Beyond market-making opacity, the report from Novora points to a broader investor relations problem in crypto. While over 90% of protocols generate measurable revenue, only a small fraction provide regular updates or formal reports to token holders.

Just 18% of projects publish quarterly updates, and only 8% issue detailed token holder reports. This suggests that while data exists, it is rarely structured into clear, investor-friendly communication.

Interestingly, third-party analytics platforms already track much of this information, meaning the issue isn’t data availability—it’s the lack of transparency and accountability from projects themselves.