Taking MMT as an example, the profit-sharing ratio reaches Project Side 2: Market Maker 8. At first glance, it seems that the market maker is the one with the largest profit. However, the true rules of the industry are often more complex than the numbers themselves; they are hidden in the differences of the essence of roles, risk structure, and sources of income.

(This article's content is more specialized, and the writing is more focused on practical information, which may seem a bit dry to read, without much emotional expression. If you are willing to patiently read to the end, I am very grateful and sincerely hope that the logical breakdown and case analysis in the article can bring you some inspiration.
If you find it helpful, feel free to follow; I also look forward to you sharing your views in the comments section. As long as it is a friendly exchange, I will respond seriously.
Next, I will also update my experiences in the domestic NFT circle over the years, as well as some trading methodologies and life experiences.

To make the discussion clearer, let's start with the underlying logic of two types of roles.

First, let me share a viewpoint:

Do not think of project parties and market makers as too mysterious. Most fears in the crypto market come from 'not understanding the model', rather than the model itself.

Project parties: cost exporters, operators, chip distributors, and in most cases, the 'explicit profit parties'.

Project parties control the narrative, token issuance, chip distribution, and long-term ecological planning, which are the sources of value for the entire project.
Their core revenue mostly comes from: token reserves, private placements, early chip appreciation, and spillover gains from market voice.

In other words, project parties are the creators of value and are the first and most direct ones standing at the entrance to profits.

Market makers: liquidity providers, price managers.
Decide how to 'run the model' based on market data.

Market makers are responsible for stabilizing depth, controlling volatility, and supporting the initial price structure.

Their earnings are not based on 'gut feeling', but rather:
Algorithmic models determine which side has higher returns.
Consider risk exposure, volatility, and capital utilization efficiency.
Arbitrage, hedge, and capture price differentials across multiple markets.

They are the ones who directly face the market.