《IOSG: From Coinbase to Upbit: How a Token Completes Its 28-Day Journey of Liquidity》 (Authors: Xinyang & Ethan) The 2026 token listing landscape is forming a tiered structure: Coinbase/ByBit lead with initial listings, Binance Perps quickly validate, Binance Spot confirms and expands coverage, and Korean exchanges provide end-stage supplementation. The price discovery and liquidity transfer process is revealed through factors like initial vs. follow-up price gaps and peak ranges of 13–70%. In a bear market, listings lean more toward liquidity release rather than growth catalysts. Investors should focus on Coinbase + ByBit initial listings + stability, combined with Perps/Spot phase pullbacks and peak opportunities, to enhance decision-making certainty. Read the full article: https://www.(wublock123.com)/articles/article-59069