Tophash: market maker deal terms and record
Tophash received a 12-month loan of 100,000 WHUF with a call option from Ethos Network, disclosed by the project in its 2026 Blockworks filing.
No legal action foundPublic deals on record: 1.
Public deals
Ethos Network (WHUF), 2026
| Structure | token loan + call option |
| Size | 100,000 WHUF |
| Term | 12 months |
| Option | call option, terms in filing |
| Details | Disclosed by the project in a Blockworks Token Transparency filing alongside a GSR loan of the same size. |
| Source | Project disclosure, grade 4, checked 2026-10-16 |
How market-maker deals usually look
The industry default is a token loan plus a call option. Across about 40 public DAO deals, loans ran at 1% to 5% of circulating supply for 12 to 24 months, with the strike set 25% to 100% above the TGE price, median 50% (WuBlockchain and the Wallfacer deal tracker, grade 4). A second source puts loans at 0.5% to 2% of supply; we show both, because the market has no agreed norm.
Want to see what an option is worth to the desk? Try the option calculator, or read our sample term sheet review. How rarely launches disclose these deals at all: 4 of 57.
Offered terms by Tophash or another desk? We put your term sheet next to the public deals, value the option and list the clauses to negotiate, in writing within 48 hours.
Allegations are reported as allegations, with the outcome where one exists. A written comparison against public data, not legal or investment advice. We take no money from market makers.