Insights — Market Making Research & Analysis
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Regulatory Update
What Is a CASP? The Complete Authorisation Guide
The 10 regulated services, three capital tiers, EU passporting, and what CASP authorisation means for your token project's market making partners.
Regulatory Update
How MiCA Is Reshaping CEX Market Making in Europe
What MiCA's full enforcement means for token projects seeking liquidity on regulated European venues, and how market maker agreements need to change.
Regulatory Update
SEC & CFTC Landmark Crypto Framework 2026
Interpretive Release No. 33-11412 establishes a five-category token taxonomy. What it means for market makers, liquidity providers, and token projects targeting US listings.
Opinions
Top 10 Crypto Market Makers in 2026
We rank the best liquidity providers for token issuers and exchanges — with honest analysis of fee models, incentive alignment, and track records.
Market Update
DEX Market Making for Token Projects in 2026
How decentralized exchange liquidity works, why AMM mechanics matter, and what professional on-chain market making looks like in 2026.
Market Update
CEX Market Making for Token Projects in 2026
How centralized exchange liquidity works, why it matters for your token's survival, and what professional-grade market making looks like in the post-MiCA era.
Market Update
Why Bid-Ask Spread Is the Wrong Metric for Small-Cap Tokens
For tokens below $20M market cap, spread is almost irrelevant compared to order book depth. Here's what to measure instead.
Market Update
The Problem With Using CEX Volume as a Proxy for Liquidity Health
Reported volume tells you almost nothing about real tradeable liquidity. Depth, spread consistency, and market impact are what institutional traders actually use.