CEX

Over the past five years, major CEX listings have evolved from single-exchange announcements into multi-exchange cascades; Bybit acts most like early discovery, Binance has the most product events, OKX accelerated in 2025-2026, and Coinbase/Upbit are more selective confirmation signals.

过去 5 年，主流 CEX 上币从单一交易所公告演化为多交易所级联；Bybit 更像早期发现层，Binance 事件最多，OKX 在 2025-2026 提速，Coinbase 和 Upbit 更偏确认信号。

MarsCoin（BSC 合约 0xFe189E97832DA1573e4e4Ff034F4fFC3a15c7777）在 Binance Alpha 上线后 24 小时内暴涨约 904%，DEX 成交约 $48.5M 但流动性仅约 $1.38M。本报告拆解其 Flap/SPCXB 奖励机制、链上筹码分布、同名仿盘混淆风险，以及事件退潮后的情景框架。

Backed Coinbase Global is treated as a DeFi infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.

Coinbase Tokenized Stock Defichain is treated as a DeFi infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.

Coinbase xStock is treated as a DeFi infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.

Delta Exchange is treated as a yield infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.

ExchangeCoin is treated as a DeFi infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.