Opaque market-making agreements have long raised concerns in the crypto space, especially around models where tokens are loaned to market makers. Critics argue that these setups can create incentives for market makers to sell tokens aggressively, potentially harming price stability.

Regulators like the US Securities and Exchange Commission have previously taken action against certain crypto market makers for alleged manipulation, adding to the scrutiny around these practices.

As the industry matures, pressure is growing for protocols to adopt clearer disclosure standards. Without transparency, investors may continue to face hidden risks tied to how liquidity and trading activity are managed behind the scenes.