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

On February 18th, it was reported that Zhu Su, co-founder of Three Arrows Capital (3AC), pointed out that during the last Bull Market, many large market makers took on principal risk and adopted a hybrid venture capital and market making strategy. In this round of Bull Market, the surviving market makers mainly rely on zero-risk strategies and maximizing value extraction. This view is based on the discussion of the LIBRA market maker incident. Community members pointed out that Kelsier ventures basically confirmed that the main job of market makers like Wintermute is to maximize value extraction and cause token prices to fall. "At least some other market makers will also do some lifting, but for some reason, the project team thinks that hiring Kelsier to make their tokens only fall is a good idea."