The evolution of token listing from 2017 to 2025 marks a significant shift in asset pricing dynamics. Initially driven by community hype, the power gradually shifted to exchanges through mechanisms like IEOs and Launchpools. This was followed by a phase where venture capitalists influenced pricing with high valuations and low liquidity structures, leading to distorted market dynamics. By 2025, the industry has transitioned to an industrialized pricing model centered around contracts and pre-market trading. Token listing fees have evolved from mere 'toll fees' to complex financial engineering involving ecosystem distribution and high liquidity costs. The relationship between project teams and exchanges has matured from traffic-driven interactions to sophisticated financial collaborations. The conclusion is clear: token listing is no longer about generating noise but is now a market-driven price discovery process dominated by derivatives.