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…