Author: Novora

Translation: Deep Tide TechFlow

Deep Tide Introduction: Among 150 leading agreements, 91% generate on-chain income, but only 8% publish investor reports, and less than 1% disclose market maker terms. The data is all on-chain, and third-party platforms have coverage, but agreements simply do not package it for institutions to view. This is not a matter of data absence, but more about communication gaps.

Disclosure Rate

We evaluated 13 disclosure indicators across more than 150 agreements. The gap between what traditional markets require for disclosure and what crypto agreements voluntarily provide is structural, not accidental.

Less than 1% of agreements disclose market maker terms. In the traditional stock market, market maker agreements are standard disclosure items submitted to exchanges. In the crypto field, Meteora is the only protocol in our entire dataset of 150+ agreements that publicly discloses market arrangement information, revealed through its 2025 annual token holder report.

Third-Party Data Coverage

We evaluated 5 major data platforms. Coverage reflects whether each agreement has a dedicated profile with meaningful data beyond basic price information.

72% of agreements are covered by more than 4 platforms. The third-party data infrastructure has significantly matured. The data exists. The issue is not data availability, but rather that agreements have not utilized this data in structured investor communications.

Transparency Paradox

Income exists on-chain. Reports do not exist anywhere. This chart shows the disconnect between data availability and investor communication.

91% of agreements generate traceable income. 8% publish token holder reports. The data is right there. It is on-chain, indexed by third-party platforms, and can be publicly verified. Yet, less than one in ten agreements package this data in a format usable by institutional investors. This defines the investor relations gap that characterizes this industry.

Industry Segmentation

The disclosure practices vary greatly across different industries. DeFi agreements, particularly DEX and lending, lead in transparency. L1 and infrastructure agreements, despite having a larger market cap, lag behind.

Token Transparency Framework

Blockworks launched the Token Transparency Framework in June 2025, submitted to the SEC alongside Jito. 13 agreements have been submitted. Here are who they are and what this means.

The TTF adoption rate is 9%, up from 0% in June 2025. The 13 submitters are heavily skewed toward Solana (6/13) and revenue-generating DeFi agreements. Zero L1, zero L2, and zero infrastructure agreements submitted. The framework was submitted to the SEC with bipartisan support from Pantera, Theia, and L1D. However, the adoption rate is still growing slowly.

Active Value Accumulation

38% of agreements have some form of active value accumulation: a mechanism that returns economic value to token holders, rather than just governance rights. But "value accumulation" is not the same thing. We identified six different models in the dataset.

Alpha is not in the mechanism itself. It is in the income. Any active accumulation model outperforms purely governance tokens by about 19 percentage points based on 1-year return rates. However, within the active group, the scale of daily income is the differentiating factor. The average return rate for purely governance tokens is -51%, while active accumulation tokens were -32% over the same period. The existence of a mechanism is more important than the mechanism itself.

Key Findings

Six patterns that emerged from assessing all 15 indicators across more than 150 agreements.

Six Numbers Viewing the Current State of Crypto Investor Relations

The gap between institutional investor expectations and what crypto agreements provide, quantified.

Agreement Index

Each agreement evaluated in this report. Sorted alphabetically. ✓=disclosed/existing. ✗=not disclosed/missing. Hover on mobile to view full row.

More than 150 agreements were evaluated on 18 total indicators (13 disclosures + 5 platform coverage). This index represents the most comprehensive assessment of crypto investor relations practices to date. The complete dataset is maintained in the Novora investor relations benchmark database, updated quarterly.

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