Crypto Protocols Rarely Disclose Market-Maker Terms, Study Finds

A new Novora study says crypto market-maker terms are almost never disclosed publicly, leaving token investors with limited visibility into how trading support is structured even when the tokens themselves are easy to find across major data platforms.

In its 2026 investor-relations transparency report, Novora said it assessed 150+ protocols across 18 total metrics, including 13 disclosure metrics and 5 platform-coverage metrics. The firm said <1% of protocols in that group disclose market-maker terms, with Meteora the only protocol in the dataset with public market-making disclosure.

Cointelegraph’s independent write-up restated Novora’s <1% disclosure finding and likewise identified Meteora as the lone exception. In token markets, market-maker terms usually cover liquidity commitments, spreads, inventory management, fees, or incentive payments, so that disclosure gap leaves outsiders with little basis to judge how visible trading support is arranged.

What the Study Found About Crypto Market-Maker Disclosure

Novora’s broader disclosure table suggests the market-maker gap sits inside a wider investor-relations shortfall: 91% of protocols generate trackable revenue, but only 8% publish a token holder report. The gap between the 91% revenue figure and the 8% reporting figure suggests many projects already have measurable business activity without offering basic holder-facing disclosures.

The same report says 72% of protocols are covered by four or more third-party data platforms. That mismatch, broad discoverability but thin disclosure, arrives while traders are already parsing liquidity-sensitive narratives such as Bitcoin facing resistance after a $76K rally and how tech-led equity strength can pull risk appetite across markets.

Why Undisclosed Market-Maker Agreements Matter for Token Trading

When commercial terms are public, investors can inspect whether an issuer promised a market maker specific liquidity targets, spread constraints, borrow arrangements, or incentive payments. With disclosure still below <1% in Novora’s sample, most readers do not get enough documentation to tell whether a token’s trading conditions are organic, subsidized, or somewhere in between.

Novora’s data does not prove misconduct, and the report does not allege that undisclosed agreements are inherently improper. It does show that with only one publicly disclosed example in a 150+ protocol dataset, investors usually cannot compare counterparties, compensation, or obligations before deciding how much weight to put on liquidity metrics.

Because 91% of protocols in the study generate trackable revenue, the report also implies that many issuers now resemble operating businesses more than experimental side projects. That is one reason disclosure questions may get louder as institutional framing spreads through crypto coverage, including recent attention on shifts inside the Bitcoin ETF market.

What the Findings Could Mean for Transparency Across Crypto Markets

Novora’s Token Transparency Framework section says 13 protocols had filed by April 2026, and 6 of 13 were Solana protocols. The report says Blockworks launched the framework in June 2025 and presented it to the SEC alongside Jito, which supports a measured takeaway: a disclosure template exists, but it still appears voluntary rather than mandatory.

That voluntary angle cuts both ways. The existence of 13 filings shows some teams see strategic value in fuller disclosure, but Novora’s <1% market-maker disclosure rate and 8% token-holder report rate show the practice is far from standard.

For optimists, the report’s 72% platform-coverage figure suggests crypto markets already have the data rails needed for better investor relations if projects choose to use them. For skeptics, the same study’s <1% disclosure rate suggests transparency still lags well behind visibility, which leaves investors comparing price charts faster than they can compare incentives.

With 72% of protocols already visible across four or more data platforms, the next transparency test is whether disclosure starts catching up to distribution. Until then, Novora’s dataset suggests market structure may remain easier to observe than to audit.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.