Traditional market makers primarily provide liquidity on centralized exchanges and generate returns through spread capture and rebate optimization. Crypto-native market makers, by contrast, often enter bespoke agreements with token issuers involving token loans, call options, working capital allocations, or profit-sharing mechanisms — collectively referred to as Market Making as a Service ("MMaaS"). These engagements operate in more volatile and fragmented markets, requiring cross-exchange arbitrage, derivatives hedging, and active inventory management. Importantly, crypto market making is partnership-driven and frequently integrated into a project's broader go-to-market and exchange strategy.