Novora says under 1% of 150+ crypto protocols disclose market maker terms, while 91% have traceable revenue data.
A new Novora Research report points to wide disclosure gaps across crypto markets.
The study reviewed more than 150 protocols in major sectors. It found that fewer than 1% reveal market maker deals.
Market Maker Terms Remain Mostly Hidden
Novora examined protocols in DeFi, Layer 1, Layer 2, AI, infrastructure, and stablecoins.
The group ranged from about $40 million to $45 billion in value. Researchers checked 15 public disclosure items for each project.
The report found only one protocol that disclosed any market maker terms.
That protocol was Meteora, according to the study. It shared the information in its 2025 Annual Token Holder Report.
Market maker agreements can shape token trading and daily price moves. They may include token loans, options, and performance-based rewards.
Yet most projects still do not publish those details. As a result, traders and investors often work without basic context.
In traditional markets, similar agreements are often disclosed. In crypto, that standard is still rare.
Revenue Data is Public, But Communication is Scattered
The report said 91% of the reviewed protocols had traceable revenue data. That data appeared on protocol dashboards or third-party research platforms.
So, the numbers exist for much of the market.
However, only 3% had a dedicated investor relations hub. Novora named Meteora, Jito, Jupiter, Raydium, and MetaDAO as examples.
These hubs place reports, metrics, and updates in one location.
Most other teams use several channels instead of one clear source. They post through blogs, governance forums, X threads, and outside data sites.
Because of that, investors must piece together information on their own.
Other disclosure areas showed the same pattern. Only 8% published token holder reports, and 5% had a dedicated investor channel.
Also, just 3% offered a one-page summary for investors.
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TTF Filings Stay Low, and Many Tokens Return No Value
Novora also tracked use of the Blockworks Token Transparency Framework, or TTF.
The framework was presented to the SEC in June 2025. It covers 18 disclosure areas tied to supply and financial structure.
The report found 13 protocols that had filed the framework. They included Jito, Jupiter, Raydium, Morpho, Aerodrome, Maple, and dYdX.
Meteora, MetaDAO, Euler, Marinade, EtherFi, and Gains Network also filed.
That filing rate came to about 9% of the full dataset. Novora said no Layer 1, Layer 2, or infrastructure protocol had been filed.
Even so, the framework remains open for wider adoption. The study also reviewed whether tokens return economic value to holders.
It found that 38% had an active value accrual model. Meanwhile, 62% offered governance rights only.
Those active models took several forms across the dataset. They included fee sharing, buyback and burn plans, staking revenue, and ve-model distributions.
Still, many large tokens offered no direct return. Sector data showed a clear split between categories.
Perpetuals protocols had a 62% rate of active value accrual. By contrast, Layer 1 and Layer 2 tokens stood at 12%.
Source: https://www.livebitcoinnews.com/less-than-1-of-crypto-protocols-reveal-market-maker-deals-report/
