Zhu Su: The market makers that have survived in this bull market mainly rely on zero-risk strategies and maximizing value extraction

ChainCatcher news, Zhu Su, co-founder of Three Arrows Capital (3AC), pointed out in a post that during the last bull market, many large market makers took on principal risk, adopting a hybrid venture capital and market-making strategy. In this bull market, the market makers that have successfully survived mainly rely on zero-risk strategies and maximizing value extraction.

This viewpoint stems from discussions about the LIBRA market maker incident, where community members pointed out that Kelsier Ventures essentially confirmed that the main job of market makers like Wintermute is to maximize value extraction and let token prices fall. "At least some other market makers would still do some price pumping, but for some reason, the project team thinks hiring Kelsier to let their tokens only drop is a good idea."