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

News on February 18, Zhu Su, co-founder of Three Arrows Capital (3AC), pointed out in a post that during the last bull market, many large market makers would bear the main risk and adopt a mixed venture capital and market-making strategy. However, in this bull market, successful surviving market makers mainly rely on zero-risk strategies and maximizing value extraction. This view originates from discussions about the LIBRA Market Maker incident. 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 will do some boosting, but for some reason project owners think hiring Kelsier to only let their tokens fall is a good idea."