做市商是新加密項目的“幫助者”，但“貸款期權模型”被濫用

在過去的一年中，加密貨幣行業的主要市場一直呆滯，其中一些已經恢復了自由時代。

The past year has seen the primary market of the crypto industry become sluggish, and some of it has returned to the pre-liberation era. In the "bear market", various human nature and "decentralized" regulatory loopholes have been exposed. In the industry, market makers should be the "helpers" of new projects, helping projects to gain a foothold by providing liquidity and stabilizing prices. However, there is a kind of cooperation method called "loan option model" that can be generally happy in the bull market, but it is being abused by some unscrupulous actors in the bear market, quietly harming small crypto projects, causing trust collapse and market chaos.

在過去的一年中，加密貨幣行業的主要市場變得遲鈍，其中一些又回到了自由時代。在“熊市”中，已經暴露了各種人性和“分散”監管漏洞。在行業中，做市商應該是新項目的“幫助者”，並通過提供流動性和穩定價格來幫助項目獲得立足點。但是，有一種稱為“貸款期權模型”的合作方法，通常在牛市上可能很高興，但是熊市中的一些不道德的演員濫用了這種合作，卻悄悄地損害了小型加密項目，從而導致信任崩潰和市場混亂。

Traditional financial markets have also encountered similar problems, but they have minimized the damage by relying on mature supervision and transparent mechanisms. Personally, I think the crypto industry can learn something from traditional finance to solve these chaos and create a relatively fair ecosystem. This article will talk in depth about the operation of the loan option model, how it digs holes for projects, the comparison with the traditional market, and the current situation.

傳統的金融市場也遇到了類似的問題，但是它們通過依靠成熟的監督和透明機制來最大程度地減少了損害。就個人而言，我認為加密貨幣行業可以從傳統金融中學到一些東西來解決這些混亂並創造一個相對公平的生態系統。本文將深入討論貸款期權模型的運營，如何挖掘項目漏洞，與傳統市場的比較以及當前情況。

1. Loan option model: sounds good, but there are pitfalls

1。貸款選項模型：聽起來不錯，但是有陷阱

In the crypto market, the task of market makers is to ensure that there is enough trading volume in the market by frequently buying and selling tokens, and that prices do not fluctuate greatly because no one is buying or selling. For projects that are just starting out, it is almost necessary to find a market maker to cooperate with - otherwise it is difficult to go on the exchange and attract investors. The "loan option model" is a common way of cooperation: the project party lends a large number of tokens to the market maker, usually for free or at a very low cost; the market maker takes these tokens to the exchange to "make a market" to maintain an active market. There is often an option clause in the contract that allows the market maker to return the tokens at a certain price at a certain point in the future, or simply buy them, but they can choose not to do so.

在加密市場中，做市商的任務是通過經常買賣代幣來確保市場上有足夠的交易量，而且價格不會大大波動，因為沒有人買或出售。對於剛剛起步的項目，幾乎有必要找到一個做市商可以合作的項目 - 否則，很難進行交流並吸引投資者。 “貸款期權模型”是一種常見的合作方式：項目黨通常免費或以非常低的成本向市銷商提供大量令牌；做市商將這些代幣帶到交換中，以“建立市場”以維持一個積極的市場。合同中通常會有一個選項條款，使做市商可以在將來的某個時刻以一定的價格返回令牌，或者只是購買它們，但他們可以選擇不這樣做。

It sounds like a win-win deal: the project gets market support, and the market maker earns some transaction spread or service fees. But the problem lies in the "flexibility" of the option terms and the opacity of the contract. The information asymmetry between the project and the market maker gives some dishonest market makers the opportunity to exploit loopholes. They use the borrowed tokens not to help the project, but to mess up the market and put their own profits first.

這聽起來像是雙贏的交易：該項目獲得了市場支持，做市商可以獲得一些交易的價差或服務費。但是問題在於期權條款的“靈活性”和合同的不透明性。該項目與做市商之間的信息不對稱使一些不誠實的做市商有機會利用漏洞。他們使用借用的代幣並不幫助項目，而是將自己的利潤弄亂。

2. Predatory Behavior: How Projects Are Scammed

2。掠奪性行為：如何欺騙項目

If the loan option model is abused, it can really harm the project. The most common method is "dumping": market makers dump borrowed tokens into the market, and the price is instantly depressed. Retail investors see that something is wrong and sell them, and the market is completely panicked. Market makers can profit from this, for example, by "shorting" - first selling tokens at a high price, and then buying them back at a low price when the price collapses and returning them to the project party. The difference is their profit. Or, they use option terms to "return" tokens at the lowest price, at an absurdly low cost.

如果濫用貸款期權模型，它確實會損害項目。最常見的方法是“傾銷”：做市商將藉入令牌借入市場，價格立即降低。散戶投資者認為有什麼問題並出售它們，市場完全驚慌失措。做市商可以從中獲利，例如“短路” - 首先以高價出售令牌，然後在價格崩潰並將其返回項目聚會時以低價購買。區別在於他們的利潤。或者，他們使用選項術語以最低的價格“返回”令牌，價格低廉。

This operation is devastating to small projects. We have also seen many cases where the price of tokens was cut in half within a few days, the market value evaporated directly, and the project had basically no chance of raising funds again. What's worse is that the lifeblood of crypto projects is community trust. Once the price collapses, investors either think the project is a "scam" or completely lose confidence, and the community will be dispersed. Exchanges have requirements for the trading volume and price stability of tokens. A sharp drop in prices may directly lead to delisting, and the project will basically be "cooled down."

這項操作對小型項目造成了毀滅性。我們還看到許多情況下，代幣的價格在幾天之內將其降低了一半，市場價值直接蒸發，並且該項目基本上沒有機會再次籌集資金。更糟糕的是，加密項目的命脈是社區信任。一旦價格崩潰，投資者要么認為該項目是一個“騙局”，要么完全失去信心，社區將被散佈。交易所對代幣的交易量和價格穩定性有要求。價格急劇下跌可能會直接導致脫穎而出，並且該項目基本上將“冷靜下來”。

To make matters worse, these cooperation agreements are often hidden behind non-disclosure agreements (NDAs), and outsiders cannot see the details. Most of the project teams are newbies with technical backgrounds, and their awareness of financial markets and contract risks is still weak. Faced with experienced market makers, they are completely led by the nose and have no idea what "pitfall" they have signed. This information asymmetry makes small projects the "fat meat" of predatory behavior.

更糟糕的是，這些合作協議通常被隱藏在不披露協議（NDA）之後，而局外人看不到細節。大多數項目團隊都是具有技術背景的新手，他們對金融市場的認識和合同風險仍然很弱。面對經驗豐富的做市商，他們完全由鼻子領導，不知道他們簽署了什麼“陷阱”。這些信息不對稱使小項目成為掠奪性行為的“脂肪肉”。

3. Other pitfalls

3。其他陷阱

In addition, we have also come across many cases reported by customers. In addition to the pitfalls of the "loan option model" by selling borrowed tokens to suppress prices and abusing option terms to settle at low prices, the market makers in the crypto market also have a lot of other tricks to specifically harm inexperienced small projects. For example, they will engage in "wash sales", using their own accounts or "vests" to buy and sell each other, brushing out false trading volume, making the project look very popular and attract retail investors to enter the market, but once they stop, the trading volume will immediately return to zero, the price will collapse, and the project may even be kicked out by the exchange.

此外，我們還遇到了許多客戶報告的情況。除了出售借用的代幣以壓制價格和濫用期權條款以低價定居的“貸款期權模型”的陷阱外，加密貨幣市場中的做市商還具有許多其他技巧來特別損害沒有疾病的小型項目。例如，他們將使用自己的帳戶或“背心”進行“洗滌銷售”，互相買賣，刷掉虛假的交易量，使項目看起來非常流行，並吸引零售投資者進入市場，但是一旦停止，交易量將立即返回零，價格將崩潰，甚至可能會被交易所踢出。

There are often "invisible knives"

經常有“無形的刀”