Report states that less than 1% of encryption protocols disclose market maker terms

According to the 2026 Investor Relations and Token Transparency Report released by cryptocurrency consulting firm Novora, a review of over 150 major cryptocurrency protocols revealed that less than 1% disclosed terms related to market makers, and only Meteora disclosed market making arrangements details in its annual report for token holders in the 2020s. The report states that 91% of protocols generate traceable revenue, but only 18% release quarterly updates and 8% release token holder reports. The research covers decentralized exchanges, lending platforms, etc., with protocol valuations ranging from approximately $40 million to $45 billion.