DefiLlama, a major crypto analytics platform, has integrated the Forgd market-maker leaderboard, giving its users new tools to assess market quality data such as trading volumes, market depth, spreads, and uptime.
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AAPLNew liquidity monitoring features
Forgd, a company specializing in market-maker data analytics, announced that its dashboard now ranks crypto market makers using standardized criteria, including pricing, liquidity depth, reliability, and execution quality. The system aggregates data from over 500 token projects and 35 professional market-making firms working with Forgd’s monitoring toolkit.
With this integration, DefiLlama users gain the ability to compare the performance of different market makers across various cryptocurrency exchanges. The enhanced analytics help project teams and investors evaluate which liquidity providers are actively supporting individual tokens.
Forgd released its leaderboard in May, aiming to simplify the process for token projects to choose and evaluate liquidity providers. The platform’s dashboards reveal key performance benchmarks and offer transparency, both for decentralized finance teams and for individual traders seeking deeper insights.
Mini dictionary: Market maker, a firm or individual that actively provides liquidity to a trading market by continuously quoting buy and sell prices, facilitating smoother trading and price discovery.
Evaluating execution quality
Ryan Celaj, head of research at DefiLlama, emphasized that the new features offer an additional metric for judging execution quality and overall market resilience, supplementing existing key data points such as token trading volumes and available liquidity.
Ryan Celaj noted that the addition provides another signal for investors to assess execution quality and the robustness of token markets, beyond traditional volume and liquidity figures.
Forgd’s leaderboard aims to increase transparency for market participants comparing different liquidity providers. It considers a mix of quantitative performance indicators and reporting data, offering a broad overview of how market makers support token trading environments.
Leaderboard ratings and transparency
Shane Molidor, CEO of Forgd, clarified that the leaderboard’s ratings are not purely assessments of trading performance. Instead, lower grades may simply result from firms not opting into comprehensive performance verification, rather than any definitive statement on their trading abilities.
Shane Molidor explained that, “A lower grade on the index is not necessarily a judgment of a firm’s trading. It reflects that they haven’t yet fully opted into performance verification.”
This approach means that leaderboard results depend not only on market makers’ performance data but also on the level of transparency they offer to Forgd’s system.
Partnership details
DefiLlama and Forgd have not disclosed any financial details or further terms regarding the new integration. Both firms declined to comment on the commercial aspects of the partnership.
