The Block × Auros Liquidity Mastery Series

In the digital asset space, liquidity is everything - yet choosing the right market maker remains one of the most opaque and high-stakes decisions for token projects, foundations, and exchanges.

To cut through the complexity, The Block and Auros have partnered to deliver the Liquidity Mastery Series: a three-report collection that moves from core principles to hard data to a practical selection framework. Whether you’re a token founder preparing a launch, a BD lead evaluating partners, or an exchange optimising liquidity provision, these reports give you the clarity and tools you need.

All three reports are available for free download below.

Report 1: Foundations of Digital Assets Market Making

The starting point for anyone new to professional market making.

This 25-page introductory report demystifies the role of market makers in crypto versus traditional finance. It covers:

• Makers vs. Takers and the evolution of institutional market making
• How market makers generate revenue (including the two dominant models: Retainer-based and Loan-Call Option)
• Unique risks and operating constraints in 24/7 crypto markets
• Key stakeholders and hybrid CEX/DEX market structures

Real quote from the report: “Market makers are too often perceived as value extractive, rather than additive, in delivering on their primary role of providing liquidity.

Download Report 1 [Full PDF Version]

Report 2: Numbers and Narratives – An Evaluation Framework for Crypto Liquidity

The data-driven deep dive.

This 25-page report presents original quantitative analysis across 100+ tokens. It examines:

• The real impact of professional market makers on spreads, volatility, and ecosystem growth
• Quoted, effective, and realized spreads explained with T-test results
• Volatility reduction across different crypto sectors and geographies
• Token-specific performance metrics and how market making evolves over time

Key takeaway: Professional liquidity provision measurably improves token performance and market health.

Download Report 2 [Full PDF Version]

Report 3: Strategic Selection – A Practical Guide to Choosing the Right Market Maker

The actionable playbook every project needs.

This 21-page guide, informed by interviews with executives at Bybit, Kraken, Wintermute, GSR, and others, delivers a systematic framework for evaluating liquidity providers. It includes:

• The five critical criteria: Reputation & Track Record, Technical Capability & Capital Strength, Market & Asset Specialisation, Operational Discipline, and Economic Alignment & Cost Structure
• Step-by-step due diligence process and liquidity assessment checklist
• Contract negotiation tips and red-flag warning signs
• Glossary of key market-making terms

Download Report 3 [Full PDF Version]

Why This Series Matters

Poor market-making partnerships increase volatility, widen spreads, and erode investor trust. The right partner does the opposite: tighter spreads, lower slippage, more stable price discovery, and stronger ecosystem growth. These three reports give you the knowledge to move from guesswork to informed decisions.

Download all three reports to deepen your understanding of liquidity strategy.

Or connect with the Auros team to discuss partnership opportunities.