Odaily星球日报讯 Synthetix 与 Infinex 创始人 Kain Warwick 在 X 平台发文揭露做市商操纵市场手法，他表示，在 IC0 时代项目方若未与多个“做市商”达成协议，几乎无法完成融资，月成本高达 5 万至 30 万美元。如今，这些做市协议已演变为期权结构，部分做市商通过低流通量（low float）模式操纵市场，在 TGE 最高点做空、底部回补，再次拉盘后行权砸盘，SBF 此前采用低流通量模式进一步助长了这种套利策略。 近期，新的玩法是项目方在 TGE 之前以折扣价向流动性基金出售代币，并指引做市商在低流通量拉盘后直接抛售。DWF Labs 曾通过类似手法操作 Synthetix，先从国库购币拉盘，随后砸盘套现。项目方有很多种方式可以从代币购买者身上榨取价值。如果看到一大笔代币被转给“做市商”，要格外警惕，他们很可能只是把你当作退出流动性（exit liquidity）。”

Odaily星球日报讯 Synthetix 与 Infinex 创始人 Kain Warwick 在 X 平台发文揭露做市商操纵市场手法，他表示，在 IC0 时代项目方若未与多个“做市商”达成协议，几乎无法完成融资，月成本高达 5 万至 30 万美元。如今，这些做市协议已演变为期权结构，部分做市商通过低流通量（low float）模式操纵市场，在 TGE 最高点做空、底部回补，再次拉盘后行权砸盘，SBF 此前采用低流通量模式进一步助长了这种套利策略。近期，新的玩法是项目方在 TGE 之前以折扣价向流动性基金出售代币，并指引做市商在低流通量拉盘后直接抛售。DWF Labs 曾通过类似手法操作 Synthetix，先从国库购币拉盘，随后砸盘套现。项目方有很多种方式可以从代币购买者身上榨取价值。如果看到一大笔代币被转给“做市商”，要格外警惕，他们很可能只是把你当作退出流动性（exit liquidity）。”

Synthetix创始人：部分做市商通过低流通量模式和期权结构等方式获利

<Odaily> Planet News: Synthetix and Infinex founder Kain Warwick revealed market maker manipulation tactics on X platform, stating that during the ICO era, projects could hardly complete financing without agreements with multiple "market makers", with monthly costs ranging from $50,000 to $300,000. Now, these market-making agreements have evolved into option structures, with some market makers manipulating the market through low float models, shorting at TGE peaks, covering at bottoms, and then exercising options to dump after a price pump. SBF previously further encouraged such arbitrage strategies through low float models. Recently, a new tactic involves project teams selling tokens at a discount to liquidity funds before TGE and guiding market makers to directly sell after pumping in low float conditions. DWF Labs previously operated similarly with Synthetix, buying from the treasury to pump prices and then dumping. Project teams have multiple ways to extract value from token buyers. If a large token transfer is seen to a "market maker", one should be extremely cautious, as they are likely just using you as exit liquidity.

<Odaily> Planet Daily News: Synthetix and Infinex founder Kain Warwick revealed market maker manipulation tactics on X platform, stating that during the ICO era, projects could hardly complete financing without agreements with multiple "market makers", with monthly costs ranging from $50,000 to $300,000. Now, these market-making agreements have evolved into option structures, with some market makers manipulating the market through low float models, shorting at TGE peaks, covering at bottoms, and then exercising options to dump after a price pump. SBF previously further encouraged this arbitrage strategy through low float models. Recently, a new tactic involves project teams selling tokens at a discount to liquidity funds before TGE and guiding market makers to directly sell after pumping in low liquidity. DWF Labs previously operated similarly with Synthetix, first buying from the treasury to pump prices and then dumping for cash. Project teams have many ways to extract value from token buyers. If you see a large token transfer to a "market maker", be extremely cautious, as they likely see you as exit liquidity.

Synthetix founder: Some market makers profit through low liquidity models and option structures

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