《The Evolution of Token Listing Cycles: Yesterday's Wind Can't Fly Today's Kite》 (Author: @agintender) This article views the token listing path from 2017–2025 as an 'industry orthodontics' process, with the core being the transfer of asset pricing power: from early community-driven hype pricing, to exchanges reclaiming dominance through IEOs and Launchpools, to VC-driven high valuation and low liquidity structures causing distorted games, and finally entering an industrialized pricing phase centered around contracts and pre-market trading by 2025. Token listing fees have also evolved from 'toll fees' to ecosystem allocation and high liquidity costs, with the relationship between project teams and exchanges upgrading from traffic battles to financial engineering collaboration. The conclusion is that token listing is no longer a game of hype but a market-driven price discovery mechanism dominated by derivatives. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=57047