BlockBeats News, June 19th, IOSG Founding Partner Jocy stated in a post that a Token is actually a form of debt, and projects should "only issue when absolutely necessary and delay issuance as much as possible."

According to internal observations at IOSG, during the 2024 to 2026 cycle, the median comprehensive listing cost borne by projects on leading exchanges is approximately $8 million, including structural costs such as a security deposit. This number may not apply to all projects, but it reveals an issue that was overshadowed by the previous bull market: issuing a token does not equate to exiting; many times, it merely accelerates the future liquidity pressure.

The valuation at which a project raises funds today determines what milestones need to be achieved in the next three years to support that valuation in the next market cycle. If these milestones cannot be met, the project should not seek funding.