Updated (Aug. 6, 2026, 2:12 am UTC): Added more comments from Forgd CEO Shane Molidor.Crypto analytics platform DefiLlama has integrated Forgd’s market-maker leaderboard, giving users access to data on spreads, market depth, trading volume and uptime.
In an announcement sent to Cointelegraph, Forgd said that the dashboard ranks crypto market makers using standardized measures of pricing, depth, reliability and execution quality. The data comes from more than 500 token projects and 35 market-making firms that use Forgd’s tools to monitor liquidity across active engagements, according to the company.
The integration allows DefiLlama users to compare market makers across exchanges and assess the liquidity supporting individual tokens. Forgd first launched the leaderboard in May as a tool for token projects selecting and monitoring liquidity providers.
Ryan Celaj, DefiLlama’s head of research, said the integration adds another signal for evaluating execution quality and market resilience alongside metrics such as volume and liquidity.
However, the ratings do not solely reflect observed trading performance. “A lower grade on the index is not necessarily a judgment of a firm’s trading,” Forgd CEO Shane Molidor told Cointelegraph.
“It reflects that they haven’t yet fully opted into performance verification.” This means that the leaderboard ratings may also reflect the amount of data a market maker provides to Forgd.
Clarifying the arrangement, Molidor told Cointelegraph that Forgd provides the leaderboard’s anonymized market-maker performance data, while DefiLlama hosts it as a distribution partner. He said the companies have no other financial arrangement specifically related to the dashboard.
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