91% of crypto protocols earn revenue; <1% disclose market-maker deals

A Novora study of more than 150 crypto protocols found 91% generate measurable revenue, while fewer than 1% publish details of agreements with market makers that can influence token liquidity and pricing.

The report reviewed projects across decentralized exchanges, lending platforms and blockchain infrastructure. Novora tracked revenue using public on-chain records and analytics platforms including Token Terminal, Dune and Defillama.

Fewer than 1% of protocols in the sample disclosed market-maker arrangements. Only one project, Meteora, had publicly shared such agreements. Novora noted market-maker contracts often include token loans, incentive programs or options that can affect trading conditions and price formation.

Investor communication was fragmented. Three percent of protocols maintain a dedicated investor relations hub that consolidates financial and operational information. Most publish details across blog posts, governance forums and social channels.

Only 9% of protocols examined had adopted the Blockworks Token Transparency Framework, introduced in 2025. Adoption was concentrated among a small set of decentralized finance projects; no major layer-1 or layer-2 networks in the sample were using the framework.

The study found about 38% of protocols offer direct value accrual such as fee sharing, token buybacks or staking rewards, while 62% provide governance rights without explicit economic benefits tied to token ownership. Perpetual trading protocols were more likely to share revenue with users, and base-layer networks were less likely to offer financial incentives linked to tokens.

Novora reported that the raw data required for financial analysis is widely available on analytics platforms and on-chain records, but presentation and consolidation of that data remain limited. Connor King, founder of Novora, wrote on X: “Crypto protocols are not hiding their fundamentals. They are failing to present them,” and added, “Protocols that invest in this now will be the ones institutional allocators can underwrite first.”

The report says improving structured reporting and centralized disclosures could make protocols more accessible to institutional investors. It warns that current disclosure practices may limit how quickly large allocators commit capital to projects whose revenue and contractual arrangements are hard to evaluate.