Scope: Public-data based screening of $SNC for potential MM engagement Date: 24 Jun 2026

Verdict: High Risk / Reject for standard MM mandate

Executive snapshot

• SNC trades through a very small observable CEX-side float.
• Most supply is outside active liquidity.
• Issuer/legal surface is weak relative to marketing claims.
• Contract/admin structure creates centralization and execution risk.
• For a standard MM mandate, the setup is high-risk unless additional private disclosures are provided.

Confidence: High

1. Executive view

2. Market / liquidity risk

3. Supply / float / unlock risk

4. Legal / regulatory surface risk

5. Marketing / credibility -signaling risk

6. Required conditions before any engagement

Final conclusion

Reject for a standard inventory-risk MM engagement.

$SNC is priced off a very small observed CEX-side float, while most supply sits outside active market liquidity: approximately 90% in a Safe Proxy, around 9% in an investor-related wallet, and only ~0.43% on CEX-side wallets where current price discovery appears to happen.

The MM may be quoting and warehousing inventory at a price formed on thin float, while much larger treasury / investor balances remain outside the visible order book. Any movement of those balances toward CEX venues could create severe adverse selection, toxic flow and inventory-loss risk.

$SNC could only be reviewed under a strict risk-limited mandate after issuer-confirmed disclosure of wallet ownership, Safe Proxy control, investor-wallet lock/vesting status, planned supply movements, executable venue depth and legal classification.