During preliminary due diligence, exchanges evaluate whether the project is structurally ready for public markets.

This typically includes review of product maturity, tokenomics design, circulating supply dynamics, fundraising history, legal posture, traction metrics, and anticipated liquidity support. Exchanges are assessing not just narrative strength, but market readiness and risk profile.

Clarity, internal alignment, and defensible data materially improve outcomes at this stage. Ambiguity weakens leverage later in the process.