DefiLlama adds Forgd's market-maker scoreboard, proving liquidity has a report card 📊

DefiLlama has integrated Forgd's market-maker leaderboard, adding standardized data on spreads, market depth, trading volume and uptime to the crypto analytics platform. Forgd announced the integration in a release sent to Cointelegraph, stating that the dashboard ranks market makers using measures of pricing, depth, reliability and execution quality.

The underlying data is drawn 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. Through the integration, DefiLlama users can compare market makers across exchanges and evaluate 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, according to Forgd CEO Shane Molidor. "A lower grade on the index is not necessarily a judgment of a firm's trading," Molidor told Cointelegraph. "It reflects that they haven't yet fully opted into performance verification." Forgd noted that leaderboard ratings may also reflect the amount of data a market maker provides to Forgd.

Forgd and DefiLlama did not disclose financial terms for the integration, and Cointelegraph reported that it reached out for further comment. The development comes as BNY moves to offer institutional crypto staking through a partnership with Galaxy.