TechFlow reports, on February 18, Zhu Su, co-founder of Three Arrows Capital (3AC), pointed out that during the previous bull market, many large market makers took on principal risk by adopting hybrid venture capital and market-making strategies. In contrast, in this current bull market, the surviving market makers have primarily relied on zero-risk strategies and value extraction maximization.
This view stems from discussions around the LIBRA market-making incident. Community members noted that Kelsier Ventures has essentially confirmed that the primary role of market makers like Wintermute is to maximize value extraction while driving token prices downward. "At least some other market makers would do some price pumping, but for some reason the project team thought hiring Kelsier—which only drove their token price down—was a good idea."
