Crypto Transparency Shock: Less Than 1% of Protocols Disclose Market Maker Deals
A Major Gap in Crypto Disclosure
Imagine investing in a crypto project without knowing who controls the price swings. A new report shows
What the Report Uncovered
The study looked at protocols from key areas like DeFi, Layer 1 blockchains, Layer 2 solutions, AI projects, infrastructure, and stablecoins. These projects range in value from $40 million to $45 billion.
Researchers checked 15 key disclosure items for each one. The big finding? Only one protocol shared any info on market maker terms. That was Meteora, in its 2025 Annual Token Holder Report.
Why Market Maker Deals Matter
Market makers provide liquidity. They agree to buy and sell tokens to keep trading smooth. These deals often include token loans, options, and rewards based on performance.
Such agreements can influence daily prices and trading volume. Without details, you miss the full picture. In stock markets, these are often public. In crypto, it’s rare.
Good News on Revenue Data
Not all news is bad. 91% of protocols have traceable revenue data. You can find it on their dashboards or third-party sites. The numbers are out there for most projects.
Investor Relations: Room for Improvement
Only 3% have a dedicated investor relations hub. Examples include Meteora, Jito, Jupiter, Raydium, and MetaDAO. These spots gather reports, metrics, and updates in one place.
Most teams scatter info across blogs, forums, X (Twitter) threads, and data sites. Investors must hunt and piece it together.
- 8% publish token holder reports
- 5% have a dedicated investor channel
- 3% offer a one-page investor summary
Token Transparency Framework Adoption
The Blockworks Token Transparency Framework (TTF) covers 18 areas on token supply and finances. It was shared with the SEC in June 2025.
About 9% of protocols (13 total) have filed it. They include Jito, Jupiter, Raydium, Morpho, Aerodrome, Maple, dYdX, Meteora, MetaDAO, Euler, Marinade, EtherFi, and Gains Network.
No Layer 1, Layer 2, or infrastructure protocols have filed yet. But it’s open for anyone to use.
Do Tokens Return Value to Holders?
38% of protocols have active value accrual models. These share economic benefits like:
- Fee sharing
- Buyback and burn
- Staking revenue
- ve-model distributions
62% offer only governance rights, no direct returns. Sector differences are stark:
- Perpetuals protocols: 62% active models
- Layer 1 and Layer 2: just 12%
What This Means for You
Poor disclosure raises risks. Hidden market maker deals could mean manipulated prices or unfair advantages. Investors deserve clarity to make smart choices.
Projects that share more build trust. They attract serious money and long-term holders. As crypto grows, better standards could match traditional finance.
Steps Investors Can Take
- Check dashboards for revenue data.
- Look for investor hubs or TTF filings.
- Follow official channels for updates.
- Ask teams directly about market makers.
- Use tools like Dune Analytics for on-chain insights.
The Path to Better Transparency
More protocols are filing TTF and building IR hubs. Sectors like perpetuals lead in value accrual. If
Stay informed. Transparency protects your portfolio in this fast-moving space.
