A Novora audit of over 150 crypto protocols ranging from $40M to $45B FDV found that less than 1% disclose their market-maker arrangements — with Meteora being the sole exception. Despite 91% generating trackable revenue and 85%+ having third-party analytics coverage, virtually none package this data for institutional allocators. Novora founder Connor King called it "the single most consequential transparency gap in the industry," as Blockworks' Token Transparency Framework moves to standardize disclosure by requiring market-maker identities and terms.

TLDR by @Benthic

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