At TGE, a loan + call option structure typically involves lending tokens to the market maker with a predefined strike price and tenor (often 6-18 months). The strike should reflect a realistic premium above TGE pricing, not an aspirational multiple. Token allocation size should align with projected liquidity needs and not exceed reasonable float percentages. Clear liquidity KPIs must be embedded — spread width, depth bands, uptime, and volume participation. Mispricing the strike or over-allocating tokens creates dilution risk and weak alignment.