A new study by Novora reveals a major transparency issue across the crypto industry: fewer than 1% of over 150 analyzed protocols disclose their market-making arrangements. These agreements play a crucial role in token liquidity and price stability, yet remain largely hidden from investors.

Out of all the protocols reviewed, only Meteora was found to publicly share details about its market-making terms. This lack of disclosure contrasts sharply with traditional finance, where such agreements are typically required to be transparent.

The findings highlight a critical blind spot for investors, who are often making decisions without knowing how liquidity is managed behind the scenes.