Forgd adds market-maker leaderboard to DefiLlama

Forgd has integrated its market-maker leaderboard into crypto analytics platform DefiLlama, giving users access to standardized metrics on bid-ask spreads, available market depth, trading volume and uptime. The dataset covers more than 500 token projects and 35 market-making firms.

The leaderboard, launched by Forgd in May, ranks market makers on pricing, depth, reliability and execution quality. Forgd said the data comes from firms that use its monitoring tools during active engagements. The DefiLlama integration allows users to compare market makers across exchanges and assess the liquidity supporting individual tokens.

The dashboard reports conventional execution metrics alongside trading volume and uptime figures. Forgd positions the rankings as performance signals token teams and other market participants can use when selecting or monitoring liquidity providers.

Forgd CEO Shane Molidor cautioned: “A lower grade on the index is not necessarily a judgment of a firm’s trading. It reflects that they haven’t yet fully opted into performance verification.” Forgd noted that a firm’s score can reflect both observed trading behavior and the amount of data the firm supplies for verification.

Ryan Celaj, DefiLlama’s head of research, described the integration as providing an additional signal for execution quality and market resilience alongside existing volume and liquidity measures. Neither Forgd nor DefiLlama disclosed financial terms for the integration.

Forgd built the leaderboard to help token projects choose and monitor liquidity providers by aggregating standardized measures from participating market-making firms. Placing the leaderboard on DefiLlama adds the market-maker metrics to other DeFi analytics on the platform, enabling side-by-side comparisons across trading venues.