Taking stock of the market making performance of the seven major market makers in this bull market, who is the biggest winner?

Original author: Aunt Ai

 

Editor's note: Market makers are an important part of the crypto world, providing liquidity to the market, but also holding the "power of life and death" of the price of coins. In previous articles, the author has explained in detail the role of market makers in the market. For reference, read: "Understanding Market Makers: Predators in the Gray Zone, Maintaining Continuous Market Liquidity" . Crypto KOL Ai Aunt summarized and sorted out the market making of seven major market makers such as Jump Trading, Wintermute / Amber Group in this round of bull market. BlockBeats reproduced the full text as follows:

 

The homework that has been urged for half a year is finally here.

 

Summarize the market making of Jump Trading / Wintermute / Amber Group / DWF Labs / B2C2 / GSR Markets / Flow Traders in this round of bull market.

- Wintermute's four kings have a 100% participation rate
- DWF Labs has made a high-profile entry into the Meme track and TON ecology
- Amber and Flow Traders have seen a significant increase in activity

 

 

1/ Preface

As always, in order to improve data accuracy, only publicly verifiable market making projects are selected in the picture. If there are omissions, please add them in the comment area.

 

2/ Market Maker Funding

As of 2024.06.27, the ranking from high to low according to the amount of funds on the chain is:

 

1. Jump Trading: 673 million US dollars
2.Wintermute: 475 million US dollars
3.GSR Markets: 86 million US dollars
4.Amber Group: 50 million US dollars
5.DWF Labs: 41 million US dollars
6.B2C2: 37 million US dollars
7.Flow Traders: 3.9 million US dollars

 

Here are some key points:

 

3/ Wintermute: 100% participation rate of the four kings

Almost all high-market-value tokens in this bull market have Wintermute. Among the four kings (OP / ARB / STRK / ZK), except for ZK, which lacks clear data support, the rest are all involved in market making by him and the number of tokens is huge. In addition, Wintermute has become the second largest market maker in Robinhood, with its trading revenue accounting for as much as 10%.

 

4/ In the past six months, there have been two obvious changes in Wintermute's large holdings

1.2023.11 The holdings of $ARB ranked TOP1 have decreased sharply (39.73 million> 2.57 million), and correspondingly, you should often see information about ARB recharged into the exchange, haha.

 

2. As an ENA market maker, Wintermute holds $16.29 million worth of related tokens (10.01 million USDE + 6.28 million ENA).

 

 

5/ GSR Markets

 

It is rumored that it is the "Binance official market maker", and its participation in the market making of the Launchpool project is indeed not low.

 

It should be noted that $WLD, the asset ranked TOP1 in GSR's holdings, has been reduced by nearly 87% (13.06 million> 1.66 million), and has been replaced by $GALA. It currently still holds $9.88 million in tokens, which has hardly changed in more than half a year.

 

 

6/ DWF Labs: High-profile entry into the Meme track and TON ecosystem

 

DWF is undoubtedly the most active market maker in this bull market - it promoted the rapid rise of a number of altcoins such as FET/JASMINE in early February, and officially announced investments in projects such as FLOKI/TOKEN/GME when the Meme exploded in May, and also deeply participated in the TON ecosystem.

 

It really doesn't miss any hot spots, and the "VC + MM" model is running smoothly.

 

7/ Amber Group & Flow Traders

 

These two market makers may not be as famous as the above three, but they have also been very visible in recent months, especially Amber, which has participated in popular narratives such as liquidity staking/L2/interoperability protocols.

 

Currently, Amber holds $12.74 million of ZRO, while the top few holdings of Flow Traders are BTC/ETH and the main narrative DeFi tokens UNI/MKR in the last bull market.

 

 

8/ Specific positions of other market makers

The capital volume of most market makers has shown a significant increase. Apart from the factor of "funds transferred from exchanges to the chain", the hot market in the first half of the year also made MM make money. For example, GSR publicly stated that "revenue in the first half of the year more than doubled year-on-year."

 

For those interested in holdings, please see the Arkham dashboard for details, which I will not expand here: https://platform.arkhamintelligence.com/dashboards/view?dashboardID=77ad9d95-8d52-4958-a6ab-1c807db155f2

 

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