Market Making for Newly Listed Tokens
The first 90 days after listing decide whether your token is treated as a real asset or a wrapper. The panel you put in place, the KPIs you write, and the way you sequence venues are the inputs — not the launch tweet.
- Panel size
- 2–4 MMs across tier-1 and tier-2 venues
- Warm-up window
- First 14–30 days, lighter KPI band
- Headline KPI
- Time-weighted spread under target
- Model
- Working capital + performance bonus typical
Why one MM is rarely enough
A single MM can quote the inside but cannot replace a competitive panel. With two or more firms, spreads tighten organically and the issuer keeps real optionality at renewal.
The 90-day KPI ladder
Start with a warm-up band — wider spread, lower depth — and step the KPI matrix tighter over 30, 60, and 90 days. This protects the MM during initial volatility and protects the issuer from a permanently sloppy book.
What is a fair retainer for a new listing?
It depends on float, expected volatility, and panel scope. Most credible programmes for new listings sit in the USD 15k–60k/month range per MM, with a separate inventory or loan leg sized to the token's float.
Live decision on the table?
Panel design, term-sheet review, KPI matrix, or a venue rebate negotiation — direct partner time, no pitch deck.