Synthetix founder Kain Warwick: During the ICO era, projects had to pay $50k to $300k per month to collaborate with mm to attract large investors and get listed on exchanges. Nowadays, mm strategies have evolved further—projects sell tokens at a discount to liquidity funds before the TGE and agree on market bidding, while handing over large amounts of tokens to exit-strategy market makers, who pump the price in a low-liquidity market before dumping them.