Forgd Enables Head-to-Head Comparison of Leading Crypto Market Makers Using Historical Performance Data
NEW YORK, May 5, 2026 /PRNewswire/ — Forgd, a Web3 investment bank and advisory platform, today announced new capabilities that allow crypto projects to evaluate leading crypto market makers head-to-head using historical performance data.
The new analytics tools are powered by data collected from over 500 token projects and 35 market-making firms, which use Forgd’s tools to monitor liquidity across live engagements. This historical trade activity has produced a standardized record of how market makers perform under live trading conditions.
Projects can review and compare how various market makers have supported liquidity over time using consistent indicators such as bid–ask spreads, order-book depth, uptime, execution quality, and venue-level behavior. Performance is observed across comparable market conditions and venues, allowing teams to assess how firms have behaved not just at a single point in time, but across different tokens and market environments.
“For years, market-maker selection in crypto has been driven more by perceived reputation than by verifiable performance,” said Shane Molidor, Founder and CEO of Forgd. “Forgd forces market makers to earn—and continually re-earn—their reputation through actual results.
RFQs Informed by Performance History
Forgd also provides tools for projects to issue structured requests for quotation (RFQs) to market makers ahead of a token launch or liquidity transition. The RFQ process allows teams to standardize proposals and compare terms across multiple firms.
When bids are submitted through Forgd, projects can evaluate proposed terms alongside each firm’s historical performance data tracked on the platform, linking pricing and commitments to past results. This helps projects distinguish between firms competing primarily on price and those with a demonstrated history of delivering healthy, durable liquidity.
“The ability to showcase our performance history establishes a more transparent foundation for evaluation,” said Michael Wu, Co-Founder and CEO at Amber Group. “It allows firms like ours to differentiate based on execution and consistency, rather than competing on pricing that may prove unsustainable over time.”
By grounding the bidding process in historical performance, Forgd changes how market-making proposals are evaluated. Firms that consistently deliver healthy liquidity are no longer forced to compete against aggressive offers that fail to hold up once trading is live, and market makers are disincentivized from submitting bids they cannot realistically support.
