DefiLlama integrates Forgd's market-maker performance dashboard
The integrated platform evaluates metrics including spreads, depth of market, trading volume and system uptime, although rankings may be influenced by market makers' involvement in Forgd's data verification system.
DefiLlama, a prominent cryptocurrency analytics platform, has incorporated Forgd's leaderboard for market makers, providing its user base with comprehensive information on trading spreads, depth of market, volume data and uptime metrics.
According to a statement provided to Cointelegraph, Forgd explained that the integrated dashboard evaluates crypto market makers through standardized measurements of pricing efficiency, market depth, operational reliability and quality of execution. This information is compiled from over 500 cryptocurrency token projects and 35 market-making companies that utilize Forgd's monitoring tools to track liquidity across their active trading relationships, the company stated.
The new integration enables DefiLlama's users to conduct cross-exchange comparisons of market makers and evaluate the liquidity infrastructure that supports specific tokens. The leaderboard was initially introduced by Forgd in May, designed as a resource for token projects to select and oversee their liquidity providers.
According to Ryan Celaj, who serves as DefiLlama's head of research, the integration provides an additional indicator for assessing execution quality and market stability, complementing existing metrics like trading volume and available liquidity.
Nevertheless, the scoring system doesn't exclusively represent actual trading performance data. "A lower grade on the index is not necessarily a judgment of a firm's trading," Shane Molidor, CEO of Forgd, explained to Cointelegraph.
"It reflects that they haven't yet fully opted into performance verification." As a result, the leaderboard rankings may additionally be influenced by the quantity of information a market maker shares with Forgd.
Neither Forgd nor DefiLlama revealed any financial details regarding the integration partnership. Cointelegraph has requested additional comment on the matter.