Original author: Aunt Ai (X: @ai_9684xtpa)

I saw the news this morning that "Wintermute becomes the third largest holder of $GOAT, holding 1% of the total supply of tokens", but just as airdropping tokens to Vitalik Buterin is a publicity stunt, airdropping tokens to market makers is nothing new.

So here comes the question:

- How to determine whether market makers are truly involved?
- Typical examples of market making
- Examples used only as promotional material

1/ Take GOAT as an example

1. Falsification: It is true that 10 million GOAT are held and the contract address is correct; do not underestimate this step, as many issuers promote market makers under the name of the same token.

2. Identify the source of funds: Tracing back, it was found that four addresses transferred millions of tokens to 7GNPT….snUM1, and all of them were early-stage addresses with extremely high return rates, with a cumulative profit of 11.63 million US dollars!

做市商持有代币，就意味着参与了做市吗？
Four early entry addresses for depositing coins to Wintermute:

  • 3kjF7ZXfMYo1dqxFNE7WVtQ38zZSciptu1deWYibre1m (the source purchase address of CAnS7...JZT86)

  • BNPntzDuH7EofLrHGA7gjbeNvJQbEvvrGrCPCTCNXf7v

  • 9pLzvD3s5g7nWbMbURPvYQgHp4piosoVLrxiEgr58v3d

  • EUES49UdAkevnREj5YShNXpWjX5DN44uCJQo7yfaggot

3. Check the market maker’s operation: After receiving the tokens, two things were done. First, 1 token was transferred to Wintermute1 and then immediately transferred back. This is an obvious address confirmation action. Second, all tokens were distributed to the Wintermute3 address after two transfers.

Seeing this, it is basically certain that Wintermute actively participated in GOAT market making. As for whether it was OTC coin purchase/instructed by the project party or a spontaneous behavior, it is unknown.

4. Stay tuned: Ultimately, it depends on whether Wintermute3 frequently conducts GOAT transactions. If so, it can be confirmed.

做市商持有代币，就意味着参与了做市吗？

2/ Typical examples of market making

Wintermute participated in the market making of capitalized $NEIRO: it once held 4.35% of the total supply of tokens and was once the largest holder. After receiving the tokens, it actively maintained frequent transactions with major exchanges and DEXs.

做市商持有代币，就意味着参与了做市吗？

3/ Typical example of a product that is used only as a promotional tool

This type generally has several characteristics:

  • Direct airdrop by the project owner/DEV

  • Usually airdropped to market makers and well-known founders in the cryptocurrency circle, such as Vitalik Buterin and Sun Ge

  • The market maker does not take any action after receiving it (V God may sell it directly)

  • The community has made a high-profile announcement that a certain institution has participated in market making

As for pulling down and stepping down, I won’t give actual examples here. You can check these characteristics yourself.

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