The two most chaotic tokens of the year are sending shockwaves through the movements that make up the move scandals of the blowup-movement labs and the collapse-crypto markets of OM of Mantra.
In both cases, rapid price accidents were detected in accidents, unlocked suspicious tokens, and alleged side agreements that blind the market participants, with OM not with more than 90% falling in late April to no obvious catalyst in late April.
Unlike traditional finance, where market manufacturers make systematic bids at regulated locations, crypto market manufacturers often work more like high-day trading desks.
They are not just referring to prices; They are interacting on pre-launch token allocation, accepting lockups, structuring liquidity for centralized exchanges, and sometimes taking equity or advisory bets.
The result is a marki place where liquidity provisions are entangled with private deals, tokens and often, internal formulas.
In late April, a Coindesk Exposé showed how some agitation lab officials collided with their own market maker to dump a step of $ 38 million in the open market.
Now, some firms are questioning whether they are very casual in trusting counterparts. How do you hedge a situation when token unlock schedule is opaque? What happens when the handshake DAO quietly overrides the proposals?
The market-making division of Hong Kong-based Metalfa told Coindesk in an interview, “Our view now includes more comprehensive initial discussion and academic sessions with project teams, so that they can ensure that they understand the market-forming mechanics well.”
“Our deal structures have developed to emphasize long -term strategic alignment on short -term performance metrics, including unethical behavior such as excessive token dumping and specific safety measures such as artificial trading volume,” said this.
Behind the curtain, the conversations are intense. The terms of the deal are being investigated more carefully. Some liquidity desk are reecting how they reduce token risk.
Other people are demanding strict transparency – or walking away from the Merky Projects.
The head of Metal 3 Ecosystem Max Sun said, “Projects no longer no accepts reputation at the inscribed price, even established players can exploit shadow allocation or engage in the practices of selling harmful tokens.” “The era of the prescribed trust has ended,” he claimed.
The token launch announcements and market-forming agreements have another layer of crypto finance under the polish surface-medium OTC market, where locked tokens quietly change the hands well, which collides with the public’s eyes before removing the rocks.
These under-table sauds, often hit between early backers, funds and syndicates, are now distorting the dynamics and scving value search of the supply, some traders say. And assigned the task of providing systematic liquidity for market makers, they are becoming a rapidly opaque and dangerous variable.
“The secondary OTC market has changed the dynamics of the industry,” said Min Jung, an analyst of Presto Research, which runs a market -making unit. “If you look at tokens with suspicious value action – such as $ layer, $ om, $ tricks, and others – they often do the most actively trading on the secondary OTC market.”
Jung said, “These off-market deals have been perfect and welding schedules have been distorted, and for liquid funds, the real challenge is to know that when the supply is actually being unlocked,” Jung said.
In a market where the price is fiction and the supply is interacted in the rear rooms, the real risk is not volatility for the traders – it is believing that the float is that whitepaper and founders say this is.
Read more: Movement laboratories secretly promised advisors in millions of tokens, leaked documents show
