Many projects start with one market maker per group of venues so accountability is clear, and add a second as volume grows or to cover different venues. Public DAO deals show both: Cryptex approved Wintermute and GSR together in 2021, and ssv.network’s 2024 proposal required at least two market makers for its 100,000 SSV loan. Two firms on the same pair need coordination to avoid gaps and conflicting inventory.
One vs two
| One market maker | Two or more | |
|---|---|---|
| Accountability | Clear | Split; needs venue or pair allocation |
| Concentration risk | High if the firm fails or exits | Lower |
| Cost | One negotiation | More total inventory or fees |
| Public example | TreasureDAO and Flowdesk (2022) | Cryptex: Wintermute + GSR (2021); ssv.network: 2+ (2024) |
How to split
Allocate venues (e.g. firm A on Binance and Bybit, firm B on mid-tier venues) or give each the same KPIs on shared pairs with separate sub-accounts so you can measure them.
More: how to choose a market maker, market maker profiles.
Sources
- Cryptex forum: CIP-5 Market Making Proposal (2021)
- ssv.network forum: DIP-20 market-making service agreements (2024)
- Treasure forum: TIP-21 Expanding market making partnership with Flowdesk (2022)
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
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