4 of 57: how few token launches name their market maker

The count

All four disclosures come from projects whose tokens are already live. None of the projects still before their token launch has said anything about a market maker yet. That is partly timing: deals are often signed in the last weeks before a listing.

The four that disclosed

• Cluster Protocol: names three market makers and the share of total supply each received: Davinci 0.50%, Lhava 0.33%, Blockchain.com 0.25%. The tokens come from a liquidity allocation that unlocked at launch, and the disclosure says they are not subject to vesting. Source. It is the only project in our catalog that passes all eight checks.
• Ethos Network: lent 100,000 WHUF to GSR for 18 months and 100,000 WHUF to Tophash for 12 months, each with a call option, disclosed in its Blockworks Token Transparency filing.
• Autheo: names Enflux as its official market maker in its launch post, without terms.
• Umia: states in its Blockworks filing that it has no market-maker agreements and has lent no tokens. Saying "none" counts: a reader knows where they stand.

Three more are marked unclear. Kaskad's docs set aside an allocation for listings and market making; after our note the team named its market maker to us directly, which we recorded on its profile, but no public page names it yet. Squid's token sale disclosures could not be read as text. KiiChain's docs mention tokens for market makers without naming anyone.

Not just our sample

In April 2026 the token disclosure firm Novora reviewed more than 150 major protocols and found that fewer than 1% disclosed any market-maker terms; the one example was Meteora (Cointelegraph, 16 April 2026). Their sample is mostly large, established protocols and ours is mostly launches from the last three months, so the two figures are not directly comparable. Both point the same way.

Why it matters to buyers: tokens lent to a market maker are part of the supply that can trade on day one, and the float at launch is one of the clearest predictors of what happens next. In a September 2026 study of more than 2,300 launches, GSR found that tokens floating under 20% at listing lost about 75% in a year, against about 45% for floats of 30% to 50% (GSR). GSR is itself a market maker, so read it as an interested party, but the data is public.

What good disclosure looks like

It does not need a full contract. Five lines cover what a holder needs to know:

• Who: the firm's name, or a plain statement that there is none.
• How much: tokens lent, as a number and as a share of supply.
• For how long: the term, and when and how the tokens come back.
• The option, if any: European or American, and the strike or how it is set.
• Where it sits: which allocation the tokens come from and whether they count in the launch float.

Cluster Protocol covers three of the five on one page. Blockworks' Token Transparency framework has a section for agreements that projects fill in themselves.

For teams in the catalog

If your market maker is named somewhere official that we missed, or you publish it now, send the link to hello@tgeindex.com. The check updates within one business day and the change goes into the public changelog. It costs nothing, and nobody can pay for a score.