Chainfeeds Introduction:
Jump Crypto, once a high-profile high-frequency trading giant, has quietly withdrawn from the stage after a series of intense turbulences. Now, this once-hidden force that dominated on-chain liquidity is attempting to return to the center stage with a new identity as a "crypto infrastructure builder" and has rarely disclosed its progress in lobbying US crypto policies.
Article Source:
https://www.panewslab.com/zh/articles/gsm6ee1j
Article Author:
PANews
Perspective:
PANews: On June 20th, Jump Crypto, which had been low-key for a long time, rarely spoke out and officially announced reintroducing itself to the world as a crypto infrastructure builder. Viewed as one of the largest crypto trading participants, it is transforming from a behind-the-scenes trading behemoth to a core driver of on-chain infrastructure. In the public statement released on its official website, Jump Crypto recalled that over the past few years, it has been low-key but never stopped building, with the team always focusing on identifying and breaking through core bottlenecks constraining crypto system performance and scalability. We don't sit in an ivory tower discussing the future ten years from now; we start with the toughest nuts to crack. History tells us that building itself will give birth to more building. Jump wrote this way. Jump emphasized its core contributions in projects like Pyth, Wormhole, Firedancer, and DoubleZero, stating that while these projects have different technical directions, they all originated from technical limitations encountered in real on-chain trading. It is precisely this path of trading-driven construction that has enabled the Jump team to evolve from liquidity providers to key drivers of crypto infrastructure. However, Jump repeatedly emphasized in its statement that despite playing a core contributor role in multiple infrastructure projects, it never has control over these networks. "We firmly believe that the essence of decentralization is that no single entity has unilateral control. Therefore, the protocols we build are not only open-source code but are completely open-source and freely forkable. In our view, decentralization can take various forms (validators, token governance, etc.), but the core criterion is always: Is there the ability to unilaterally modify the protocol?" Meanwhile, Jump has also laid out security infrastructure, including its self-developed self-hosted wallet operation platform Cordial Systems, which can provide enterprise-level digital asset wallet solutions for Jump and multiple centralized exchanges; the internally incubated security team Asymmetric Research has helped prevent over $5 billion in potential risks and handled more than 100 security incidents. Notably, Jump's high-profile statement this time is not only a clarification of its role but also discloses its first active participation in regulatory policy recommendations. In the past decades, Jump Trading's parent company has almost never appeared in the public policy arena. Jump Crypto has submitted a policy opinion letter to the US SEC last month, marking the first time Jump Trading's parent company has publicly commented on public policy, sharing their views on how US securities laws should adapt to the digital asset era, calling for introducing common-sense reforms to eliminate the regulatory ambiguity and uncertainty widely felt in the industry. Jump Crypto, once the flagship force of Wall Street quantitative legend Jump Trading in the crypto world, faced a reputation crisis and financial pressure after being deeply involved in controversies such as UST manipulation, FTX bankruptcy, and the Wormhole hack, choosing to gradually fade from the industry spotlight. Jump truly fell into a reputation crisis starting with the Terra ecosystem's collapse in 2022. The crisis did not stop there. In February 2022, Wormhole, a cross-chain bridge developed by Certus One previously acquired by Jump, was hacked, losing as much as $325 million, becoming one of the largest security incidents in the crypto industry at the time. FTX's collapse further exacerbated Jump's financial black hole. Facing multiple setbacks, increasingly strict US regulation, and the arrival of Crypto Winter, Jump Crypto quickly contracted its frontlines, began layoffs, contracted venture capital layouts, and strategically retreated from the US market, gradually fading from the crypto community's public view. In the second half of 2024, Jump even massively sold off its holdings of mainstream assets like ETH, USDC, and USDT, once triggering speculation about its complete withdrawal from the crypto market.
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