In 2016, we were project founders, not market makers.

We raised ETH, launched a token, got it listed, and experienced firsthand what it meant to be on the other side of the table. Lots of market makers came calling, but none of their proposals made financial sense to us. We were lucky enough to have the finance and tech background to build a market making algo for our token, so that’s what we did.

But then the bear market hit. ETH crashed from $2,000 to $80. With no access to banking, our treasury evaporated. The only cash flow left? Market making our own token.

Three Years of Outperformance

So we turned to market making Bitcoin and Ethereum and discovered real edge. The returns were consistent. We then formalized operations, launched a regulated Cayman hedge fund, and scaled rapidly.

Over the next three years, we became a top 20 global market maker, managing over $100M. We navigated extreme volatility, from BitMEX liquidation spirals to the Terra/Luna collapse, and still delivered outperformance in our returns without a single week of drawdown.

Crisis, Integrity, and Reset

FTX was the first true drawdown in our history.

We acted immediately. Repaid all loans to Genesis, Celsius, BlockFi, Maple. Returned all investor capital before bank accounts were shut down (RIP Silvergate and Signature). No delays. No excuses. Despite the circumstances, early investors remained profitable.

We wound down the fund on our own terms and stepped back. After years of 24/7/365 , it was time for us to reset.

Reinventing with Purpose

From there, we rebuilt from the ground up. New proprietary firm. New infrastructure. Faster algorithms.

But the project market making space hadn’t changed. Crypto projects were still frustrated with their market makers - unclear incentives, opaque execution, undelivered promises.

As a Cayman regulated hedge fund, we weren’t able to help projects with liquidity due to compliance restrictions. But as a proprietary firm, freedom and flexibility beckoned.

A New Standard in Liquidity

So we launched a new business line focused on project market making.

We leverage our high frequency trading infrastructure and sophisticated algorithms to help make orderly markets.

We receive growing numbers of referrals from an ever-increasing pool of satisfied clients.

Time is a flat circle. We’re now back to our roots, serving and supporting crypto projects with liquidity.

We are Adaptive Frontier, and we’re Built Different.

— Jonney & Han