Compared to the previous bull market, project teams have significantly reduced their budget investments in market makers. "Data shows that this year, some projects have even cut their Token budgets by 50% compared to the last cycle," said Vicent, Chief Information Officer of Kronos Labs.

But this is not just a matter of "budget cuts"; a deeper driving force comes from the evolution of the (project team) mindset.

Project teams have greatly improved their understanding of market-making business. They are beginning to understand the profit margins of market makers, no longer satisfied with vague liquidity commitments, but demanding quantifiable KPIs, clear delivery logic, and in-depth explanations of the efficiency of each fund's use.

In short, less funding, higher requirements.

Faced with this pressure, leading market makers have not blindly fallen into price wars. Vicent emphasized that market making is an industry that relies heavily on systems, risk control, and experience. Once quotes fall below the risk coverage cost, market makers face not just profit decline but a survival crisis. Therefore, when the risk-reward ratio becomes unbalanced, they would rather give up.