2026战略选择：做市商实用选型指南

ACKNOWLEDGEMENTS SPONSORED BY We would like to thank Auros for commissioning this research report. We would like tothank their team for providing feedback and input for this report. We are also grateful to thefollowing individuals, whose insights gathered through interviews formed the foundation Auros, a market-making and algorithmic trading firm, was established by experiencedderivatives traders and trading system designers with over two decades of expertise.The firm generates daily notional turnover in the billions of dollars. Auros' technologicalfoundation fuses advanced pricing models with cutting-edge execution capabilities,ensuring reliable and consistent trading performance. Their distinctive, partnership- •Shunyet Jan, Former Head of Derivatives and Institutions at Bybit •Chris Knight, Managing Director at LMAX Digital •Tika Lum, Head of Global Business Development at Kucoin •Yoann Turpin, Cofounder at Wintermute •Rich Rosenblum, Cofounder at GSR•Stef Wynendaele, Global Head of Corporate Sales at Keyrock•Giancarlo Cudrig, Head of Markets at Immutable•Jason Atkins, Chief Commercial Officer at Auros•Timo Lehes, Cofounder at Swarm•Julius Walkenhorst, Chief Growth Officer at Enflux•Kamyar Khaledi, Head of Liquidity - Asset Listings at Kraken More about Auros: Website | LinkedIn | Twitter | Contact RESEARCHED BY The Block Pro is The Block’s premium product portfolio designed to help institutionsevaluate opportunities in digital assets. Pro’s research, news, and data products arepowered by teams of subject matter experts deeply entrenched in the digital asset The Block Pro Research produces research content covering the digital assets, fintech,and financial services industries. Contact LEADAUTHOR Ian DevendorfSenior Research AnalystEmail, LinkedIn Email: research@theblock.co X : @TheBlockCo OVERVIEW TABLE OF CONTENTS 2SPONSORED BY3ACKNOWLEDGEMENTS5OVERVIEW6GLOSSARY8SECTION 1: STRATEGIC BENEFITS OF MARKET MAKER PARTNERSHIPS12SECTION 2. KEY CRITERIA FOR SELECTING A MARKET MAKER In crypto markets, where liquidity drives both perception and performance, marketmakers play a critical but often poorly understood role. While professional market makersare essential for maintaining orderly, liquid markets, the lack of transparency around theirpractices has made it difficult for projects to evaluate partners effectively. This report The right partner can reduce slippage, dampen volatility, and help maintain tight spreadsand deep order books across key trading venues. These conditions support organictrading activity and fair price discovery, while also signaling that the market is stable,well-functioning, and free from manipulation. This helps build trust among investors andencourages sustained participation over time. At the same time, poor market making, This third report in our series provides a practical framework for choosing a liquidityprovider to partner with. While the first report introduced market making fundamentalsand the second examined liquidity's quantitative impact on token performance, this reportfocuses on the selection process itself. Based on interviews with exchange operators,market makers, and token projects, we examine how to assess liquidity providers across We start by examining the strategic benefits market makers provide, including liquidityprovision and broader ecosystem support. We then detail evaluation criteria for assessingproviders, followed by a systematic due diligence process covering information requests,verification methods, and candidate screening. We provide specific frameworks for GLOSSARY hedging strategies, position limits, and dynamic spread adjustments. AMM (Automated Market Maker):A decentralized protocol that provides liquiditythrough algorithmic pricing curves (e.g., constant product formula) rather than traditional Market Share:The percentage of total trading volume on an exchange or across venuesthat is attributable to a specific market maker's activity, used as a performance metric to Call Option:A derivative contract granting the market maker the right, but not obligation, topurchase project tokens at a predetermined strike price within a specific timeframe, often Retainer:A fixed, recurring fee paid to a market maker for providing liquidity services overa specified period, typically structured as monthly or quarterly payments independent of Depth:The aggregate quantity of buy and sell orders available within a specified pricerange from the mid-market price (e.g., within 1% or 2%), representing the market's capacity Spread:The difference between the highest bid (buy) price and the lowest ask (sell)price in an order book, typically measured in basis points or percentage terms. Tighter DLOB (Decentralized Limit Order Book):An on-chain or hybrid order book systemthat maintains limit orders on a blockchain or decentralized infrastructure, combining Token Loan:An arrangement where a project temporarily provides tokens to a marketmaker to