In a recent post on X, Victorji.eth, co-founder of Manta, sharply criticized market makers, describing them as “blood-sucking termites” whether they are active or passive participants in the market. He emphasized that market makers, according to his view, have little regard for the underlying fundamentals of projects, focusing primarily on their own interests rather than the long-term sustainability of the industry.
Manta Co-founder Criticizes Greedy Market Makers
我们每天基本都会收到所谓主动做市商和OTC的所谓买币和收购的邀请，我的态度都是一边呆着去。做市商无论主动被动，在我眼里都是吸血的蛀虫，他们完全不会看项目丝毫的基本面，但是每次开会，这些人都是活动上都是办活动跑会很积极的，老板也是有钱的一逼，为什么呢，这些钱都是从项目的社区中来的。如… pic.twitter.com/CzmHPHZZcZ
— victorji.eth 🌊🔴⛽️ (@victorJi15) March 10, 2025
Victorji.eth highlighted that Manta regularly receives daily invitations from so-called active market makers and over-the-counter (OTC) brokers to buy coins. However, he claimed that these market makers do not pay attention to the fundamental aspects of the projects they engage with, which he argued could lead to the downfall of the industry. He also warned that if the crypto industry continues to overlook fundamentals, its collapse could be imminent, with market makers playing a key role in this dynamic.
He also stressed that liquidity should come from real community transactions, not manipulated by external market forces. “If more funds in this industry do not pay attention to fundamentals, the industry will collapse faster and faster,” he said.
In his critique, Victorji.eth suggested that project founders worried about insufficient liquidity should consider loans instead of relying on market makers to purchase large amounts of tokens. He referenced an early experience with Manta’s Calamari project in the Polkadot ecosystem, where a firm called San Arrows requested more than 3% of the project’s tokens but later sold them, going against their initial promise to hold the coins.
According to Victorji.eth, a true market maker only requires a small fraction (no more than 0.2%) of a project’s tokens for liquidity purposes. He argued that if the market depth requires significant sums of capital, it risks destabilizing the market. In conclusion, Manta’s Co-founder questioned, “If the market maker wants more coins, isn’t it just to crash the market?”
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