Here is a good writeup of a true dual token offering: https://medium.com/@epigencare/a-dual-token-structure-to-solve-the-catch-22-of-sec-compliant-initial-coin-offerings-fabefe3f247c
One reason that most tokens will not get on exchanges is that they have too small a float and too little trading. It only makes sense for exchange to list assets that actually trade. We should turn our attention to understanding what assets will trade in open markets, and what assets won’t and will need to be handled with private arrangements. This will help us give better advice to issuers. In the public stock market, companies seem to need to have more than $200M in float and thousands of shareholders and a lot of disclosure. Without that, there are no good offers, and the price trades down, and it hurts the company. That is one reason why there are fewer small IPOs now, compared with 20 years ago. Crypto markets get active trading with smaller floats. And, even small issues can trade up. Why? We should figure that out. Maybe it is because the have more owners. Maybe it is because they share a lot of information with open source code and chains. When we figure this out, we can give good advice to issuers about where to place their assets. Their assets should go on exchanges when we are pretty sure that trading will help them. If we want liquidity, we want to find ways to batch deals up into tradable masses, and batch it into more intense trading windows.