentralized platforms introduced smart contract escrow into the process. Whales Market launched on Solana as a peer-to-peer OTC protocol, later expanding to Base, Arbitrum, and Ethereum. Its multi-chain structure allows users to trade without relying on a centralized administrator or custodian. Buyers and sellers deposit collateral into a smart contract that settles automatically once the token goes live. The platform has processed over $300 million in cumulative volume across pre-TGE tokens, points, and OTC swaps, according to TokenRadar as of December 2025. Centralized exchanges followed, as in September 2024, Binance introduced its pre-market spot trading service. A Binance spokesperson told The Block that the exchange was the first to offer actual tokens for pre-market trading, rather than derivatives.
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