A new study of 150+ protocols just dropped a bombshell: Fewer than 1% disclose market-maker terms. That’s right. Almost NO ONE tells you how token trading is actually structured behind the scenes.
Key findings: -> Only 1 protocol (Meteora) made terms public -> 91% generate trackable revenue → but only 18% publish quarterly updates, Just 8% issue token holder reports
Meanwhile, market-maker "loan option models" can create incentives to dump borrowed tokens into your bags.
Traditional markets require disclosure. Crypto? A black box.
“The single most consequential transparency gap in the industry.”
If you’re trading tokens without knowing who’s on the other side of the table… you’re not investing. You’re guessing.