Forgd Academy, a token-launch advisory, writes that token loans to all market makers combined typically range from 0.25% to 2.5% of total supply, depending on FDV, initial circulating supply and listing strategy. Public examples include 1% of supply (Index Coop and Wintermute, 2021), 750,000 FORTH (Ampleforth, 2023), and 100,000 SSV split across at least two firms (ssv.network, 2024). Size the loan from the depth you need per venue, not from what the firm asks for.
Sizing from depth, not from a headline percentage
- Set depth targets per pair, e.g. USD 40,000 within ±2% of mid (TrueFi’s 2025 KPI).
- Multiply by venues and by the ask side, and add a buffer for volatility and rebalancing.
- Convert to tokens at a conservative price, then express it as a % of circulating and total supply.
- Compare with public examples and the 0.25%–2.5% range.
Watch the circulating-supply effect
A loan that is a small share of total supply can be a large share of circulating supply at launch. If the firm can sell loaned tokens to hedge, that matters for price. Ask what hedging is allowed and get reporting.
Tools: liquidity calculator, how much liquidity for a CEX listing.
Sources
- Forgd Academy: How are loan plus call option engagements typically structured?
- Index Coop governance: Market Making Proposal from Wintermute (2021)
- TrueFi forum: TFIP-25, Bastion Trading as additional MM for TRU (2025)
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
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