Crypto Firms Race to 'Quantum-Proof' Wallets Before Bitcoin, Ethereum Networks Catch Up
Crypto companies rush to create quantum-resistant wallets as threats loom.
Decrypt1 min read
Study finds almost no crypto protocols disclose market-maker terms
TL;DR
A study of over 150 crypto protocols reveals that less than 1% disclose market-maker terms, highlighting a significant transparency gap in the industry. Only one protocol, Meteora, has publicly shared such details.
Key points
- Less than 1% of crypto protocols disclose market-maker terms
- Only Meteora has publicly disclosed market-making arrangements
- Study covered over 150 major crypto protocols
Mentioned in this story
Novora
Meteora
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.
Novora said the protocols were assessed using a binary transparency framework covering disclosure practices and third-party data coverage, with checks against public sources including Artemis, Token Terminal, Dune, DefiLlama and Blockworks Research.
“This is the single most consequential transparency gap in the industry,” Novora founder Connor King wrote on X, saying that such material agreements are routinely disclosed in traditional markets. “In crypto, every market participant operates without this information,” he added.
Disclosure metrics assessed across 150+ protocols. Source: Novora
Related: Polymarket expands into equities and commodities with Pyth price feeds
Crypto’s investor reporting gap
The finding points to a broader investor relations (IR) gap in crypto. Novora said 91% of the protocols it reviewed generated trackable revenue, but only 18% published quarterly updates and just 8% issued token holder reports, suggesting the data exists but is rarely packaged into structured investor communication.
At the same time, third-party analytics infrastructure has matured, with coverage rates exceeding 85% across major platforms, suggesting the underlying data is widely accessible but rarely formalized in reporting.
Q&A
What percentage of crypto protocols disclose market-maker terms?
Less than 1% of crypto protocols disclose any terms related to market makers.
Which crypto protocol is known to disclose market-making arrangements?
The only protocol found to disclose market-making arrangements is Meteora, as noted in its 2025 Annual Token Holder Report.
Why is the lack of market-maker disclosure significant in crypto?
The lack of disclosure creates a major transparency gap, leaving market participants without critical information that is typically available in traditional markets.
