MarsBit has published a deep-dive analysis titled "Who Discovers, Who Holds the Bag? Deconstructing the Full Path of CEX Listings in 2026," focusing on the entire lifecycle of a token listing on centralized exchanges (CEX) this year. The article starts from the early-stage discovery of projects and maps out the roles and profit dynamics of project teams, market makers, exchanges, and investors, probing the critical industry questions: who uncovers value and who ends up holding the bag.
The analysis offers a reference point for understanding CEX listing mechanisms and draws attention to post-listing price performance and token distribution. With multi-party collaboration and complex screening criteria, transparency and compliance are becoming focal points in the ongoing evolution of the exchange listing path.