Woofun AI reports that IOSG Founding Partner Jocy characterizes tokens as a form of debt, advising projects to 'only issue when absolutely necessary and delay issuance as much as possible.' Internal observations at IOSG indicate that during the 2024 to 2026 cycle, the median comprehensive listing cost for projects on leading exchanges is approximately $8 million, including structural costs such as security deposits.

This financial burden reveals a critical dynamic often overshadowed by previous bull markets: issuing a token does not equate to exiting but may accelerate future liquidity pressure. Jocy emphasizes that current fundraising valuations dictate the milestones required over the next three years to sustain those valuations in subsequent cycles. If these targets cannot be met, projects should refrain from seeking funding.