Study finds almost no crypto protocols disclose market-maker terms
A review of over 150 crypto protocols finds fewer than 1% disclose market-making arrangements, revealing a major transparency gap in token trading structures.
A review of more than 150 major crypto protocols shows that disclosure of market-making arrangements is almost nonexistent, despite their central role in token trading.
The research, conducted by crypto advisory company Novora, found that fewer than 1% of protocols disclose any terms related to market makers. Across the full dataset, only one protocol, decentralized liquidity platform Meteora, was found to have publicly disclosed details of its market-making arrangements, citing the project’s 2025 Annual Token Holder Report.
The study covered leading sectors, including decentralized exchanges, lending platforms, perpetual futures, layer-1 and layer-2 networks, bridges and centralized exchange tokens, with protocols ranging in size from roughly $40 million to $45 billion in fully diluted valuation.