On March 26, Synthetix and Infinex founder Kain Warwick posted a message on social platforms, "In the ICO era, if the project party does not reach an agreement with multiple "market makers", it will be almost impossible to complete the financing, with a monthly cost of up to $50,000 to $300,000. Today, these market making agreements have evolved into an option structure. Some market makers manipulate the market through low float model, shorting at the highest point of TGE and covering at the bottom, and once again pulling out after-sales exercise and smashing the market. This arbitrage strategy is further fueled by the low circulation model of SBF. Recently, the new way of playing is that the project party will sell tokens to liquidity funds at a discounted price before TGE, and guide market makers to sell directly after the low liquidity pulls up. DWF Labs once operated Synthetix through similar techniques, first buying coins from the Treasury to pull the market, and then smashing the market to cash out.