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To run one well, you need a defined scope, reward tiers tied to the funds at risk, a funded payout pool, a written safe-harbour and disclosure policy, and a triage runbook your team has rehearsed. This checklist covers each stage in order, including the part most security guides skip: what a disclosed or exploited bug does to your token's liquidity, and who you need to call.",{"type":30,"tag":38,"props":39,"children":41},"h2",{"id":40},"bounties-complement-audits-they-do-not-replace-them",[42],{"type":35,"value":43},"Bounties Complement Audits, They Do Not Replace Them",{"type":30,"tag":31,"props":45,"children":46},{},[47],{"type":35,"value":48},"An audit is a time-boxed review by a chosen team of a fixed code snapshot. A bounty is open-ended, crowd-sourced and continuous. The audit asks whether the code you are about to ship has known classes of flaws. 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They need to know whether to keep quoting, reduce size or step back, and whether inventory on affected contracts is at risk.",{"type":30,"tag":76,"props":858,"children":860},{"className":859},[79],[861,864,866,871],{"type":30,"tag":82,"props":862,"children":863},{"disabled":84,"type":85},[],{"type":35,"value":865}," Identify ",{"type":30,"tag":90,"props":867,"children":868},{},[869],{"type":35,"value":870},"liquidity pools and lending markets",{"type":35,"value":872}," that hold your token and notify their operators if the issue touches them.",{"type":30,"tag":76,"props":874,"children":876},{"className":875},[79],[877,880],{"type":30,"tag":82,"props":878,"children":879},{"disabled":84,"type":85},[],{"type":35,"value":881}," Decide in advance whether the treasury will ever support the price during an incident.",{"type":30,"tag":76,"props":883,"children":885},{"className":884},[79],[886,889],{"type":30,"tag":82,"props":887,"children":888},{"disabled":84,"type":85},[],{"type":35,"value":890}," Watch spreads, depth and pool withdrawals in the days after the event, not only during it.",{"type":30,"tag":38,"props":892,"children":894},{"id":893},"phase-9-post-fix-disclosure-and-communication",[895],{"type":35,"value":896},"Phase 9: Post-Fix Disclosure and Communication",{"type":30,"tag":70,"props":898,"children":900},{"className":899},[73],[901,917,926,942],{"type":30,"tag":76,"props":902,"children":904},{"className":903},[79],[905,908,910,915],{"type":30,"tag":82,"props":906,"children":907},{"disabled":84,"type":85},[],{"type":35,"value":909}," Publish a ",{"type":30,"tag":90,"props":911,"children":912},{},[913],{"type":35,"value":914},"post-mortem",{"type":35,"value":916}," after the fix: what happened, impact, timeline, the fix and what changes next. Hold back details that help copycat attacks on forks or sibling deployments that have not yet patched.",{"type":30,"tag":76,"props":918,"children":920},{"className":919},[79],[921,924],{"type":30,"tag":82,"props":922,"children":923},{"disabled":84,"type":85},[],{"type":35,"value":925}," Credit the researcher where they consent. It builds the reputation your program depends on.",{"type":30,"tag":76,"props":927,"children":929},{"className":928},[79],[930,933,935,940],{"type":30,"tag":82,"props":931,"children":932},{"disabled":84,"type":85},[],{"type":35,"value":934}," Communicate through ",{"type":30,"tag":90,"props":936,"children":937},{},[938],{"type":35,"value":939},"official channels only",{"type":35,"value":941},", with one canonical statement, and warn users about scams that follow security news.",{"type":30,"tag":76,"props":943,"children":945},{"className":944},[79],[946,949,951,956],{"type":30,"tag":82,"props":947,"children":948},{"disabled":84,"type":85},[],{"type":35,"value":950}," Tell exchanges and your market maker when it is safe to ",{"type":30,"tag":90,"props":952,"children":953},{},[954],{"type":35,"value":955},"resume normal operations",{"type":35,"value":957},", and confirm books and pools are healthy.",{"type":30,"tag":38,"props":959,"children":961},{"id":960},"phase-10-ongoing-maintenance",[962],{"type":35,"value":963},"Phase 10: Ongoing Maintenance",{"type":30,"tag":70,"props":965,"children":967},{"className":966},[73],[968,983,999,1015],{"type":30,"tag":76,"props":969,"children":971},{"className":970},[79],[972,975,976,981],{"type":30,"tag":82,"props":973,"children":974},{"disabled":84,"type":85},[],{"type":35,"value":176},{"type":30,"tag":90,"props":977,"children":978},{},[979],{"type":35,"value":980},"Update scope",{"type":35,"value":982}," whenever you upgrade a contract, deploy to a new chain or add an integration.",{"type":30,"tag":76,"props":984,"children":986},{"className":985},[79],[987,990,992,997],{"type":30,"tag":82,"props":988,"children":989},{"disabled":84,"type":85},[],{"type":35,"value":991}," Re-audit material upgrades ",{"type":30,"tag":90,"props":993,"children":994},{},[995],{"type":35,"value":996},"before",{"type":35,"value":998}," they go live and enter bounty scope.",{"type":30,"tag":76,"props":1000,"children":1002},{"className":1001},[79],[1003,1006,1008,1013],{"type":30,"tag":82,"props":1004,"children":1005},{"disabled":84,"type":85},[],{"type":35,"value":1007}," Revisit ",{"type":30,"tag":90,"props":1009,"children":1010},{},[1011],{"type":35,"value":1012},"reward levels",{"type":35,"value":1014}," as funds at risk grow or shrink, and top up the pool on a schedule.",{"type":30,"tag":76,"props":1016,"children":1018},{"className":1017},[79],[1019,1022,1024,1029],{"type":30,"tag":82,"props":1020,"children":1021},{"disabled":84,"type":85},[],{"type":35,"value":1023}," Run a ",{"type":30,"tag":90,"props":1025,"children":1026},{},[1027],{"type":35,"value":1028},"tabletop drill",{"type":35,"value":1030}," periodically, including the exchange and market maker calls.",{"type":30,"tag":38,"props":1032,"children":1034},{"id":1033},"common-mistakes",[1035],{"type":35,"value":1036},"Common Mistakes",{"type":30,"tag":1038,"props":1039,"children":1040},"ol",{},[1041,1051,1061,1071,1081],{"type":30,"tag":76,"props":1042,"children":1043},{},[1044,1049],{"type":30,"tag":90,"props":1045,"children":1046},{},[1047],{"type":35,"value":1048},"A bounty instead of an audit.",{"type":35,"value":1050}," It is the second line of defence, not the first.",{"type":30,"tag":76,"props":1052,"children":1053},{},[1054,1059],{"type":30,"tag":90,"props":1055,"children":1056},{},[1057],{"type":35,"value":1058},"Rewards small next to funds at risk.",{"type":35,"value":1060}," Exploiting becomes more attractive than reporting.",{"type":30,"tag":76,"props":1062,"children":1063},{},[1064,1069],{"type":30,"tag":90,"props":1065,"children":1066},{},[1067],{"type":35,"value":1068},"No safe harbour.",{"type":35,"value":1070}," Good-faith researchers walk away; bad-faith ones do not.",{"type":30,"tag":76,"props":1072,"children":1073},{},[1074,1079],{"type":30,"tag":90,"props":1075,"children":1076},{},[1077],{"type":35,"value":1078},"Slow or silent triage.",{"type":35,"value":1080}," Ignored researchers disclose publicly.",{"type":30,"tag":76,"props":1082,"children":1083},{},[1084,1089],{"type":30,"tag":90,"props":1085,"children":1086},{},[1087],{"type":35,"value":1088},"Stale scope after upgrades.",{"type":35,"value":1090}," The newest code is often the least reviewed.",{"type":30,"tag":38,"props":1092,"children":1094},{"id":1093},"security-is-a-liquidity-question",[1095],{"type":35,"value":1096},"Security Is a Liquidity Question",{"type":30,"tag":31,"props":1098,"children":1099},{},[1100,1102,1108],{"type":35,"value":1101},"Liquidity providers, exchanges and market makers all price in the chance that a contract fails. A visible, funded, well-run bounty program lowers that risk premium and gives you a rehearsed way to respond when something does surface. Fibonacci Capital works with token teams on market making and liquidity, and stable order books depend on exactly this kind of preparation. If you want to talk through how a security incident would affect your market, ",{"type":30,"tag":55,"props":1103,"children":1105},{"href":1104},"/",[1106],{"type":35,"value":1107},"get in touch",{"type":35,"value":62},{"title":7,"searchDepth":1110,"depth":1110,"links":1111},2,[1112,1113,1114,1115,1116,1117,1118,1119,1120,1121,1122,1123,1124],{"id":40,"depth":1110,"text":43},{"id":65,"depth":1110,"text":68},{"id":155,"depth":1110,"text":158},{"id":259,"depth":1110,"text":262},{"id":445,"depth":1110,"text":448},{"id":509,"depth":1110,"text":512},{"id":584,"depth":1110,"text":587},{"id":680,"depth":1110,"text":683},{"id":812,"depth":1110,"text":815},{"id":893,"depth":1110,"text":896},{"id":960,"depth":1110,"text":963},{"id":1033,"depth":1110,"text":1036},{"id":1093,"depth":1110,"text":1096},"markdown","content:blog:bug-bounty-program-checklist-token-projects.md","content","blog/bug-bounty-program-checklist-token-projects.md","blog/bug-bounty-program-checklist-token-projects","md",[1132,2037,2815],{"_path":1133,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1134,"description":1135,"date":1136,"author":11,"category":12,"tags":1137,"keywords":1142,"image":1148,"readTime":1149,"body":1150,"_type":1125,"_id":2034,"_source":1127,"_file":2035,"_stem":2036,"_extension":1130},"/blog/best-dex-to-launch-a-token","Best DEX to Launch a Token: 8 Options Compared by Chain and Use Case","The best DEX to launch a token depends on your chain, pool design and liquidity plan. Compare 8 leading DEXs with clear criteria and a pick-by-situation guide.","2026-10-25",[1138,1139,1140,1141],"dex","token launch","liquidity pools","defi",[1143,1144,1145,1146,1147],"best dex to launch a token","best dex for new tokens","where to launch a token","dex token launch","which dex to list token on","/assets/images/blog/best-dex-to-launch-a-token.jpg","9 min read",{"type":27,"children":1151,"toc":2019},[1152,1157,1163,1168,1231,1236,1242,1247,1257,1275,1281,1286,1295,1304,1310,1315,1324,1333,1339,1344,1353,1362,1368,1373,1382,1391,1397,1402,1411,1420,1426,1438,1447,1456,1462,1467,1476,1485,1491,1746,1752,1861,1866,1914,1920,1996,2002,2007],{"type":30,"tag":31,"props":1153,"children":1154},{},[1155],{"type":35,"value":1156},"The best DEX to launch a token is usually the deepest, most widely integrated exchange on the chain your users already use: Uniswap on Ethereum and many EVM layer 2s, PancakeSwap on BNB Chain, Raydium or Meteora on Solana, and Aerodrome on Base. Chain choice comes first, because a DEX cannot bring you users who are not on its chain. After that, the decision turns on pool design (full-range or concentrated liquidity), launch mechanics (plain pool, bonding curve or liquidity bootstrapping), aggregator coverage and how much active management your team can handle. This list sets out the criteria first, then covers eight DEXs and closes with a pick-by-situation table.",{"type":30,"tag":38,"props":1158,"children":1160},{"id":1159},"selection-criteria",[1161],{"type":35,"value":1162},"Selection Criteria",{"type":30,"tag":31,"props":1164,"children":1165},{},[1166],{"type":35,"value":1167},"We assessed each DEX on criteria that matter to a token team on launch day, not to a trader looking for yield:",{"type":30,"tag":1038,"props":1169,"children":1170},{},[1171,1181,1191,1201,1211,1221],{"type":30,"tag":76,"props":1172,"children":1173},{},[1174,1179],{"type":30,"tag":90,"props":1175,"children":1176},{},[1177],{"type":35,"value":1178},"Ecosystem depth on its chain.",{"type":35,"value":1180}," Is it where most volume and liquidity on that chain already sits?",{"type":30,"tag":76,"props":1182,"children":1183},{},[1184,1189],{"type":30,"tag":90,"props":1185,"children":1186},{},[1187],{"type":35,"value":1188},"Aggregator and wallet routing.",{"type":35,"value":1190}," Will major aggregators and wallets route trades to your pool without extra work?",{"type":30,"tag":76,"props":1192,"children":1193},{},[1194,1199],{"type":30,"tag":90,"props":1195,"children":1196},{},[1197],{"type":35,"value":1198},"Pool design options.",{"type":35,"value":1200}," Full-range constant product, concentrated liquidity, weighted pools, or launch-specific mechanisms.",{"type":30,"tag":76,"props":1202,"children":1203},{},[1204,1209],{"type":30,"tag":90,"props":1205,"children":1206},{},[1207],{"type":35,"value":1208},"Launch tooling.",{"type":35,"value":1210}," Native support for bonding curves, liquidity bootstrapping or fair-launch mechanics.",{"type":30,"tag":76,"props":1212,"children":1213},{},[1214,1219],{"type":30,"tag":90,"props":1215,"children":1216},{},[1217],{"type":35,"value":1218},"Management burden.",{"type":35,"value":1220}," How much ongoing rebalancing the pool type demands.",{"type":30,"tag":76,"props":1222,"children":1223},{},[1224,1229],{"type":30,"tag":90,"props":1225,"children":1226},{},[1227],{"type":35,"value":1228},"Incentive ecosystem.",{"type":35,"value":1230}," Whether the DEX has a gauge, vote or rewards system that can attract external liquidity.",{"type":30,"tag":31,"props":1232,"children":1233},{},[1234],{"type":35,"value":1235},"We do not rank by fees or volume figures, because both change constantly. Check current figures on the DEX and a data aggregator before deciding. The list is ordered by chain, not by quality.",{"type":30,"tag":38,"props":1237,"children":1239},{"id":1238},"_1-uniswap-ethereum-and-evm-layer-2s",[1240],{"type":35,"value":1241},"1. Uniswap (Ethereum and EVM layer 2s)",{"type":30,"tag":31,"props":1243,"children":1244},{},[1245],{"type":35,"value":1246},"Uniswap is the default venue for new ERC-20 tokens on Ethereum and is deployed on many layer 2 networks. Its main strengths are near-universal integration with wallets and aggregators and a choice of pool versions: full-range pools, concentrated liquidity with several fee tiers, and v4 pools that support custom hooks.",{"type":30,"tag":31,"props":1248,"children":1249},{},[1250,1255],{"type":30,"tag":90,"props":1251,"children":1252},{},[1253],{"type":35,"value":1254},"Best for:",{"type":35,"value":1256}," Ethereum-native projects and teams that want the widest routing coverage.",{"type":30,"tag":31,"props":1258,"children":1259},{},[1260,1265,1267,1273],{"type":30,"tag":90,"props":1261,"children":1262},{},[1263],{"type":35,"value":1264},"Watch out for:",{"type":35,"value":1266}," Concentrated liquidity ranges set too narrow at launch, which can leave the pool out of range after a large move. We cover the failure modes in ",{"type":30,"tag":55,"props":1268,"children":1270},{"href":1269},"/blog/concentrated-liquidity-token-launch-mistakes",[1271],{"type":35,"value":1272},"concentrated liquidity token launch mistakes",{"type":35,"value":1274},". Mainnet gas also makes small pool adjustments costly.",{"type":30,"tag":38,"props":1276,"children":1278},{"id":1277},"_2-pancakeswap-bnb-chain-and-others",[1279],{"type":35,"value":1280},"2. PancakeSwap (BNB Chain and others)",{"type":30,"tag":31,"props":1282,"children":1283},{},[1284],{"type":35,"value":1285},"PancakeSwap is the dominant DEX on BNB Chain and has expanded to several other networks. It offers both classic and concentrated liquidity pools, and its retail-heavy user base makes it a natural first venue for consumer-facing tokens on BNB Chain.",{"type":30,"tag":31,"props":1287,"children":1288},{},[1289,1293],{"type":30,"tag":90,"props":1290,"children":1291},{},[1292],{"type":35,"value":1254},{"type":35,"value":1294}," Projects building on BNB Chain or targeting the retail audience that trades there.",{"type":30,"tag":31,"props":1296,"children":1297},{},[1298,1302],{"type":30,"tag":90,"props":1299,"children":1300},{},[1301],{"type":35,"value":1264},{"type":35,"value":1303}," Lower transaction costs mean bots are active from the first block. Plan launch protections before the pool goes live.",{"type":30,"tag":38,"props":1305,"children":1307},{"id":1306},"_3-raydium-solana",[1308],{"type":35,"value":1309},"3. Raydium (Solana)",{"type":30,"tag":31,"props":1311,"children":1312},{},[1313],{"type":35,"value":1314},"Raydium is one of the core liquidity venues on Solana, with constant product pools, concentrated liquidity pools and launch tooling. Many Solana tokens that start on a bonding curve platform migrate their liquidity to Raydium or a similar venue once the curve completes.",{"type":30,"tag":31,"props":1316,"children":1317},{},[1318,1322],{"type":30,"tag":90,"props":1319,"children":1320},{},[1321],{"type":35,"value":1254},{"type":35,"value":1323}," Solana tokens that want deep routing through Solana aggregators and a standard pool format.",{"type":30,"tag":31,"props":1325,"children":1326},{},[1327,1331],{"type":30,"tag":90,"props":1328,"children":1329},{},[1330],{"type":35,"value":1264},{"type":35,"value":1332}," The speed of Solana markets. Price discovery in the first minutes can be extreme, so launch-day monitoring matters more than on slower chains.",{"type":30,"tag":38,"props":1334,"children":1336},{"id":1335},"_4-meteora-solana",[1337],{"type":35,"value":1338},"4. Meteora (Solana)",{"type":30,"tag":31,"props":1340,"children":1341},{},[1342],{"type":35,"value":1343},"Meteora focuses on dynamic liquidity. Its DLMM pools distribute liquidity into discrete price bins with fees that can adjust to volatility, and it offers launch-oriented pool types, including bonding-curve style mechanisms. It has become a common choice for Solana launches that want more control over how liquidity is placed at the start.",{"type":30,"tag":31,"props":1345,"children":1346},{},[1347,1351],{"type":30,"tag":90,"props":1348,"children":1349},{},[1350],{"type":35,"value":1254},{"type":35,"value":1352}," Solana teams that want configurable launch liquidity and are able to manage bin-based positions.",{"type":30,"tag":31,"props":1354,"children":1355},{},[1356,1360],{"type":30,"tag":90,"props":1357,"children":1358},{},[1359],{"type":35,"value":1264},{"type":35,"value":1361}," More configuration means more ways to get it wrong. Simulate the position before going live.",{"type":30,"tag":38,"props":1363,"children":1365},{"id":1364},"_5-orca-solana",[1366],{"type":35,"value":1367},"5. Orca (Solana)",{"type":30,"tag":31,"props":1369,"children":1370},{},[1371],{"type":35,"value":1372},"Orca is a Solana DEX known for concentrated liquidity \"whirlpools\" and a relatively simple interface. It is widely routed by Solana aggregators.",{"type":30,"tag":31,"props":1374,"children":1375},{},[1376,1380],{"type":30,"tag":90,"props":1377,"children":1378},{},[1379],{"type":35,"value":1254},{"type":35,"value":1381}," Solana projects that want concentrated liquidity on a well-integrated venue without extra launch mechanics.",{"type":30,"tag":31,"props":1383,"children":1384},{},[1385,1389],{"type":30,"tag":90,"props":1386,"children":1387},{},[1388],{"type":35,"value":1264},{"type":35,"value":1390}," The same range-management discipline as any concentrated liquidity pool.",{"type":30,"tag":38,"props":1392,"children":1394},{"id":1393},"_6-aerodrome-base",[1395],{"type":35,"value":1396},"6. Aerodrome (Base)",{"type":30,"tag":31,"props":1398,"children":1399},{},[1400],{"type":35,"value":1401},"Aerodrome is the main liquidity hub on Base and runs a vote-escrow model: holders of its locked token vote on which pools receive emissions, and projects can offer incentives to voters to direct those emissions to their pool. That makes it unusual on this list, because it gives a project a way to attract third-party liquidity rather than funding all of it from treasury.",{"type":30,"tag":31,"props":1403,"children":1404},{},[1405,1409],{"type":30,"tag":90,"props":1406,"children":1407},{},[1408],{"type":35,"value":1254},{"type":35,"value":1410}," Projects on Base, and teams with a budget for ongoing incentives.",{"type":30,"tag":31,"props":1412,"children":1413},{},[1414,1418],{"type":30,"tag":90,"props":1415,"children":1416},{},[1417],{"type":35,"value":1264},{"type":35,"value":1419}," Incentive costs that compound over time. Model what you will pay per unit of liquidity attracted and set a stopping point before you start.",{"type":30,"tag":38,"props":1421,"children":1423},{"id":1422},"_7-balancer-multichain",[1424],{"type":35,"value":1425},"7. Balancer (multichain)",{"type":30,"tag":31,"props":1427,"children":1428},{},[1429,1431,1437],{"type":35,"value":1430},"Balancer supports weighted pools and has long been associated with liquidity bootstrapping pools (LBPs), where the pool weights shift over time so the price starts high and falls unless buyers step in. That design is aimed at price discovery and at reducing the advantage of early bots. We compare it with other sale formats in ",{"type":30,"tag":55,"props":1432,"children":1434},{"href":1433},"/blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale",[1435],{"type":35,"value":1436},"LBP vs fixed price vs Dutch auction",{"type":35,"value":62},{"type":30,"tag":31,"props":1439,"children":1440},{},[1441,1445],{"type":30,"tag":90,"props":1442,"children":1443},{},[1444],{"type":35,"value":1254},{"type":35,"value":1446}," Teams that want a time-boxed price discovery event rather than a standing pool at a fixed opening price.",{"type":30,"tag":31,"props":1448,"children":1449},{},[1450,1454],{"type":30,"tag":90,"props":1451,"children":1452},{},[1453],{"type":35,"value":1264},{"type":35,"value":1455}," LBPs need clear communication. Buyers who do not understand the declining price mechanism often buy too early and feel misled.",{"type":30,"tag":38,"props":1457,"children":1459},{"id":1458},"_8-camelot-arbitrum",[1460],{"type":35,"value":1461},"8. 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Express it as a trade size and an acceptable price impact.",{"type":30,"tag":76,"props":2163,"children":2164},{},[2165,2170],{"type":30,"tag":90,"props":2166,"children":2167},{},[2168],{"type":35,"value":2169},"Venues.",{"type":35,"value":2171}," Which pools matter (the main token/stablecoin pair, a token/native-asset pair) and on which chains.",{"type":30,"tag":76,"props":2173,"children":2174},{},[2175,2180],{"type":30,"tag":90,"props":2176,"children":2177},{},[2178],{"type":35,"value":2179},"Time horizon.",{"type":35,"value":2181}," Is this launch liquidity that must hold for weeks, or a long-term base layer?",{"type":30,"tag":31,"props":2183,"children":2184},{},[2185,2187,2193],{"type":35,"value":2186},"If you have not sized launch liquidity before, ",{"type":30,"tag":55,"props":2188,"children":2190},{"href":2189},"/blog/how-much-liquidity-does-a-token-need-at-launch",[2191],{"type":35,"value":2192},"how much liquidity a token needs at launch",{"type":35,"value":2194}," gives a framework. The point is to end up with a number you can defend, rather than \"whatever we can afford\".",{"type":30,"tag":38,"props":2196,"children":2198},{"id":2197},"step-2-fund-it-without-wrecking-the-token",[2199],{"type":35,"value":2200},"Step 2: Fund It Without Wrecking the Token",{"type":30,"tag":31,"props":2202,"children":2203},{},[2204],{"type":35,"value":2205},"POL needs two sides: your token and a paired asset such as a stablecoin or the chain's native asset. Where each side comes from matters.",{"type":30,"tag":269,"props":2207,"children":2208},{},[2209,2230],{"type":30,"tag":273,"props":2210,"children":2211},{},[2212],{"type":30,"tag":277,"props":2213,"children":2214},{},[2215,2220,2225],{"type":30,"tag":281,"props":2216,"children":2217},{},[2218],{"type":35,"value":2219},"Source",{"type":30,"tag":281,"props":2221,"children":2222},{},[2223],{"type":35,"value":2224},"Pros",{"type":30,"tag":281,"props":2226,"children":2227},{},[2228],{"type":35,"value":2229},"Cons",{"type":30,"tag":297,"props":2231,"children":2232},{},[2233,2251,2269,2287],{"type":30,"tag":277,"props":2234,"children":2235},{},[2236,2241,2246],{"type":30,"tag":304,"props":2237,"children":2238},{},[2239],{"type":35,"value":2240},"Treasury stablecoins from a raise",{"type":30,"tag":304,"props":2242,"children":2243},{},[2244],{"type":35,"value":2245},"Clean, no new token supply",{"type":30,"tag":304,"props":2247,"children":2248},{},[2249],{"type":35,"value":2250},"Money not spent on runway or growth",{"type":30,"tag":277,"props":2252,"children":2253},{},[2254,2259,2264],{"type":30,"tag":304,"props":2255,"children":2256},{},[2257],{"type":35,"value":2258},"Treasury tokens from the allocation",{"type":30,"tag":304,"props":2260,"children":2261},{},[2262],{"type":35,"value":2263},"No cash needed",{"type":30,"tag":304,"props":2265,"children":2266},{},[2267],{"type":35,"value":2268},"Concentrates supply on the pool, can misprice",{"type":30,"tag":277,"props":2270,"children":2271},{},[2272,2277,2282],{"type":30,"tag":304,"props":2273,"children":2274},{},[2275],{"type":35,"value":2276},"Revenue or protocol fees",{"type":30,"tag":304,"props":2278,"children":2279},{},[2280],{"type":35,"value":2281},"Self-funding over time",{"type":30,"tag":304,"props":2283,"children":2284},{},[2285],{"type":35,"value":2286},"Slow, depends on traction",{"type":30,"tag":277,"props":2288,"children":2289},{},[2290,2295,2300],{"type":30,"tag":304,"props":2291,"children":2292},{},[2293],{"type":35,"value":2294},"Selling bonds or discounted tokens for LP assets",{"type":30,"tag":304,"props":2296,"children":2297},{},[2298],{"type":35,"value":2299},"Brings in paired assets from the market",{"type":30,"tag":304,"props":2301,"children":2302},{},[2303],{"type":35,"value":2304},"Adds sell pressure and complexity, easy to design badly",{"type":30,"tag":31,"props":2306,"children":2307},{},[2308,2310,2316],{"type":35,"value":2309},"Be cautious with anything that issues discounted tokens to acquire liquidity. It can work, but it hands buyers a built-in profit and a reason to sell. If you go that route, model the unlock behaviour first. The same logic that applies to investors applies here; see ",{"type":30,"tag":55,"props":2311,"children":2313},{"href":2312},"/blog/token-unlocks-managing-sell-pressure",[2314],{"type":35,"value":2315},"managing token unlock sell pressure",{"type":35,"value":62},{"type":30,"tag":31,"props":2318,"children":2319},{},[2320,2322,2327],{"type":35,"value":2321},"Whatever the source, pull it from a budget that was planned in advance. The ",{"type":30,"tag":55,"props":2323,"children":2324},{"href":576},[2325],{"type":35,"value":2326},"treasury management guide",{"type":35,"value":2328}," explains how to separate runway, liquidity and reserves so that POL does not eat the first two.",{"type":30,"tag":38,"props":2330,"children":2332},{"id":2331},"step-3-choose-the-pool-design",[2333],{"type":35,"value":2334},"Step 3: Choose the Pool Design",{"type":30,"tag":31,"props":2336,"children":2337},{},[2338],{"type":35,"value":2339},"The pool type shapes how much work POL needs afterwards.",{"type":30,"tag":2341,"props":2342,"children":2344},"h3",{"id":2343},"full-range-pools",[2345],{"type":35,"value":2346},"Full-range pools",{"type":30,"tag":31,"props":2348,"children":2349},{},[2350],{"type":35,"value":2351},"Classic constant-product pools spread your capital across all prices. They are simple, need little management, and tolerate big moves. The cost is capital efficiency: much of your money sits at prices that will never trade.",{"type":30,"tag":2341,"props":2353,"children":2355},{"id":2354},"concentrated-liquidity",[2356],{"type":35,"value":2357},"Concentrated liquidity",{"type":30,"tag":31,"props":2359,"children":2360},{},[2361,2363,2368],{"type":35,"value":2362},"Concentrated positions put capital in a price range, which gives far more depth per unit of capital but stops earning (and stops providing depth) the moment the price leaves the range. They require active rebalancing, which is why they fail for teams without a plan. Read ",{"type":30,"tag":55,"props":2364,"children":2365},{"href":1269},[2366],{"type":35,"value":2367},"concentrated liquidity mistakes for token launches",{"type":35,"value":2369}," before using them.",{"type":30,"tag":2341,"props":2371,"children":2373},{"id":2372},"pairing-with-a-volatile-asset",[2374],{"type":35,"value":2375},"Pairing with a volatile asset",{"type":30,"tag":31,"props":2377,"children":2378},{},[2379],{"type":35,"value":2380},"Pairing your token with another volatile asset can increase your exposure to two prices at once. For a treasury that is meant to be a stable base layer, a stablecoin pair is usually easier to reason about.",{"type":30,"tag":31,"props":2382,"children":2383},{},[2384],{"type":35,"value":2385},"A common compromise is a layered approach: a full-range base position as the floor, plus a smaller concentrated position near the current price for tighter spreads.",{"type":30,"tag":38,"props":2387,"children":2389},{"id":2388},"step-4-put-the-positions-under-proper-custody",[2390],{"type":35,"value":2391},"Step 4: Put the Positions Under Proper Custody",{"type":30,"tag":31,"props":2393,"children":2394},{},[2395],{"type":35,"value":2396},"POL is a treasury asset, so it needs the controls of one. In practice:",{"type":30,"tag":70,"props":2398,"children":2399},{},[2400,2405,2410],{"type":30,"tag":76,"props":2401,"children":2402},{},[2403],{"type":35,"value":2404},"Hold LP positions in a multisig or an institutional custody setup, never a single founder wallet.",{"type":30,"tag":76,"props":2406,"children":2407},{},[2408],{"type":35,"value":2409},"Define who can add, remove or rebalance, and what threshold approves it.",{"type":30,"tag":76,"props":2411,"children":2412},{},[2413],{"type":35,"value":2414},"Publish the addresses so the community and exchanges can verify that the liquidity is real and controlled by the project.",{"type":30,"tag":31,"props":2416,"children":2417},{},[2418,2420,2426,2428,2433],{"type":35,"value":2419},"The options are compared in ",{"type":30,"tag":55,"props":2421,"children":2423},{"href":2422},"/blog/crypto-custody-solutions-for-token-teams",[2424],{"type":35,"value":2425},"crypto custody solutions for token teams",{"type":35,"value":2427},". If you also want to prove to holders that liquidity cannot be pulled by anyone in a hurry, ",{"type":30,"tag":55,"props":2429,"children":2430},{"href":1908},[2431],{"type":35,"value":2432},"how to lock liquidity at token launch",{"type":35,"value":2434}," covers the lock-versus-governance question.",{"type":30,"tag":38,"props":2436,"children":2438},{"id":2437},"step-5-write-a-management-policy",[2439],{"type":35,"value":2440},"Step 5: Write a Management Policy",{"type":30,"tag":31,"props":2442,"children":2443},{},[2444],{"type":35,"value":2445},"A POL position without rules becomes a discretionary bet. A short written policy should cover:",{"type":30,"tag":70,"props":2447,"children":2448},{},[2449,2459,2469,2479,2489],{"type":30,"tag":76,"props":2450,"children":2451},{},[2452,2457],{"type":30,"tag":90,"props":2453,"children":2454},{},[2455],{"type":35,"value":2456},"Rebalancing triggers.",{"type":35,"value":2458}," For concentrated positions, what price movement or time interval prompts a rebalance, and who executes it.",{"type":30,"tag":76,"props":2460,"children":2461},{},[2462,2467],{"type":30,"tag":90,"props":2463,"children":2464},{},[2465],{"type":35,"value":2466},"Withdrawal rules.",{"type":35,"value":2468}," Under what conditions the treasury can pull liquidity, and how fast. Pulling depth in a downturn is exactly when it hurts most.",{"type":30,"tag":76,"props":2470,"children":2471},{},[2472,2477],{"type":30,"tag":90,"props":2473,"children":2474},{},[2475],{"type":35,"value":2476},"Fee handling.",{"type":35,"value":2478}," Whether collected fees are compounded into the position, kept in reserve, or used for a buyback.",{"type":30,"tag":76,"props":2480,"children":2481},{},[2482,2487],{"type":30,"tag":90,"props":2483,"children":2484},{},[2485],{"type":35,"value":2486},"Risk limits.",{"type":35,"value":2488}," The maximum share of treasury allowed in LP positions, and what happens if impermanent loss exceeds a set threshold.",{"type":30,"tag":76,"props":2490,"children":2491},{},[2492,2497],{"type":30,"tag":90,"props":2493,"children":2494},{},[2495],{"type":35,"value":2496},"Reporting.",{"type":35,"value":2498}," A regular summary of position value, fees earned and loss versus holding, so the numbers are visible.",{"type":30,"tag":31,"props":2500,"children":2501},{},[2502,2504,2510],{"type":35,"value":2503},"This is also where you decide how POL interacts with other market support. An LP position quotes passively along a fixed curve. An active market maker adjusts quotes to the order book and across venues. They solve different problems, and many projects run both. For the centralised side, see how a ",{"type":30,"tag":55,"props":2505,"children":2507},{"href":2506},"/blog/how-market-makers-provide-liquidity",[2508],{"type":35,"value":2509},"market maker provides liquidity",{"type":35,"value":62},{"type":30,"tag":38,"props":2512,"children":2514},{"id":2513},"step-6-monitor-and-iterate",[2515],{"type":35,"value":2516},"Step 6: Monitor and Iterate",{"type":30,"tag":31,"props":2518,"children":2519},{},[2520],{"type":35,"value":2521},"After deployment, watch four things:",{"type":30,"tag":1038,"props":2523,"children":2524},{},[2525,2535,2545,2554],{"type":30,"tag":76,"props":2526,"children":2527},{},[2528,2533],{"type":30,"tag":90,"props":2529,"children":2530},{},[2531],{"type":35,"value":2532},"Depth versus target.",{"type":35,"value":2534}," Is the pool still delivering the price impact you designed for?",{"type":30,"tag":76,"props":2536,"children":2537},{},[2538,2543],{"type":30,"tag":90,"props":2539,"children":2540},{},[2541],{"type":35,"value":2542},"Impermanent loss.",{"type":35,"value":2544}," Compare the LP position with simply holding the same assets.",{"type":30,"tag":76,"props":2546,"children":2547},{},[2548,2552],{"type":30,"tag":90,"props":2549,"children":2550},{},[2551],{"type":35,"value":2113},{"type":35,"value":2553}," Is volume high enough for fees to meaningfully offset the loss?",{"type":30,"tag":76,"props":2555,"children":2556},{},[2557,2562],{"type":30,"tag":90,"props":2558,"children":2559},{},[2560],{"type":35,"value":2561},"Concentration.",{"type":35,"value":2563}," Is the project the dominant provider? That is intended, but make sure it is not the only liquidity anywhere your token trades.",{"type":30,"tag":31,"props":2565,"children":2566},{},[2567],{"type":35,"value":2568},"If fee income consistently fails to cover the cost of the position, the answer may be to shrink it, change the range, or accept that some of the budget is better used elsewhere.",{"type":30,"tag":38,"props":2570,"children":2572},{"id":2571},"risks-to-plan-for",[2573],{"type":35,"value":2574},"Risks to Plan For",{"type":30,"tag":70,"props":2576,"children":2577},{},[2578,2587,2603,2613,2623],{"type":30,"tag":76,"props":2579,"children":2580},{},[2581,2585],{"type":30,"tag":90,"props":2582,"children":2583},{},[2584],{"type":35,"value":2542},{"type":35,"value":2586}," A sharp one-directional price move leaves the treasury holding more of the weaker asset. In a token that is falling, POL can mean the project is buying its own decline.",{"type":30,"tag":76,"props":2588,"children":2589},{},[2590,2595,2597,2601],{"type":30,"tag":90,"props":2591,"children":2592},{},[2593],{"type":35,"value":2594},"Smart contract risk.",{"type":35,"value":2596}," Every pool, router and position manager adds exposure. Use audited, widely used venues. See ",{"type":30,"tag":55,"props":2598,"children":2599},{"href":57},[2600],{"type":35,"value":60},{"type":35,"value":2602}," for what to check.",{"type":30,"tag":76,"props":2604,"children":2605},{},[2606,2611],{"type":30,"tag":90,"props":2607,"children":2608},{},[2609],{"type":35,"value":2610},"Execution risk.",{"type":35,"value":2612}," Rebalancing into a thin market can move the price against you.",{"type":30,"tag":76,"props":2614,"children":2615},{},[2616,2621],{"type":30,"tag":90,"props":2617,"children":2618},{},[2619],{"type":35,"value":2620},"Governance and legal questions.",{"type":35,"value":2622}," Treasury management, token buybacks and fee distribution can have regulatory implications depending on jurisdiction. Take advice rather than assuming the answer.",{"type":30,"tag":76,"props":2624,"children":2625},{},[2626,2631],{"type":30,"tag":90,"props":2627,"children":2628},{},[2629],{"type":35,"value":2630},"Complacency.",{"type":35,"value":2632}," Owning the pool is not the same as having a healthy market. Spreads, depth on centralised venues and holder behaviour still matter.",{"type":30,"tag":38,"props":2634,"children":2636},{"id":2635},"when-pol-is-the-wrong-choice",[2637],{"type":35,"value":2638},"When POL Is the Wrong Choice",{"type":30,"tag":31,"props":2640,"children":2641},{},[2642],{"type":35,"value":2643},"POL is not for every project. It is probably premature if:",{"type":30,"tag":70,"props":2645,"children":2646},{},[2647,2652,2657,2662],{"type":30,"tag":76,"props":2648,"children":2649},{},[2650],{"type":35,"value":2651},"You have limited runway and the liquidity budget would shorten it.",{"type":30,"tag":76,"props":2653,"children":2654},{},[2655],{"type":35,"value":2656},"The token has no real trading demand yet, so the capital would sit idle.",{"type":30,"tag":76,"props":2658,"children":2659},{},[2660],{"type":35,"value":2661},"You lack the operational capacity to run a strategy and cannot outsource it.",{"type":30,"tag":76,"props":2663,"children":2664},{},[2665],{"type":35,"value":2666},"Your main trading will be on centralised exchanges, where DEX pool depth is a minor part of price formation.",{"type":30,"tag":31,"props":2668,"children":2669},{},[2670],{"type":35,"value":2671},"In those cases, a smaller seeded pool plus professional market making on the venues that matter usually does more per dollar.",{"type":30,"tag":38,"props":2673,"children":2675},{"id":2674},"a-practical-decision-framework",[2676],{"type":35,"value":2677},"A Practical Decision Framework",{"type":30,"tag":269,"props":2679,"children":2680},{},[2681,2702],{"type":30,"tag":273,"props":2682,"children":2683},{},[2684],{"type":30,"tag":277,"props":2685,"children":2686},{},[2687,2692,2697],{"type":30,"tag":281,"props":2688,"children":2689},{},[2690],{"type":35,"value":2691},"Question",{"type":30,"tag":281,"props":2693,"children":2694},{},[2695],{"type":35,"value":2696},"If yes",{"type":30,"tag":281,"props":2698,"children":2699},{},[2700],{"type":35,"value":2701},"If no",{"type":30,"tag":297,"props":2703,"children":2704},{},[2705,2723,2741,2759],{"type":30,"tag":277,"props":2706,"children":2707},{},[2708,2713,2718],{"type":30,"tag":304,"props":2709,"children":2710},{},[2711],{"type":35,"value":2712},"Is on-chain trading a major share of your volume?",{"type":30,"tag":304,"props":2714,"children":2715},{},[2716],{"type":35,"value":2717},"POL is worth modelling",{"type":30,"tag":304,"props":2719,"children":2720},{},[2721],{"type":35,"value":2722},"Prioritise CEX market making",{"type":30,"tag":277,"props":2724,"children":2725},{},[2726,2731,2736],{"type":30,"tag":304,"props":2727,"children":2728},{},[2729],{"type":35,"value":2730},"Can you commit treasury capital for 12+ months?",{"type":30,"tag":304,"props":2732,"children":2733},{},[2734],{"type":35,"value":2735},"Consider POL",{"type":30,"tag":304,"props":2737,"children":2738},{},[2739],{"type":35,"value":2740},"Rent liquidity or start small",{"type":30,"tag":277,"props":2742,"children":2743},{},[2744,2749,2754],{"type":30,"tag":304,"props":2745,"children":2746},{},[2747],{"type":35,"value":2748},"Do you have a custody and governance setup?",{"type":30,"tag":304,"props":2750,"children":2751},{},[2752],{"type":35,"value":2753},"Proceed",{"type":30,"tag":304,"props":2755,"children":2756},{},[2757],{"type":35,"value":2758},"Build that first",{"type":30,"tag":277,"props":2760,"children":2761},{},[2762,2767,2772],{"type":30,"tag":304,"props":2763,"children":2764},{},[2765],{"type":35,"value":2766},"Can you manage or outsource rebalancing?",{"type":30,"tag":304,"props":2768,"children":2769},{},[2770],{"type":35,"value":2771},"Concentrated positions are possible",{"type":30,"tag":304,"props":2773,"children":2774},{},[2775],{"type":35,"value":2776},"Stick to full-range",{"type":30,"tag":38,"props":2778,"children":2780},{"id":2779},"liquidity-is-a-system-not-a-single-pool",[2781],{"type":35,"value":2782},"Liquidity Is a System, Not a Single Pool",{"type":30,"tag":31,"props":2784,"children":2785},{},[2786,2788,2792],{"type":35,"value":2787},"The teams that hold up after launch treat liquidity as a layered system: owned depth as a base, active market making across venues, and rules for how the two interact. Fibonacci Capital works with token projects on that structure, from sizing launch liquidity to ongoing quoting. If you are deciding how much of your liquidity to own and how much to outsource, ",{"type":30,"tag":55,"props":2789,"children":2790},{"href":2014},[2791],{"type":35,"value":1107},{"type":35,"value":2793}," and we can walk through the options for your token.",{"title":7,"searchDepth":1110,"depth":1110,"links":2795},[2796,2797,2798,2799,2805,2806,2807,2808,2809,2810,2811],{"id":2062,"depth":1110,"text":2065},{"id":2140,"depth":1110,"text":2143},{"id":2197,"depth":1110,"text":2200},{"id":2331,"depth":1110,"text":2334,"children":2800},[2801,2803,2804],{"id":2343,"depth":2802,"text":2346},3,{"id":2354,"depth":2802,"text":2357},{"id":2372,"depth":2802,"text":2375},{"id":2388,"depth":1110,"text":2391},{"id":2437,"depth":1110,"text":2440},{"id":2513,"depth":1110,"text":2516},{"id":2571,"depth":1110,"text":2574},{"id":2635,"depth":1110,"text":2638},{"id":2674,"depth":1110,"text":2677},{"id":2779,"depth":1110,"text":2782},"content:blog:protocol-owned-liquidity-guide-token-projects.md","blog/protocol-owned-liquidity-guide-token-projects.md","blog/protocol-owned-liquidity-guide-token-projects",{"_path":2816,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":2817,"description":2818,"date":2819,"author":11,"category":12,"tags":2820,"keywords":2825,"image":2831,"readTime":25,"body":2832,"_type":1125,"_id":3505,"_source":1127,"_file":3506,"_stem":3507,"_extension":1130},"/blog/multichain-token-deployment-native-vs-bridged","Multichain Token Deployment: Native vs Bridged Tokens Compared","Multichain token deployment compared: native multi-chain issuance vs lock-and-mint bridges vs a canonical hub chain, with risks, liquidity impact and a decision guide.","2026-10-21",[2821,2822,2823,2824],"multichain","cross-chain","bridges","token deployment",[2826,2827,2828,2829,2830],"multichain token deployment","native vs bridged tokens","cross-chain token standard","token bridge risks","deploy token on multiple chains","/assets/images/blog/multichain-token-deployment-native-vs-bridged.jpg",{"type":27,"children":2833,"toc":3493},[2834,2839,2844,2850,2855,2888,2893,2899,2904,2912,2930,2938,2956,2968,2974,2979,2986,2999,3006,3034,3040,3045,3052,3070,3077,3100,3106,3273,3279,3284,3289,3336,3342,3377,3381,3386,3439,3444,3448,3476,3482],{"type":30,"tag":31,"props":2835,"children":2836},{},[2837],{"type":35,"value":2838},"If you want your token on more than one chain, you have three real options: issue it natively on each chain with a cross-chain messaging standard keeping supply in sync, lock it on a home chain and mint wrapped copies elsewhere through a bridge, or stay on one canonical chain and let third parties bridge it. For most early-stage projects the right answer is the last one at launch and a native, standards-based design later. The wrong move is going multichain early because a competitor did, since every extra chain splits liquidity, adds attack surface and multiplies operational work.",{"type":30,"tag":31,"props":2840,"children":2841},{},[2842],{"type":35,"value":2843},"This comparison covers how each model works, what it costs you in risk and liquidity, and how to decide.",{"type":30,"tag":38,"props":2845,"children":2847},{"id":2846},"what-multichain-actually-means-for-a-token",[2848],{"type":35,"value":2849},"What \"Multichain\" Actually Means for a Token",{"type":30,"tag":31,"props":2851,"children":2852},{},[2853],{"type":35,"value":2854},"The same ticker can represent very different things on different chains:",{"type":30,"tag":70,"props":2856,"children":2857},{},[2858,2868,2878],{"type":30,"tag":76,"props":2859,"children":2860},{},[2861,2866],{"type":30,"tag":90,"props":2862,"children":2863},{},[2864],{"type":35,"value":2865},"A native token",{"type":35,"value":2867},": a contract deployed by you, with supply you control and account for.",{"type":30,"tag":76,"props":2869,"children":2870},{},[2871,2876],{"type":30,"tag":90,"props":2872,"children":2873},{},[2874],{"type":35,"value":2875},"A wrapped or bridged token",{"type":35,"value":2877},": an IOU minted by a bridge contract against tokens locked somewhere else.",{"type":30,"tag":76,"props":2879,"children":2880},{},[2881,2886],{"type":30,"tag":90,"props":2882,"children":2883},{},[2884],{"type":35,"value":2885},"An unofficial bridged token",{"type":35,"value":2887},": a copy minted by a third-party bridge you did not authorise, which users may treat as the real thing.",{"type":30,"tag":31,"props":2889,"children":2890},{},[2891],{"type":35,"value":2892},"Holders usually cannot tell these apart at a glance. That ambiguity is where most multichain problems start.",{"type":30,"tag":38,"props":2894,"children":2896},{"id":2895},"option-1-single-canonical-chain",[2897],{"type":35,"value":2898},"Option 1: Single Canonical Chain",{"type":30,"tag":31,"props":2900,"children":2901},{},[2902],{"type":35,"value":2903},"You deploy on one chain, build liquidity there and let the market bridge the token if demand appears.",{"type":30,"tag":31,"props":2905,"children":2906},{},[2907],{"type":30,"tag":90,"props":2908,"children":2909},{},[2910],{"type":35,"value":2911},"Strengths",{"type":30,"tag":70,"props":2913,"children":2914},{},[2915,2920,2925],{"type":30,"tag":76,"props":2916,"children":2917},{},[2918],{"type":35,"value":2919},"One contract to audit and secure.",{"type":30,"tag":76,"props":2921,"children":2922},{},[2923],{"type":35,"value":2924},"All liquidity in one place, which keeps depth healthy and spreads tight.",{"type":30,"tag":76,"props":2926,"children":2927},{},[2928],{"type":35,"value":2929},"One supply figure, so tracking and reporting stay simple.",{"type":30,"tag":31,"props":2931,"children":2932},{},[2933],{"type":30,"tag":90,"props":2934,"children":2935},{},[2936],{"type":35,"value":2937},"Weaknesses",{"type":30,"tag":70,"props":2939,"children":2940},{},[2941,2946,2951],{"type":30,"tag":76,"props":2942,"children":2943},{},[2944],{"type":35,"value":2945},"Users on other chains must bridge themselves, and some will not.",{"type":30,"tag":76,"props":2947,"children":2948},{},[2949],{"type":35,"value":2950},"Third parties can create unofficial wrapped versions you do not control.",{"type":30,"tag":76,"props":2952,"children":2953},{},[2954],{"type":35,"value":2955},"You miss ecosystems where your users already live.",{"type":30,"tag":31,"props":2957,"children":2958},{},[2959,2961,2967],{"type":35,"value":2960},"This is the default for most launches, and it fits the advice in ",{"type":30,"tag":55,"props":2962,"children":2964},{"href":2963},"/blog/choosing-right-blockchain-token-launch",[2965],{"type":35,"value":2966},"choosing the right blockchain for a token launch",{"type":35,"value":62},{"type":30,"tag":38,"props":2969,"children":2971},{"id":2970},"option-2-lock-and-mint-bridged-tokens",[2972],{"type":35,"value":2973},"Option 2: Lock-and-Mint Bridged Tokens",{"type":30,"tag":31,"props":2975,"children":2976},{},[2977],{"type":35,"value":2978},"Tokens are locked in a contract on the home chain, and a bridge mints a wrapped representation on the destination chain. Burning the wrapped token releases the original.",{"type":30,"tag":31,"props":2980,"children":2981},{},[2982],{"type":30,"tag":90,"props":2983,"children":2984},{},[2985],{"type":35,"value":2911},{"type":30,"tag":70,"props":2987,"children":2988},{},[2989,2994],{"type":30,"tag":76,"props":2990,"children":2991},{},[2992],{"type":35,"value":2993},"The home-chain token stays the single source of truth.",{"type":30,"tag":76,"props":2995,"children":2996},{},[2997],{"type":35,"value":2998},"Relatively quick to set up, and existing bridge providers handle the plumbing.",{"type":30,"tag":31,"props":3000,"children":3001},{},[3002],{"type":30,"tag":90,"props":3003,"children":3004},{},[3005],{"type":35,"value":2937},{"type":30,"tag":70,"props":3007,"children":3008},{},[3009,3019,3024,3029],{"type":30,"tag":76,"props":3010,"children":3011},{},[3012,3017],{"type":30,"tag":90,"props":3013,"children":3014},{},[3015],{"type":35,"value":3016},"Bridge risk becomes your risk.",{"type":35,"value":3018}," If the bridge is exploited, the wrapped tokens can lose their backing even though your own contract was never touched. Bridges have been among the most frequently attacked pieces of crypto infrastructure.",{"type":30,"tag":76,"props":3020,"children":3021},{},[3022],{"type":35,"value":3023},"Wrapped tokens depend on the bridge staying live, funded and honest.",{"type":30,"tag":76,"props":3025,"children":3026},{},[3027],{"type":35,"value":3028},"You often need to trust the bridge's validators or message verification, which is a trust assumption your holders inherit.",{"type":30,"tag":76,"props":3030,"children":3031},{},[3032],{"type":35,"value":3033},"Redemption can be slow or unavailable in stress, so the wrapped token may trade below the original.",{"type":30,"tag":38,"props":3035,"children":3037},{"id":3036},"option-3-native-multichain-issuance",[3038],{"type":35,"value":3039},"Option 3: Native Multichain Issuance",{"type":30,"tag":31,"props":3041,"children":3042},{},[3043],{"type":35,"value":3044},"You deploy the token on each chain and use a cross-chain standard to move supply between them by burning on one side and minting on the other, rather than locking in a pool. 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Liquidity does not follow the token, so each new chain needs its own pools, incentives and market making. A thin pool on a secondary chain produces wide spreads, wild price swings and an easy arbitrage target, which in turn pulls the price on your main venue.",{"type":30,"tag":31,"props":3285,"children":3286},{},[3287],{"type":35,"value":3288},"Expect to handle:",{"type":30,"tag":70,"props":3290,"children":3291},{},[3292,3308,3318],{"type":30,"tag":76,"props":3293,"children":3294},{},[3295,3300,3302,3306],{"type":30,"tag":90,"props":3296,"children":3297},{},[3298],{"type":35,"value":3299},"Separate depth on each chain",{"type":35,"value":3301},", not one shared pool. Review the numbers in ",{"type":30,"tag":55,"props":3303,"children":3304},{"href":2189},[3305],{"type":35,"value":2192},{"type":35,"value":3307}," and apply them per venue.",{"type":30,"tag":76,"props":3309,"children":3310},{},[3311,3316],{"type":30,"tag":90,"props":3312,"children":3313},{},[3314],{"type":35,"value":3315},"Cross-chain price gaps.",{"type":35,"value":3317}," Arbitrageurs close them, but only if bridging is cheap and fast. Slow bridges mean persistent gaps.",{"type":30,"tag":76,"props":3319,"children":3320},{},[3321,3326,3328,3334],{"type":30,"tag":90,"props":3322,"children":3323},{},[3324],{"type":35,"value":3325},"Rebalancing inventory.",{"type":35,"value":3327}," If a market maker holds tokens on three chains, moving them has a cost and a delay. ",{"type":30,"tag":55,"props":3329,"children":3331},{"href":3330},"/blog/cross-exchange-liquidity-management",[3332],{"type":35,"value":3333},"Cross-exchange liquidity management",{"type":35,"value":3335}," covers the same inventory problem across venues.",{"type":30,"tag":38,"props":3337,"children":3339},{"id":3338},"security-practices-that-apply-either-way",[3340],{"type":35,"value":3341},"Security Practices That Apply Either Way",{"type":30,"tag":70,"props":3343,"children":3344},{},[3345,3357,3362,3367,3372],{"type":30,"tag":76,"props":3346,"children":3347},{},[3348,3350,3356],{"type":35,"value":3349},"Audit every deployment and every cross-chain component, not just the token contract, and keep the reports in your ",{"type":30,"tag":55,"props":3351,"children":3353},{"href":3352},"/blog/crypto-data-room-checklist-token-fundraising",[3354],{"type":35,"value":3355},"crypto data room",{"type":35,"value":62},{"type":30,"tag":76,"props":3358,"children":3359},{},[3360],{"type":35,"value":3361},"Put mint and admin rights behind a multisig with a sensible threshold, and document who holds the keys.",{"type":30,"tag":76,"props":3363,"children":3364},{},[3365],{"type":35,"value":3366},"Set rate limits on cross-chain transfers so an exploit cannot drain everything at once.",{"type":30,"tag":76,"props":3368,"children":3369},{},[3370],{"type":35,"value":3371},"Publish the official contract address for each chain on your site and with aggregators, and tell your community which bridges you support.",{"type":30,"tag":76,"props":3373,"children":3374},{},[3375],{"type":35,"value":3376},"Monitor for unofficial bridged copies and warn users early.",{"type":30,"tag":38,"props":3378,"children":3379},{"id":1748},[3380],{"type":35,"value":1751},{"type":30,"tag":31,"props":3382,"children":3383},{},[3384],{"type":35,"value":3385},"Work through these questions in order:",{"type":30,"tag":1038,"props":3387,"children":3388},{},[3389,3399,3409,3419,3429],{"type":30,"tag":76,"props":3390,"children":3391},{},[3392,3397],{"type":30,"tag":90,"props":3393,"children":3394},{},[3395],{"type":35,"value":3396},"Do you have users who cannot or will not use your launch chain?",{"type":35,"value":3398}," If not, stay single-chain.",{"type":30,"tag":76,"props":3400,"children":3401},{},[3402,3407],{"type":30,"tag":90,"props":3403,"children":3404},{},[3405],{"type":35,"value":3406},"Can you fund liquidity and market making on a second chain from day one?",{"type":35,"value":3408}," If not, wait. 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