According to official documents released by Coinbase regarding the Monad ICO, this offering is the first case in which a major institution has fully disclosed the list of market makers, the amount of funds raised, and the execution period.

The document states that Monad issuer MF Services (BVI) Ltd. has signed token lending agreements with five market makers, including: 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).

The short-term agreement can be renewed monthly, and the third-party monitoring agency Coinwatch will be responsible for verifying the token usage and idle balance of the aforementioned market-making accounts.

In addition, MF Services plans to use up to 0.20% of the initial MON supply to provide initial liquidity support to some decentralized exchanges, in order to improve the tradability and market stability of the token in the early stages of its listing. This measure is included in the "Ecosystem Development" allocation and is a short-term liquidity injection, and it still bears the risk of DeFi market volatility.