On February 18th, Zhu Su, co-founder of Three Arrows Capital (3AC), pointed out in a post that in the last bull market, many large market makers would take on the main risk and adopt hybrid venture capital and market-making strategies. In this bull market, the market makers who successfully survived mainly relied on zero-risk strategies and maximizing value extraction. This view stems from a discussion of the LIBRA market maker incident, where community members pointed out that Kelsier ventures basically confirmed that the main job of a market maker like Wintermute is to maximize the extraction of value and make the token price fall, "At least some other market makers will do some pulling, but somehow the project thinks it's a good idea to hire Kelsier to make their tokens only fall."