Thoughts on Jump supposedly leaving crypto: ๐งต๐
To the best of my knowledge, Jump Crypto operated two main verticals in the space:
1. trading
2. "building things"
1. trading
2. "building things"
The trading side seemed pretty straightforward. There was HFT, OTC market making, event-driven position taking, and liquidity provision for new tokens.
This vertical behaved no differently than the sort of practice you'd have found inside Jane, Tower, Citadel, Flow, etc.
This vertical behaved no differently than the sort of practice you'd have found inside Jane, Tower, Citadel, Flow, etc.
Then there was the building side. "Building," in the frothy parlance of the 2021 picobull, is a euphemism for renting out devs in exchange for vast bags of locked shitcoin.
Jump really leaned into this "building" stuff - they promoted their hapless intern into a role of titular prominence, and plastered his smug face all over the internet.
No corner of crypto cyberspace was left un-mustachioed.
No corner of crypto cyberspace was left un-mustachioed.
The content was radioactively cringe, but effective.
His message was, essentially, we're here with our cool-looking office, TradFi stability, and attractive brand to partner with your project in exchange for a call option on a substantial percentage of your float.
His message was, essentially, we're here with our cool-looking office, TradFi stability, and attractive brand to partner with your project in exchange for a call option on a substantial percentage of your float.
It worked.
2021 was, supposedly, a multibillion dollar banger.
2021 was, supposedly, a multibillion dollar banger.
Then it broke.
Our mustache warrior got Luna'd. Then Wormholed. Then FTX'd. Then CFTC'd. Then fired.
Our mustache warrior got Luna'd. Then Wormholed. Then FTX'd. Then CFTC'd. Then fired.
Recently, rumors have been flying that Jump has exited crypto, and is sloppily vomiting their bags onto the open market at illiquid / inopportune times. Wallet tracking loosely confirms some elements of this hypothesis.
My hunch is that Jump, in firing their vaporware frontman, has revealed the true nature of what's going on under the hood.
There is no way that Mustache Warrior was ever responsible for applying Jump's industry-leading quant trading process to liquid crypto markets.
Anyone who listened to him blather during the previous cycle is aware that he knows almost nothing about trading.
Anyone who listened to him blather during the previous cycle is aware that he knows almost nothing about trading.
Instead, he was the useful idiot/humanoid marketing jingle for the "building" (a.k.a. crypto call option-accumulating) business, intended to make Jump seem like a warm and fuzzy place for protocol founders to part ways with way too much of their float.
Thus, if I had to guess, I'd say Jump has probably exited "building" altogether, which is why you see their bags getting jeeted when you check the chain.
I'd also guess that their vanilla trading operation is still humming away and printing plenty of money.
I'd also guess that their vanilla trading operation is still humming away and printing plenty of money.
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