If you are launching a token, working with a liquidity provider, or part of a crypto community that has little trust in market makers, this is for you...

The State of Crypto Market Making 2025 pulls back the curtain on how the industry really works, the risks that can destroy value, and how to avoid them.

There is a lot of opinion about market makers and very little clear, accurate information.

We wanted to fix that.

So we commissioned a researcher to speak to founders, VCs and industry experts. They surveyed more than 2,000 crypto community members in 98 countries to understand what the perception of market making really is.

The results confirm what many suspect.

Seventy per cent of the community think crypto market makers should stand trial for their conduct.

Over half say they do not trust them.

Founders repeatedly told us about being tied into poor agreements with little transparency or control.

The report details how market making works in practice, the deal structures that drive incentives, and the behaviours that can either strengthen or destabilise a market.

It covers the difference between good and bad practice and shows where the highest structural risks sit.

It is a technical reference, a guide to structuring and managing these relationships, and a clear snapshot of how the wider crypto community views the market making industry in 2025.

Read The State of Crypto Market Making 2025