Market
Market Making and Beyond: Insights from Vortex Co-Founder

Vortex, a prominent market maker, has become a reliable solution for projects facing growth and liquidity challenges. Founders often struggle with issues like stagnant token performance, weak chart metrics, and the risk of delisting from exchanges. Vortex addresses these problems with effective market-making algorithms, liquidity provision, and tailored advisory services that support project success.
In this interview, Vortex’s Co-Founder Gleb Gora discusses with BeInCrypto how the company’s’s strategic approach is driving sustainable growth for crypto projects in today’s competitive market
Can you share how Vortex started and how it evolved over time?
Vortex was first started as a vision of managing and growing wealth, providing an efficient trading infrastructure for professional and institutional traders in crypto. However, since 2021, we’ve seen a bigger opportunity in another niche, which was still pretty empty back then — market making. That’s when our vision consolidated into this journey and we’ve decided to fully move into the world of market making.
Vortex has adopted several unique market approaches, including various tech innovations and a broad range of strategic offerings for projects. However, what truly sets us apart is our client service. Over the years, we’ve refined our client communication to the highest level compared to our competitors. This focus on communication is a key metric where Vortex excels, contributing to our 93% client retention rate in 2023 and 85% year-to-date — outpacing the industry average by 25-30%.
Understanding your client needs is vital for any business, alongside efficient communication, which is absolutely crucial for profitable market making, especially when it comes to strategies based on project’s KPIs and unique needs. Alongside 24/7 support, that’s one of the key reasons why most of our clients make money while working with Vortex.
How does the world of market making look from the inside?
Since the beginning, we introduced Vortex’s proprietary trading software and dashboard, and we continuously improve them on a dynamic basis. Without spoiling all the juice, here are some of the key metrics and tools we rely on when managing markets.
- Order book integration from CEX with increased order history and added metrics which allow us to analyze the order book within seconds and make informed decisions based on that. Those metrics include order segregation, historical order book data, combined data across all exchanges and instant order execution based on that.
- Batch orders. A basic feature which allows you to instantly place multiple orders or execute them.
- Dynamic orders, a feature which allows to put efficient buy and sell walls.
- Advanced order execution, an automated tool which trades with the best bid and ask order to ensure dynamic trading environment.
- Proprietary trading algorithms designed for both T1 and T2 markets, tailored to meet the specific needs of each project. One of the most in-demand systems is our treasury-building algorithm.
- Additionally, we continuously refine a range of innovative tools, including metrics for stats, balance deltas, built-in PNL tracking, and more. We update and improve these features daily to ensure they deliver optimal market insights.
It’s very important to have a panel which meets all of the essential needs MMs face. An effective dashboard is a major part of success when it comes to executing most market making strategies, especially dynamic ones.
What are the main challenges market makers might face?
Market makers face various daily challenges, making it crucial to have dynamic tools for tracking accurate real-time data and automated algorithms that can trade without constant human intervention.
One of the most common issues is dealing with market takers who sell into the liquidity provided during volatile conditions. Market makers must offer liquidity 24/7, even in turbulent environments. During sell-offs or periods of high volatility, market takers can exploit this liquidity, leading to losses. While effective risk management and dynamic order strategies can mitigate this risk, it remains a key focus area for MMs.
In retainer-based market making, specific risks arise from inadequate client KPIs, especially in illiquid markets. A typical issue is excessive price support requested by projects without sufficient budgets or clear goals, leading to unnecessary spending. While not a direct risk, this challenge highlights the importance of projects listening to expert traders to avoid costly mistakes.
Does Vortex expand beyond market making?
Becoming a full-fledged token partner is one of the key visions behind creating Vortex. Apart from providing market making service, Vortex always goes beyond that and actively supports clients on:
Marketing. Vortex goes beyond standard market making by offering strategic marketing assistance. This includes introducing clients to top Key Opinion Leaders (KOLs) and leading marketing agencies. Vortex also offers guidance on developing and implementing marketing plans. This helps projects gain visibility and reach their target audience effectively.
Smart Contract Audits. Vortex ensures that projects are built on a secure foundation by offering comprehensive smart contract audits. These audits are conducted both in-house and through trusted partners, focusing on identifying potential vulnerabilities and ensuring the robustness of the contract’s code. This helps prevent security breaches and instills confidence in the project’s community and investors.
Strategic Web3 Advisory. Beyond market making, Vortex offers in-depth advisory services tailored to the unique challenges and opportunities within the Web3 space. This includes guiding clients through token launches, ecosystem development, and long-term strategic planning. The goal is to help projects achieve sustainable growth while navigating the rapidly evolving landscape of decentralized technologies.
Tokenomics Development and Audit. Vortex assists projects in designing and refining their tokenomics, ensuring that the economic model aligns with long-term project goals. This service includes auditing existing tokenomics structures to identify inefficiencies or areas for improvement. By offering data-driven insights, Vortex helps projects create token models that support liquidity, incentivize engagement, and foster ecosystem stability.
Providing all of the mentioned services proves highly valuable for many clients, as it ensures that market-making strategies align seamlessly with project plans and development timelines. This holistic approach enhances the effectiveness of market-making efforts by directly supporting the broader goals of each project.
Beyond these services, Vortex actively collaborates with over 20 launchpads and 15 venture capital firms, helping projects secure primary funding. We also plan to introduce our own launchpad by Q2 2025, further expanding the ecosystem.
What are the main trends driving the market right now, and where do you see things heading next?
Since I’ve started my journey in Web3, I’ve seen the space evolve so many times that it actually makes crypto completely different from what it was back in 2017. The NFT bags from 2021 are not going back to their ATH, most L0/1s turned out to be useless even as of today, rugs are more common than during the ICO boom and memes are now a major share of Web3.
I guess we can say that the space has evolved from building and innovating exciting tech to mostly pumping our own bags. We stopped caring about the fundamental part of most coins, predominantly focusing on hype, momentum and greed. Most innovative AI and blockchain projects are going down, while the Solana ecosystem grew. It’s obviously a temporary stage of the market, but it still sets us back from the initial vision behind Bitcoin in the first place.
I do believe that the next stage of crypto will be characterized as a stage of mass institutional adoption of crypto, which will completely evolve the space. DeFi and CeFi will most likely be even less interlinked than today, with DeFi slowly losing its market share over the years due to increased regulations from most nations.
The ETFs will be the key cash inflow to the market, influencing major altcoins and helping other similar projects grow as a whole asset class. Just like in every bull market before, most projects will lose a significant portion of their market cap, while others will capture their market share and many new solutions will appear, with a strong emphasis on RWA, AI and dApps.
What are the key factors that can make or break a project’s success?
Web3 is a very fascinating and somewhat complicated space with a unique blend of important traits a project has to have to become the next big thing. When it comes to success factors though, I would typically tend to divide short term success and long term vision as to different yet somewhat interconnected aspects.
Good momentum is achieved through a combination of effective community management, good brand that vibes with the overall space and/or strong support from respected industry experts. If those three are executed to a top-notch level, projects have enough momentum to generate sufficient buzz to shoot for the “next big thing” type of project. When it comes to long term success, we do have to account for more technical aspects — team execution, funding and economic model and, most importantly, the idea or vision itself.
Partnerships, backers and the overall vibe is crucial in helping the project get the initial traction — with enough experience, you can typically distinguish projects that have a shot from those that don’t in less than one minute just by checking those metrics.
Disclaimer
In compliance with the Trust Project guidelines, this guest expert article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Pi Network Price Falls To Record New Low Amid Weak Inflows

Pi Network (PI) has experienced a significant downtrend recently, with price declines that have left many holders facing losses.
The altcoin has failed to break free from this negative momentum, and the market conditions continue to worsen. As a result, investors are losing confidence, and the price may continue to drop further.
Pi Network Continues To Suffer
The Chaikin Money Flow (CMF) continues to show bearish signs, remaining well below the zero line. This indicates that the network is suffering from outflows, meaning that investors are moving their funds out of Pi Network. Despite a bullish start, Pi failed to sustain interest, leading many holders to sell off their positions.
The outflow trend is concerning for investors, as the lack of positive momentum suggests a prolonged downtrend. The market sentiment remains bearish, with sellers outweighing buyers. As the CMF stays in the negative zone, it signals that Pi Network’s price could struggle to find stability in the short term.

The Ichimoku Cloud, a widely used technical indicator, is hovering well above the candlesticks, signaling that the bearish trend is gaining strength. This indicates that there is little upward momentum in the market, and Pi Network is likely to face more downward pressure.
Additionally, broader market conditions are still negative, which suggests that Pi Network may fail to recover in the immediate future. With bearish technical indicators and a lack of support from investors, the outlook for Pi Network remains grim for now.

PI Price Hits A New Low
Pi Network is currently priced at $0.61, having formed a new all-time low of $0.60 after dropping by nearly 14% over the last 24 hours. The altcoin continues to struggle under the weight of negative sentiment and is not showing signs of reversal in the near term.
Based on the ongoing outflows and bearish technical indicators, Pi Network will likely continue its decline. It could fall further to $0.50, potentially forming new all-time lows. The current market conditions suggest that recovery is unlikely without a significant shift in sentiment.

However, if Pi Network can bounce off the $0.60 level, it might regain some support and climb back to $0.87. This would help recover some of the recent losses and potentially give the altcoin another chance at a bullish move. But, without a strong catalyst, it may struggle to break through the resistance levels.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
TRUMP Token Hits Record Low Due To Liberation Day Tariffs

TRUMP token has faced a significant downturn, failing to recover after a recent decline. The altcoin’s price has been further pressured by the announcement of US President Donald Trump’s Liberation Day Tariffs.
As a result, bearish sentiment has grown, leading traders to capitalize on the negative market conditions.
Trump’s Announcement Took A Toll
The funding rate for TRUMP turned negative over the last 24 hours, signaling increased bearish activity. Traders are shifting to short contracts, betting that the price will decline further. This shift in sentiment follows the announcement of the tariffs, which, despite being a policy move, had a negative impact on TRUMP’s price.
This negative market reaction highlights traders’ skepticism about the future prospects of TRUMP. While the tariff announcement was meant to stimulate market reactions, it instead spurred fear, driving a wave of sell-offs.

Looking at the broader momentum, technical indicators such as the Relative Strength Index (RSI) reveal that TRUMP is far from recovering its recent losses. The RSI remains firmly in the bearish zone, well below the neutral 50.0 mark. With no signs of reversal or bullish momentum, the token is likely to continue facing declines in the short term.
The oversold conditions are not yet reached either, indicating there is still room for further declines. With the RSI not showing any substantial recovery signals, the current downtrend could persist until market sentiment shifts or a new catalyst sparks renewed interest in the token.

TRUMP Price Suffers
TRUMP’s price hit a new all-time low of $8.97 before recovering slightly to $9.29. Over the last 24 hours, the token has seen a 10% decline. This drop has added to its month-long 45% slide, as the token lost crucial support levels, including $12.57 and $10.29.
The ongoing bearish trend suggests that TRUMP could continue to slide, with the next key support around $8.00. If the broader market conditions remain weak and the bearish sentiment continues to dominate, the price could dip further, reaching new lows before any potential recovery.

However, if TRUMP manages to reclaim $10.29 as support, it could mark the beginning of a recovery attempt. Successfully breaching $12.57 could invalidate the current bearish outlook and signal a potential rally, but this would require a significant shift in investor sentiment and market conditions.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin’s Future After Trump Tariffs

Welcome to the US Morning Crypto Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see how Bitcoin is holding its ground while Wall Street stumbles, why Trump’s tariffs may push the Fed into money-printing mode, and what that could mean for crypto’s next chapter. From Ethereum’s test of resilience to rising odds of a US recession, here’s everything you need to know to stay ahead.
Bitcoin Enters Its Risk-Dynamic Era Amid Tariffs and Turmoil
Bitcoin’s reaction to recent macro shocks—particularly Trump’s sweeping tariffs—has been noticeably calm compared to traditional markets, and that’s turning heads. While Wall Street stumbles harder than expected, crypto has held relatively steady.
Nexo Dispatch Editor Stella Zlatarev told BeInCrypto that this isn’t just resilience—it’s evidence that Bitcoin may be entering a new phase of market maturity.
“A 2–3% drop in crypto is a rounding error compared to past cycles,” she said, emphasizing that this stability amid chaos suggests Bitcoin is no longer just a speculative punt. “Bitcoin’s ability to weather macro turbulence without the wild swings of previous years suggests institutional investors are treating it less as a speculative punt and more as a strategic asset,” Zlatarev said.
Analysts also stressed that Bitcoin’s behavior doesn’t align with traditional asset categories.
“It’s not gold, and it’s not the yen. Instead, Bitcoin is emerging as a risk-dynamic asset – one that doesn’t crumble like high-growth stocks but also doesn’t attract the same flight-to-safety flows as traditional safe havens,” Zlatarev told BeInCrypto.
This concept of a “risk-dynamic” asset positions Bitcoin in a unique role: something that thrives in uncertainty but doesn’t collapse when the market turns.
Zlatarev from Nexo also noted that how Ethereum and other blue-chip altcoins respond next will be key.
“If ETH mirrors BTC’s performance, it strengthens the case that top-tier crypto assets are evolving into a more predictable asset class. If ETH wobbles, it reinforces that, for now, Bitcoin is in a league of its own.”
Meanwhile, the macro backdrop is shifting fast. Trump’s new “Liberation Day” tariffs have spooked global trade partners and have also sent ripple effects through prediction markets. Polymarket now gives almost 50% odds of a US recession this year—a major shift following the announcement.
Also, CME FedWatch tool shows interest rate traders have boosted the probability the US Federal Reserve will make four rate cuts this year. Eventually, this could relief the current macroeconomic pressure on Bitcoin.

Former BitMex CEO Arthur Hayes mentioned that Trump’s current tariff strategy could complicate the US bond market. In other words, pressure is building for the Fed to intervene—possibly by turning on the liquidity spigot once again.
All of this puts Bitcoin in a new spotlight. Its steadiness is no longer being dismissed as a coincidence. It may be the first sign that crypto, or at least its most mature players, is stepping out of the shadows of speculation and into the spotlight of strategic finance.
Chart of the Day

By reducing foreign demand for US Treasuries, Trump’s tariffs may force the Fed to inject more liquidity—potentially weakening the dollar and boosting Bitcoin as an alternative store of value.
Byte-Sized Alpha
– Trump’s “Liberation Day” enforces 10%+ tariffs on all imports, hitting China, the EU, and Israel, triggering market drops and recession fears.
– According to Standard Chartered, Bitcoin may hit $500,000 by Trump’s term end, AVAX could 10x by 2029, and Ethereum’s 2025 target drops to $4,000.
– The STABLE Act of 2025 advances with bipartisan support, aiming to tighten stablecoin rules as competition and regulatory pressure intensify.
– Bitcoin ETFs see $221 million in April inflows led by ARKB, but BTC derivatives cool with falling futures interest and bearish options sentiment.
– DXY hits a 2024 low after “Liberation Day” tariffs, fueling short-term Bitcoin surge hopes amid global tensions and policy uncertainty.
– Bitcoin struggles below $85,000 amid weak sentiment, but long-term holders stay firm, keeping capitulation fears at bay.
– Polymarket sees almost 50% chance of US recession as Trump’s tariffs spark market fears and trade tensions.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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