Synthetix创始人Kain Warwick为加密推销商的内部运作提供了鲜明的外观

在今天早上的X线程中，Synthetix的创始人Kain Warwick对加密推销商（MMS）的内部运作及其演变提供了鲜明的观点。

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的创始人Kain Warwick在最近的X上线程中，阐明了加密推销商（MMS）的发展及其在不断变化的行业景观中的作用。多年来，沃里克（Warwick）与各种MMS分享了他的个人经历，无论是积极的还是负面的，都强调了一些人如何从事可疑策略，尤其是在最初的硬币产品（ICO）繁荣期间和之后。

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时代的初始市场状况。他解释说，如果没有与几个“做市商”达成协议，就不可能提出ICO。此类安排的每月费用可能差异很大，范围从5万美元到30万美元以上。”尽管成本很高，但这些交易仍被认为是吸引大型投资者并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迅速转向可疑活动，这通常导致他们被禁止进行顶级交流。他补充说：“即使到了2017年底，托恩斯也将他们定期从交易所开始，为各种恶作剧。”他描述了这些MMS如何通过与自己跨越订单跨越命令的交流（或'tier 3'）交换的流动性来消除流动性，这是他们无法在Binance或Kraken等平台上维持的策略。

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."

根据沃里克的说法，营销安排的主要发展是采用了呼叫期权结构。他指出，虽然“许多'做市商'只是Yolo泵送令牌，行使了电话并抛弃了一切，但良好的做市商的目标是“非常紧张的点差”，并保持“ Delta Neutral”。他解释说，由于欧元的锻炼时间有限，欧元的电话不太容易受到操纵的影响，而美国的电话提供了更大的剥削范围。用沃里克的话来说，“美国的电话主要是为了提取。”

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）推广的“低Float Meta”的兴起是另一个重大转变。沃里克（Warwick）描述了一些MM和资金将如何从项目中折扣价购买代币，以提供出口流动性。随着流通的令牌的较少，产生价格飙升变得更容易，而那些持有大令牌块的人可以在TGE峰值处短短令牌，然后将其放回底部以覆盖他们的短距离，最后再次抽水以从低层交换中消耗流动性。

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）在他的帖子中还提到了他与DWF实验室的先前打交道，并指出Synthetix是DWF Labs裁员的第一个项目。

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.

作为最后的建议，沃里克敦促市场参与者密切关注令牌转移。他警告说：“如果您看到将大量的令牌发送给做市商'，请非常警惕，他们可能只是为您准备作为出口流动性做好准备。”当遇到突然的流动性尖峰和未公开的安排时，他主张提高透明度和健康剂量的怀疑。

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.

尽管沃里克（Warwick）指出，当前的环境与ICO鼎盛时期不同，但他的陈述突出了人们对剥削性做市商实践的持续担忧。在一个仍在不断发展和充满新机会的行业中，项目和投资者都必须保持警惕，并被告知要驾驶加密货币市场的复杂性。