Forgd has launched its crypto market-maker leaderboard on DefiLlama, giving projects and traders a new way to assess the firms that keep token markets liquid. The ratings pull from more than 500 token projects and 35 market-making firms — and they don't just measure who traded the most.
What the leaderboard tracks
Forgd's dataset covers a broad slice of the market. The 500-plus token projects span different chains and sectors, while the 35 market-making firms range from established players to smaller shops. The ratings are designed to reflect more than raw trading volume or profitability. Forgd says the scores incorporate factors that go beyond pure performance — though the company hasn't detailed the exact weighting.
That matters because market makers often get judged on a single metric: how much they trade. A firm might post huge volume but provide poor depth or pull liquidity at the worst moments. Forgd's approach tries to capture a fuller picture.
Token projects hire market makers to keep their order books healthy and prevent wild price swings. But picking the right firm has been opaque. Projects often rely on word of mouth or a handful of known names. A public leaderboard on a platform like DefiLlama — already a go-to for DeFi data — makes that due diligence easier.
It also puts pressure on market makers to compete on quality, not just volume. If a firm ranks low because of poor uptime or bad spread management, projects can see that before signing a contract.
The leaderboard is live on DefiLlama now. Forgd hasn't announced a specific update schedule, but the data will refresh as new projects and firms are added. For now, anyone can browse the rankings and see how the 35 firms stack up across the 500-plus projects.
