Public DAO governance proposals show that market-making deals for established tokens have usually been token loans rather than cash retainers: for example, 1% of supply for one year (Index Coop and Wintermute, 2021), 1,250,000 SDT in monthly tranches (Stake DAO and GSR, 2022), 3,000,000 SYN for 12 months with call options (Synapse and Amber), 750,000 FORTH for 12 months (Ampleforth and Wintermute, 2023), and 9,000,000 TRU for 24 months with call options at 5% and 15% premiums plus KPIs of a 30 bps spread, USDT 40,000 depth per 2%, and 95% uptime (TrueFi and Bastion Trading, 2025). These are proposals as published; final signed terms may differ.
Key takeaways
- Public deals cluster around 12–24 month token loans, often with a stablecoin repayment option or call options.
- Only some proposals state KPIs; the 2025 TrueFi proposal is the most specific (30 bps, $40k per 2%, 95% uptime).
- Strike premiums in the TrueFi proposal were 5% and 15% above the reference spot price.
- Use these as benchmarks, not price lists: token size, venues, and market conditions differ.
- Download the data: CSV (CC BY 4.0).
The five proposals side by side
| Date | Project (token) | Market maker | Loan | Term | Repayment / options | KPIs stated |
|---|---|---|---|---|---|---|
| Aug 2021 | Index Coop (INDEX) | Wintermute | 100,000 INDEX (1% of supply) | 1 year | Return INDEX, or a fixed USD amount ($5M if listed on a tier 1 CeFi exchange with the firm’s aid, otherwise $7.5M, as written) | Not in summary |
| Jun 2022 | Stake DAO (SDT) | GSR | 1,250,000 SDT, 250,000 per month over 6 months | 1+ year of support | Return tokens, or USDT at the price around the agreement date plus a premium | Firm funds the other side with its own capital |
| n/a | Synapse (SYN) | Amber | 3,000,000 SYN | 12 months | Call options allowing partial return in stablecoins | Not in summary |
| May 2023 | Ampleforth (FORTH) | Wintermute | 750,000 FORTH | 12 months | See proposal | Not in summary |
| May 2025 | TrueFi (TRU) | Bastion Trading | 9,000,000 TRU | 24 months | Options on 55% of loan at +5% and 35% at +15% to reference spot | 30 bps spread, USDT 40,000 depth per 2%, 95% uptime |
Summarised from each original post (linked in Sources). Download as CSV.
What the data says
- Token loans dominate published deals. DAOs often hold more tokens than stablecoins, and a loan needs a governance vote, so loans are what gets published. Retainers are common too, but rarely public.
- Terms are 12–24 months. That matches the long tenors described by advisory sources and gives the firm time to hedge and earn spread.
- Repayment flexibility belongs to the market maker. Several structures let the firm return tokens or pay a fixed amount, which is economically a call option. Price the option before you sign; use our cost calculator.
- Specific KPIs are the exception. Only the 2025 proposal publishes spread, depth, and uptime numbers. Insist on them; see the agreement checklist.
- Strike premiums can be low. Premiums of 5% and 15% above the reference spot price transfer most of the upside to the firm if the token rises. Higher, tranche-based strikes cost the project less.
How to use these benchmarks
- Express any loan offer as a percentage of circulating and total supply, and compare with the public examples.
- Ask for KPIs at least as specific as the 2025 example.
- Model the option cost at three prices with the calculator.
- Compare against a retainer quote and a profit-share or LP-side structure for the same scope.
Frequently asked questions
How big are market-maker token loans in practice?
In the public proposals we reviewed, loans ranged from 1% of supply (Index Coop) to fixed amounts such as 750,000 FORTH, 3,000,000 SYN, and 9,000,000 TRU. Forgd Academy, a token-launch advisory, writes that token loans to all market makers can range from 0.25% to 2.50% of total token supply.
What KPIs do real market-making deals include?
The 2025 TrueFi proposal is a clear public example: a 30 basis point on-touch spread, minimum depth of USDT 40,000 per 2% from mid across all venues, and 95% uptime 24/365, on Binance, Bybit swaps and Kraken. See market maker KPIs.
Do market makers charge a fee as well as a loan?
Among the five proposals here, none we read states a monthly cash fee in its summary; compensation comes through the loan structure. Retainer deals exist but are rarely published, because they do not need a token-holder vote.
Were these proposals approved?
We link to the original proposals and did not verify every vote outcome or final contract. Treat them as published proposed terms.
Sources
- Index Coop governance: Market Making Proposal from Wintermute Trading (2021)
- Stake DAO governance: GSR Market Making Proposal (2022)
- Synapse forum: [SIP-9] SYN Token Loan for Market Making
- Ampleforth forum: FORTH Wintermute Liquidity Provision Partnership (2023)
- TrueFi forum: [TFIP-25] Bastion Trading as additional MM for TRU token (2025)
- Forgd Academy: How are loan plus call option engagements typically structured?
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.