CoinDesk Podcast Network What Happens to Crypto if Market Makers Dissapear?
Feb 27, 2026
Jordi Alexander, founder and CEO of Selini, a market maker focused on liquidity provisioning. Chuan "CJ" Jin, Head of Asia for GSR, an early crypto market maker with global OTC and liquidity services. Jason Atkins, CCO of Auros, a high-frequency liquidity provider across venues. They debunk the market-maker villain myth, explain different liquidity roles, why multiple makers help, and how liquidity attracts institutional flows.
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Market Makers Prevent Catastrophic Volatility
- Market makers are the primary defense against catastrophic volatility rather than the cause of it.
- Jason Atkins explains that when liquidity providers vanish during stress events, markets dislocate and narratives unfairly blame market makers.
Different Market Makers Create Healthier Markets
- Market makers are heterogeneous and serve different roles from passive liquidity to active prop trading.
- Chuan "CJ" Jin compares layers to banks, hedge funds, and prop shops, showing multiple approaches create healthier markets.
Plan Post-TGE Demand Before Listing
- Projects should plan who will buy their token post-TGE and not assume listing equals sustained demand.
- CJ warns founders that airdrops and free distributions typically trigger immediate selling and require product-market fit to attract buyers.