Coinbase discloses complete market-making arrangements for the Monad ICO: Five institutions received a total of 160 million MON tokens in loans, and Coinwatch monitored token usage throughout the process.

According to official documents released by Coinbase regarding the Monad ICO, this issuance marks the first instance of a major institution fully disclosing its list of market makers, funding size, and execution period. The documents indicate that Monad issuer MF Services (BVI) Ltd. has signed token lending agreements with five market makers: CyantArb (50 million MON, 1 month), Auros (30 million MON, 1 month), Galaxy (30 million MON, 1 month), GSR (30 million MON, 1 month), and Wintermute (20 million MON, 1 year). These short-term agreements can be renewed monthly, and the third-party monitoring agency Coinwatch will be responsible for verifying the token usage and idle balances of the aforementioned market makers. Furthermore, MF Services plans to utilize up to 0.20% of the initial MON supply to provide initial liquidity support to some decentralized exchanges, thereby improving the token's tradability and market stability in the early stages of its listing. This measure is included in the "ecosystem development" allocation and is a short-term liquidity injection measure, which still carries the risk of DeFi market volatility.