Common characteristics include:

• Token loans to all market makers can range from 0.25% - 2.50% of total token supply, depending on the project's FDV, initial circulating supply, and exchange listing strategy.
• Zero or near-zero cash fees.
• Options structured in tranches with escalating strike prices.
• Strike prices set as fixed multiples of the listing price or dynamic benchmarks (e.g., TWAPs).
• American or European exercise rights granting the market maker the option, but not obligation, to repay token loans in stablecoins at some point during or at the close of the engagement.
• Explicit liquidity KPIs covering spread targets, depth bands, and uptime.

The specific structure materially influences market maker behavior. Mispricing the strike or over-allocating tokens creates dilution risk and weak incentive alignment.