Recommended reading: The loan+call option is currently the most common project partner&market maker cooperation model in web3, and I believe it is an unreasonable privilege for project partners. In most cases, when a project goes online, the project team's main concern is users and marketing, and the demand for transaction level is only for depth and beautiful market value. If the project team does not have professional financial futures knowledge, they will be very weak in cooperation, and they will not understand what the large loan and call option requirements of MM at the beginning of the opening mean for their currency price. As a result, MM can always receive large loan and very good call option terms. At the initial circulation, the tokens held by MM come from the foundation shares (or directly called Liquidity) in each project's whitepaper/token economics. If a project party provides MM with a large initial loan and users are also FOMO (mainly reflected in the size of the taker), then MM will take advantage of the situation to provide liquidity and exercise options at maturity to make a big profit. But if the retail investors of the token have a small entry scale, then MM will start to think about the large amount of loan in their hands: 1) Exercise version: Can the market value be maintained in the future to meet the exercise price, and then attract enough retail investors to enter the market at a high level for MM's exit liquidity (without operational cooperation, it is also very difficult, and in many cases MM choose the latter). ） 2) Non authorized version: Sell all the tokens directly at the current price, then slowly retrieve them with a maker at a low price, and finally return them intact to the project team. MM can still make a profit by selling high and buying low in the middle At the trading level, personally, I mainly identify short selling projects that have a high share of Liquidity in token economics but low participation from retail investors within one year of launch, and see if they can catch up with MM's sales in the future 🏂