A data-driven assessment of investor relations practices across 150+ of the largest protocols in crypto. 15 binary metrics. Zero editorializing. Just the numbers.
13 disclosure metrics assessed across 150+ protocols. The gap between what traditional markets require and what crypto voluntarily provides is structural, not accidental.
Less than 1% of protocols disclose market maker terms. In traditional equity markets, market maker agreements are standard disclosure items filed with exchanges. In crypto, Meteora is the only protocol in our entire 150+ protocol dataset that has publicly disclosed information about its market making arrangements, via its 2025 Annual Token Holder Report.
5 major data platforms assessed. Coverage rates reflect whether each protocol has a dedicated profile with meaningful data beyond basic price information.
72% of protocols are covered by 4+ platforms. Third-party data infrastructure has matured significantly. The data exists. The problem isn't data availability, it's that protocols aren't leveraging this data in structured investor communications.
Revenue exists onchain. Reporting doesn't exist anywhere. This chart shows the disconnect between data availability and investor communication.
91% of protocols generate trackable revenue. 8% publish a token holder report. The data is there. It's onchain, it's indexed by third-party platforms, it's publicly verifiable. But fewer than 1 in 10 protocols package this data into a format that institutional investors can consume. This is the IR gap that defines the industry.
Disclosure practices vary dramatically by sector. DeFi protocols, particularly DEXes and lending, lead on transparency. L1s and infrastructure protocols lag despite larger market caps.
| Sector | Rev Data | Rev Segmented | Quarterly | Token Report | Active Value Accrual | TTF Filed |
|---|---|---|---|---|---|---|
| DEX | 98% | 52% | 14% | 8% | 56% | 18% |
| Lending | 96% | 48% | 22% | 12% | 28% | 14% |
| Perps | 100% | 62% | 16% | 10% | 62% | 20% |
| L1/L2 | 92% | 18% | 20% | 8% | 12% | 0% |
| DePIN/AI | 72% | 22% | 8% | 0% | 14% | 0% |
| Interop/Bridge | 95% | 20% | 10% | 0% | 22% | 0% |
| CEX Tokens | 30% | 0% | 0% | 0% | 72% | 0% |
Blockworks launched the Token Transparency Framework in June 2025, presenting it to the SEC alongside Jito. 13 protocols have filed. Here's who they are and what it means.
| Protocol | Sector | Chain | IR Hub | Quarterly | Value Accrual | Rev Segmented |
|---|---|---|---|---|---|---|
| Meteora | DEX | Solana | Yes | Yes | Yes | Yes |
| Jito | LST/MEV | Solana | Yes | No | Yes | Yes |
| Jupiter | DEX/Agg | Solana | Yes | Yes | Yes | Yes |
| dYdX | Perps | Cosmos | No | Yes | Yes | Yes |
| Morpho | Lending | Ethereum | No | No | No | Yes |
| Raydium | DEX | Solana | Yes | No | Yes | Yes |
| Aerodrome | DEX | Base | No | No | Yes | Yes |
| Maple | Credit | Ethereum | No | Yes | No | Yes |
| Euler | Lending | Ethereum | No | No | Yes | Yes |
| EtherFi | LST | Ethereum | No | Yes | Yes | Yes |
| Marinade | LST | Solana | No | No | No | No |
| Gains Network | Perps | Arbitrum | No | No | Yes | Yes |
| MetaDAO | Governance | Solana | Yes | No | No | No |
TTF adoption is 9%, up from 0% in June 2025. The 13 filers skew heavily toward Solana (6/13) and revenue-generating DeFi protocols. Zero L1s, zero L2s, and zero infrastructure protocols have filed. The framework was presented to the SEC with bipartisan support from Pantera, Theia, and L1D. But adoption remains a crawl.
38% of protocols have some form of active value accrual: a mechanism that returns economic value to token holders beyond governance rights. But "value accrual" is not one thing. We identified six distinct models across the dataset.
The alpha is not in the mechanism. It's in the revenue. Any active accrual model outperforms governance-only tokens by approximately 19 percentage points on a 1-year return basis. But within the active group, daily revenue scale is the differentiator. Governance-only tokens averaged -51% returns vs. -32% for active accrual tokens over the same period. The mechanism matters less than the fact that one exists at all.
Six patterns that emerged from assessing 150+ protocols across all 15 metrics.
The gap between what institutional investors expect and what crypto protocols provide, quantified.
Every protocol assessed in this report. Sorted alphabetically. ✓ = disclosed/present. ✗ = not disclosed/absent. Hover for full row on mobile.
| Protocol | Ticker | Sector | Chain | IR Hub | Rev Data | Rev Seg | Quarterly | Token Rpt | TTF | Value Accrual | MM Terms |
|---|
150+ protocols assessed across 18 total metrics (13 disclosure + 5 platform coverage). This index represents the most comprehensive assessment of crypto IR practices to date. The full dataset is maintained in the Novora IR Benchmark Database and updated quarterly.
All metrics are binary. No subjective scoring. No weighting. Just whether the information exists or doesn't.
Universe: 150+ tokens selected from the top 200 by fully diluted valuation, including L1 base layers, CEX tokens, and application-layer protocols. Excluding stablecoins, meme tokens, and wrapped assets. Focused on tokens with meaningful onchain or exchange activity and institutional relevance. All data verified manually as of April 2026.
Novora provides institutional-grade IR infrastructure for crypto protocols. From transparency assessments to full capital markets advisory.
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