Synthetix創始人Kain Warwick為加密推銷商的內部運作提供了鮮明的外觀

在今天早上的X線程中，Synthetix的創始人Kain Warwick對加密推銷商（MMS）的內部運作及其演變提供了鮮明的觀點。

In a recent thread on X, Synthetix founder Kain Warwick shed light on the evolution of crypto market makers (MMs) and their role in the changing landscape of the industry. Sharing his personal experiences, both positive and negative, with various MMs over the years, Warwick highlighted how some have engaged in dubious tactics, particularly during and after the Initial Coin Offering (ICO) boom.

Synthetix的創始人Kain Warwick在最近的X上線程中，闡明了加密推銷商（MMS）的發展及其在不斷變化的行業景觀中的作用。多年來，沃里克（Warwick）與各種MMS分享了他的個人經歷，無論是積極的還是負面的，都強調了一些人如何從事可疑策略，尤其是在最初的硬幣產品（ICO）繁榮期間和之後。

Warwick started by describing the initial market conditions during the 2017 ICO era. He explained that it was practically impossible to raise an ICO without having a deal in place with several ‘market makers.’ The monthly cost for such arrangements could vary widely, ranging from $50k to $300k+.” Despite the high costs, these deals were considered essential for attracting large investors and getting listed on major exchanges.

沃里克（Warwick）首先描述了2017年ICO時代的初始市場狀況。他解釋說，如果沒有與幾個“做市商”達成協議，就不可能提出ICO。此類安排的每月費用可能差異很大，範圍從5萬美元到30萬美元以上。 ”儘管成本很高，但這些交易仍被認為是吸引大型投資者並被列入主要交易所所必需的。

However, Warwick noted that some MMs quickly pivoted to questionable activities, which often led to them being banned from top-tier exchanges. “Even by late 2017 Binance was kicking them off the exchange regularly for various shenanigans,” he added. He described how these MMs would used to used to siphon liquidity from less reputable (or ‘tier 3′) exchanges by crossing orders with themselves, a strategy they could not sustain on platforms like Binance or Kraken.

但是，沃里克（Warwick）指出，一些MM迅速轉向可疑活動，這通常導致他們被禁止進行頂級交流。他補充說：“即使到了2017年底，托恩斯也將他們定期從交易所開始，為各種惡作劇。”他描述了這些MMS如何通過與自己跨越訂單跨越命令的交流（或'tier 3'）交換的流動性來消除流動性，這是他們無法在Binance或Kraken等平台上維持的策略。

One of the major evolutions in market-making arrangements, according to Warwick, was the adoption of call option structures. He noted that while “many ‘market makers’ just yolo pumped tokens, exercised the calls and dumped everything,” good market makers aim for "very tight spreads" and remain "delta neutral." Euro calls, he explained, are less susceptible to manipulation due to their limited exercise period, whereas American calls offered greater scope for exploitation. In Warwick's words, "American calls were mostly for extraction."

根據沃里克的說法，營銷安排的主要發展是採用了呼叫期權結構。他指出，雖然“許多'做市商'只是Yolo泵送令牌，行使了電話並拋棄了一切，但良好的做市商的目標是“非常緊張的點差”，並保持“ Delta Neutral”。他解釋說，由於歐元的鍛煉時間有限，歐元的電話不太容易受到操縱的影響，而美國的電話提供了更大的剝削範圍。用沃里克的話來說，“美國的電話主要是為了提取。 ”

The rise of "low float meta," popularized by Sam Bankman-Fried (SBF), was another significant shift. Warwick described how some MMs and funds would buy tokens at a discount from projects to provide them with exit liquidity. With fewer tokens in circulation, it becomes easier to generate price surges, and those holding large token blocks could then short the token at the peak of the TGE, later buy it back at the bottom to cover their short, and finally pump it again in an attempt to drain liquidity from a lower tier exchange.

由Sam Bankman Fried（SBF）推廣的“低Float Meta”的興起是另一個重大轉變。沃里克（Warwick）描述了一些MM和資金將如何從項目中折扣價購買代幣，以提供出口流動性。隨著流通的令牌的較少，產生價格飆升變得更容易，而那些持有大令牌塊的人可以在TGE峰值處短短令牌，然後將其放回底部以覆蓋他們的短距離，最後再次抽水以從低層交換中消耗流動性。

In his post, Warwick also mentioned his prior dealings with DWF Labs, stating that Synthetix was the first project to be grifted by DWF Labs." While he acknowledged that such deals might benefit a project's treasury in the short term, they ultimately harm the token and community in the long run.

沃里克（Warwick）在他的帖子中還提到了他與DWF實驗室的先前打交道，並指出Synthetix是DWF Labs裁員的第一個項目。

As a final piece of advice, Warwick urged market participants to pay close attention to token transfers. "Be very wary if you see a huge block of tokens being sent to a ‘market maker,’ they are likely just preparing you as exit liquidity," he warned. He advocated for greater transparency and a healthy dose of skepticism when encountering sudden liquidity spikes and undisclosed arrangements.

作為最後的建議，沃里克敦促市場參與者密切關注令牌轉移。他警告說：“如果您看到將大量的令牌發送給做市商'，請非常警惕，他們可能只是為您準備作為出口流動性做好準備。”當遇到突然的流動性尖峰和未公開的安排時，他主張提高透明度和健康劑量的懷疑。

Although Warwick noted that the current environment is different from the ICO heyday, his statements highlight ongoing concerns over exploitative market maker practices. In an industry still evolving and rife with new opportunities, both projects and investors must remain vigilant and informed to navigate the complexities of the crypto market.

儘管沃里克（Warwick）指出，當前的環境與ICO鼎盛時期不同，但他的陳述突出了人們對剝削性做市商實踐的持續擔憂。在一個仍在不斷發展和充滿新機會的行業中，項目和投資者都必須保持警惕，並被告知要駕駛加密貨幣市場的複雜性。