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In the world of cryptocurrency, liquidity is everything. But who is providing this liquidity? How do they do it? Is it really worth the high cost of the project party? In the past, the answers to these questions were often hidden behind layers of opaque structures – gray clauses in market-making agreements, low disclosure standards on trading platforms, and "default unspoken rules" for market manipulation. It wasn't until Coinwatch came along that it all started to be torn apart. Coinwatch's mission is simple but powerful: to make it clear to all crypto projects what their market makers are doing on their trading platforms. In the context of the current regulatory vacuum and weak industry self-discipline, it is becoming a new "decentralized regulatory tool" to fill the trust deficit and promote the crypto market into a more transparent and orderly era. Why the crypto market urgently needs transparency from market makers At the end of 2024, a scandal erupted in the crypto market: the token of Layer 2 project Movement Labs plummeted upon launch, and nearly 66 million MOVE tokens were quickly liquidated within 24 hours of listing, worth more than $38 million. What is even more disturbing is that this sell-off did not come from retail panic, but was secretly operated by the market makers who cooperated with the project. The project team later discovered that the tokens originally agreed to be used to "stabilize the market" had been transferred to an ambiguous intermediary through a shadow agreement without the knowledge of senior management. This is a warning sign and a portrayal of the norm in the industry. Although most Web3 projects employ market makers (MMs) to provide liquidity and stabilize prices before the token is launched, it is often the invisible side that truly holds the power. Project parties usually do not know: has the market maker fulfilled the agreement? Is there a pending order as required? Is there a private sell-off? Who does the "liquidity" on the trading platform come from? Currently, the market-making mechanism of the crypto market is in a dual dilemma of "structural imbalance and information distortion". On the one hand, market makers were supposed to provide liquidity and reduce slippage as their core responsibilities, but due to improper incentive structures, they were frequently induced to become price manipulators - acquiring a large number of tokens through option protocols, pushing up FDV, and selling centrally after the price reached the exercise point, essentially evolving into arbitrage traders. On the other hand, the overall transparency of the industry is extremely low: most of the key information such as market maker lists, token lending agreements, and pending order data is not public, making it difficult for project parties to coordinate supervision, and investors in the secondary market cannot clarify the real executor behind the transaction. This asymmetric structure not only amplifies the risk of market volatility, but also seriously damages market credibility and investor protection mechanisms. The lack of transparency in the black box mechanism will ultimately only backfire on the foundation of trust in the entire market. Coinwatch emerged in this crisis of trust, trying to bring a new set of "visible" rules to the industry. Related Reading: "Demystifying the Movement Market Maker Dumping Scandal: Secret Contracts, Shadow Advisors, and Hidden Middlemen" What is Coinwatch: A transparent bridge connecting project parties and market makers Who regulates market makers? They decided to go into battle themselves Coinwatch's founding team consists of two senior primary market practitioners, who are not "outsider observers" but people who have experienced firsthand how project parties are plagued by liquidity issues after launch. Co-founder Matt Jobbe was the head of financial products at Dapper Labs and CoinList, as well as a product manager at Coinbase, and also led commodity derivatives trading at Barclays in his early years. He is well aware of the market challenges faced by crypto projects after they are traded online - "if you can't see liquidity, you can't see the real price." Another co-founder, Brian Tubergen, is a co-founder of CoinList, a former product director of AngelList, and a top student in the computer department at Princeton. He saw from the earliest batch of token launch platforms that project parties often had no control over their market-making arrangements after launch, becoming victims of "spending money to hire people to operate without return". It is based on these front-line experiences that they realize that the success of a project depends not only on technology and community, but also on the transparent management of market liquidity is the key to long-term stability. "We built Coinwatch to give the project team the ability to see the truth clearly, rather than continuing to let the black box eat up trust." Brian described their intention this way. The Market Maker Truth in One Place: How Does Coinwatch Do It? Coinwatch's core product is Coinwatch Track, which directly connects to market makers' API data, displaying real-time details such as pending order depth, buy and sell quotes, trading volume, trading pair distribution, and more. Unlike the traditional practice of only "estimating" market conditions, Coinwatch shows real operations to help the project team decide: Is the fee I paid really in exchange for the service I deserve? What's more, it ensures that market makers' API keys are not leaked to any third party, including Coinwatch itself, through Trusted Execution Environment (TEE) technology. Market makers' sensitive data is processed internally in the TEE and a verifiable summary is uploaded so that the project can see the results without touching the underlying permissions. This mechanism not only ensures security, but also achieves "non-confrontational transparency". In addition, Coinwatch is also equipped with an advisory service team to help project parties select suitable market makers, set reasonable liquidity targets, and participate in the coordination of CEX listing processes, so that the project can achieve professional operation in both dimensions of "who to choose to make the market" and "how to manage market making". From black box to transparency: Coinwatch is building a new consensus in the crypto market Since its launch in 2024, Coinwatch has quickly gained market recognition, and 12 mainstream market makers, including Amber Group, Galaxy, and GCR, have connected to its system and become practitioners of "transparent market making". In addition, the adoption of project parties is also accelerating, and dozens of leading ecosystems, including Optimism, Aptos, Sui, and LayerZero, have incorporated Coinwatch into their daily market monitoring system. Coinwatch is not just a data panel tool, it is building a "market trust protocol": market makers are willing to be observed, project parties have the right to view data, and platforms are responsible for ensuring neutrality and security. When such protocols become the default standard in the industry, the black box in the market will gradually shrink, and the gray area of speculative arbitrage will be replaced by a transparent, symmetrical, and contract-driven cooperation mechanism. Coinwatch is not a regulator, and it does not oblige anyone to disclose information, but it uses technology and trust to design "transparency" to make "transparency" a voluntary choice that has gradually evolved into a "market entry ticket". In a crypto world where regulation has not yet fully arrived, it is rebuilding market order in a more efficient way.