Bonding curve launches introduce unique dynamics. The initial price discovery occurs algorithmically on-chain, which means the transition to centralized exchange listings requires careful planning. Market makers supporting a bonding curve launch need to manage the spread between the on-chain bonding curve price and CEX spot price, ensure sufficient migration liquidity when the bonding curve concludes, and coordinate timing with exchange listing schedules. Retainer + working capital structures tend to work better for bonding curve launches because they provide the operational flexibility needed to manage these transitions.