A review of over 150 major cryptocurrency protocols shows a near absence of disclosed market-making terms, a critical element in token trading. Research by crypto advisory firm Novora found fewer than 1% of protocols publicly detail these arrangements. Only one, the liquidity platform Meteora, provided specifics in its 2025 Annual Token Holder Report. The study examined protocols across sectors like decentralized exchanges, lending platforms, and layer-1 networks, with valuations ranging from $40 million to $45 billion.
Novora founder Connor King called this the "single most consequential transparency gap in the industry," noting that such agreements are standard in traditional markets but absent in crypto. The research also highlighted a broader investor relations deficit: 91% of reviewed protocols generated revenue, yet only 18% published quarterly updates and just 8% issued token holder reports.
Perpetual futures and decentralized exchanges generally showed better disclosure, while L1 and infrastructure projects lagged. Opaque market-maker deals have drawn scrutiny, with critics arguing that certain structures, like the "loan option model," incentivize the dumping of borrowed tokens, potentially manipulating prices and harming project liquidity.