Ran the numbers on $OPENs liquidity Alocation. the math raises a question the project has never addressed publicly.
The tokenomics document is specific. 5% of total supply 50 million OPEN allocated to liquidity and market operations. fully unlocked at TGE. purpose: exchange liquidity provisioning market making operations cross exchange accessibility, reducing slippage for retail buyers.
50 million OPEN at TGE price of approximately $1.17 per token equals roughly $58.5 million in liquidity capital at launch. sounds substantial. but divide it across the actual deployment.
binance. upbit. bithumb. kucoin. mexc. bingx. bitmart. kraken. eight exchanges. multiple trading pairs on each OPEN/USDT OPEN/USDC OPEN/BNB OPEN/FDUSD OPEN/TRY.
50 million OPEN across 8 exchanges and at least 1O trading pairs. even assuming perfect equal distribution thats roughly 6.25 million OPEN per exchange split further across multiple pairs. at TGE price thats approximately $7.3 million per exchange in liquidity.
$7.3 million per exchange sounds reasonable until you consider how market making actually works. effective market depth requires buy and sell side liquidity in the order book. the 50 million OPEN only covers one side the sell side. the market maker needs equivalent dollar value in USDT/USDC on the other side. that capital comes from somewhere. if it comes from the project the total liquidity capital requirement doubles. if it comes from external market makers what terms were negotiated?
50 million OPEN unlocked at TGE gets presented as exchange liquidity. but if 8 exchanges each need $7.3M on each side of the order book the actual market making requirement is $116M+ in total capital. the project raised $8M in seed funding.
the math on where the other $100M comes from is nowhere in the documentation.
published market maker agreement terms, actual order book depth across exchanges at any given timES whether the TRY and FDUSD pairs have meaningful liquidity or are nominal listings.