最新报道：According to a global survey of over 2,000 cryptocurrency participants across 98 countries, 52% distrust cryptocurrency market makers. The findings, from the "State of Crypto Market Making – 2025" report, also reveal that 70% of respondents would "join the prosecution" if market makers were put on trial for their impact on the ecosystem. The full 71-page report, independently commissioned by LO:TECH and made available to the industry as a free resource, combines quantitative survey data with interviews with project founders, investors, and industry experts to provide token teams and the broader community with a clearer understanding of how market making relationships actually work. According to the research, 34% of cryptocurrency community members stated they have lost money holding tokens in projects that publicly collaborated with market makers. Another 67% stated that greater transparency into activity and fees would help improve trust. The report identifies structural risks within the protocols that underpin token liquidity. Token lending arrangements, often paired with call options in an "options + loans" structure, were highlighted as a major source of misaligned incentives. Poorly designed transactions can lead to practices such as token dumping or price manipulation. These actions may protect market makers' positions but undermine the stability of tokens. The report details how hedging strategies such as delta hedging can generate selling pressure at or shortly after a token's launch, undermining early momentum. In more extreme cases, market makers can use options mechanisms to push token prices to profitable strike levels and then quickly sell off their positions. This can amount to an elaborate pump and dump, amplified by the terms of the transaction. The authors call for a shift toward transparency and standardization in market making arrangements. Recommended reforms include: Survey data indicates a desire for reform. Over two-thirds of the cryptocurrency community say increased transparency would help rebuild trust, while half believe regulation could play a role, though less than one-fifth believe it would be effective. While the majority of the report focuses on issues within the industry, it also serves as a practical guide for token teams. It outlines methods for evaluating market makers, setting performance KPIs, and weighing the pros and cons of different trading models. Nathan Worsley, co-founder and CEO of Euphoria, described the report as "clear, first-principles reasoning, and a must-read for anyone serious about market structure—especially trying to understand how cryptocurrency market making works, how it fails, and what matters most to founders." Brandon Kumar, co-founder of Layer3, said, "As a founder, navigating the market-making landscape often means making high-risk decisions with limited information. This report is one of the few resources that truly helps reduce that asymmetry. It's a valuable read for anyone trying to get smarter, fast." LO:TECH, a London-based digital asset trading firm that provides market making, market data, and OTC execution services, commissioned the study. The firm is dedicated to building a unified high-frequency trading infrastructure for centralized, decentralized, and traditional financial venues, focusing on transparency and KPI-driven performance. Its token market-making service provides clients with real-time visibility into liquidity, including live order books, spreads, depth, KPIs, and performance data across venues. LO:TECH says this approach aims to address the trust gap identified in the report and distinguishes it from the hidden or misaligned practices still common in the industry. "Clearly, there is much work to do to repair this damage, and good market making firms have a responsibility to work towards improvement," said Tim Meggs, CEO and co-founder of LO:TECH, in the report's foreword. "We commissioned this report to shed light on the extent of the damage caused by bad behavior and to provide a resource for founders who want to understand what good market makers should be doing." The report is available for download in its entirety at lo.tech/stateofmarketmaking. This post was commissioned by LO:TECH and does not constitute a certification or endorsement by The Block. It is for informational purposes only and should not be relied upon as investment, tax, legal, or other advice. You should conduct your own research and consult independent advisors and consultants on the matters discussed in this article. Past performance of any asset is not indicative of future results.