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

According to Deep Tide TechFlow, on February 18, 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 bull market, the market makers that have successfully survived primarily rely on zero-risk strategies and maximizing value extraction.

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