A typical listing unfolds in four stages.

• First, preliminary due diligence — where the exchange assesses product maturity, legal posture, token structure, and anticipated liquidity.
• Second, active dialogue — positioning, signaling interest, and testing commercial expectations on both sides.
• Third, formal proposal and internal approvals — where commercial terms are structured and finalized.
• Fourth, operational alignment and launch — including market maker coordination, liquidity provisioning, marketing cadence, and go-live execution.

Each phase influences leverage. Preparation early in the process materially impacts outcomes at the end.