PANews reported on January 13 that Yoann Turpin, co-founder of market maker Wintermute, shared his views on price discovery and market neutrality. He pointed out that price discovery is the process of the market continuously searching for the true price of an asset. In the crypto field, it mainly occurs in CeFi and OTC markets, but is relatively rare in DeFi, and only occurs when token supply is launched, such as on platforms such as Pump.fun. Wintermute did not participate in it because the token size was too small.

Market neutrality means that participants do not benefit from price fluctuations. This strategy helps market makers maintain inventory balance. When prices rise, market makers usually sell in CeFi and buy back in DeFi; conversely, they buy in CeFi and sell back in DeFi, thus ensuring that all parties in the market pay roughly the same price.

Turpin also said that although he supports the DeFi ecosystem, to achieve more price discovery, the user experience needs to be significantly improved and new users need to be guided into the DeFi field as a priority.