[Report: Less than 1% of Crypto Protocols Disclose Terms Related to Market Makers] Foresight News reports that cryptocurrency consulting firm Novora has released the 2026 Investor Relations and Token Transparency Report. The report, which reviewed over 150 major crypto protocols, indicates that although market-making arrangements play a central role in token trading, disclosures of such arrangements are almost nonexistent. Less than 1% of protocols disclosed terms related to market makers. Across the entire dataset, only one protocol, the decentralized liquidity platform Meteora, publicly disclosed details of its market-making arrangements in its 2025 annual report for token holders. Novora stated that among the protocols it reviewed, 91% generated traceable revenue, but only 18% issued quarterly updates, and just 8% published token holder reports. This suggests that while relevant data exists, it is rarely integrated into structured investor communication channels. The study covered decentralized exchanges, lending platforms, perpetual futures, Layer-1 and Layer-2 networks, cross-chain bridges, and centralized exchange tokens, with protocol sizes ranging from approximately $40 million to $4.5 billion (fully diluted valuation).