2025加密货币市场的现状

A data-driven look at crypto market making,uncovering the existingtrust deficitand helpingfounders navigate these critical partnershipswithclarityandcontrol. The crypto world has changed dramatically over the last 10 years. However, two things have been persistent across that time: the presence of marketmakers, and a misunderstanding across the broader crypto community aboutwhat good market makers should be doing. TIM MEGGS, CEO & CO-FOUNDER, LO:TECH I’ve lost track of the number ofconversations I’ve had with projectfounders who feel they’ve beenburned by their‘supposed’marketmaking partner. Regrettably, this misunderstandinghas been fueled by ample examplesof nefarious behaviour by firmslabelling themselves as marketmakers, but who then have acted inways to extract as much value fromtheir clients as possible. WhyThisReportExists. Clearly there’s work to bedone to repair this damage, andit’s incumbent on the good marketmaking firms out there to put inthe effort to improve the situation. These actions have taken theirtoll on the ecosystem and its viewof market making:70%of thecrypto community we surveyedwants to see market makersstandtrial for their conduct and activities.And that’s only the beginning. LO:TECH commissioned thisreport to shine a light on the extentof damage this bad behaviourhas done, illustrate the gaps inknowledge that need to be bridged,and offer a resource for thoseproject founders who are keen tounderstand what good marketmakers should be doing and how itbenefits the community. Nearly half of those whohave held tokens in projects thatopenly work with market makersbelieve they have experiencedbad outcomes as a result. And it’snot just the wider community, Gaining community perspectivewas at the heart of our approach.We asked the sample how theyfeelabout liquidity, what they expectas standards in transparency,and where theybelievecontrolreally sits. A trove of category researchwas audited, and qualitativeinterviews were conductedwith a host of project founders,investors, and industry experts tochallenge our assumptions andbroaden our view. We then bolstered this with ourinsights in tech-native cryptomarket making and experiencein traditional finance. A breakdown of the full sample andsources can be found in the appendixof this report. We spoke to people in(deep breath please): Algeria, Angola, Argentina, Armenia, Australia, Austria, Azerbaijan, Bangladesh, Belarus, Belgium, Benin, Brazil, Bulgaria,Cambodia, Canada, Chile, China, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt,ElSalvador,Estonia,Ethiopia,Fiji,Finland,France,Georgia,Germany,Ghana,Greece,Haiti,Hungary,India,Indonesia,Iran,Ireland,Israel,Italy,Japan,Jordan,Kazakhstan,Kenya,SouthKorea,Kuwait,Kyrgyzstan,Latvia,Lebanon,Lithuania,Malaysia,Maldives,Mexico, Moldova, Monaco, Montenegro, Morocco, Myanmar, Nepal, The Netherlands, New Zealand, Nicaragua, Niger, Nigeria,Norway,Pakistan,Peru,Philippines,Poland,Portugal,Qatar,Romania,Russia,SaudiArabia,Serbia,Singapore,Slovakia,Slovenia,South Africa, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Tanzania, Thailand, Turkey, Ukraine, United Arab Emirates, UnitedKingdom, United States, Uruguay, Uzbekistan, Venezuela & Vietnam. Sections Section 04— What To Consider When Partnering Section 01— An Introduction What Is Market Making?A Short History Of Market MakingThe Importance Of LiquidityCrypto Market Making: State Of Trust Centralised Exchange ExpectationsChoosing The Right Crypto Market MakerUsing Brokers To Help You DecideValue Added Services: More Than Just Liquidity Section 05— Future Best Practice Section 02— How Crypto Market Making Works Proprietary Market Making vs. Market Making for TokensCapital And TechnologyVisibility And TransparencyTypes Of Crypto Market Making ServicesExpanding Beyond LiquidityHow Do Crypto Market Makers Make Their Money?Deal Structures Toward Standardised Legal StructuresEvolution Of On-Chain InfrastructureVault-Based Market Making StrategiesWhere We’re Heading Section 06— Appendix A Glossary of TermsMethodology & Data AppendixAbout LO:TECH Section 03 — Good And Bad Market Making Benefits Of Crypto Market MakingWhat Does Bad Look Like?Risks Of Bad Crypto Market Making Marketmakingremainsoneofthemostmisunderstoodfunctionsinthecryptoecosystem. Despite playing a foundational role in modern mar-kets, perceptions of market making in crypto are of-ten shaped bypoor experiences, vague explanations, orpractices that have prioritised opacity over clarity. Survey data highlights this confusion:89% of community membersbelieve crypto marketmakers affect token prices. In reality, most market making strategies are delta neutraland designed to be indifferent to price direction. The goal is toensure liquidity across market conditions, not to move the market. When asked about the role of marketmakers, more than half of surveyparticipants said they exist togeneratevolume, while a similar proportioncorrec