There’s a trust deficit in crypto... and a new report proves it. After a short summer hiatus, Tim and Marcus are back to dig into The State of Crypto Market Making 2025. The results? Not pretty.60% of the 2000+ crypto community members surveyed say they don’t trust market makers.70% say market makers should be put on trial. Nearly half think volatility increases once a market maker is involved. From pump-and-dump accusations to wash trading, misaligned incentives, and shady deal structures, the data lays bare why the industry sees market makers as extractive, and what needs to change. Also in this episode: Why the “option + loan” model fuels perverse incentives How exchanges are incentivised push projects towards wash trading What token founders and VCs should demand from a market maker   Download the full report: https://lo.tech/stateofmarketmaking Subscribe for new episodes every weekAlso on Youtube, Apple Podcasts, and wherever else you get your fix. Follow us on X: https://x.com/TheLocalWMC https://x.com/timmeggs | Marcus (the other one)