Why crypto companies and protocols still communicate like startups. New Novora research scoring the investor relations of the 100 largest assets onchain.
Crypto is a multi-trillion-dollar asset class, held by institutions, treasuries, and millions of investors. Its investor communications have not kept pace.
We scored the investor relations infrastructure of the 100 largest companies and protocols onchain across five pillars. The median score is 49 out of 100. Three reach institutional grade. The market matured. The reporting did not.
The largest assets in crypto are underwritten with less disclosure than a Series A startup provides its investors. Of the 100 scored, 62 have no real IR layer at all.
How we score
The Novora IR Score is a 100-point framework that measures whether a protocol gives investors the infrastructure to do their jobs. Five equally weighted pillars, 20 points each: transparency and reporting, tokenholder communication, data accessibility, narrative and positioning, and value accrual and tokenomics. It measures the quality of investor communication, not the quality of the protocol.
Tiers run from institutional-grade (85 and above) to no IR infrastructure (below 35). Market data is circulating market cap from CoinGecko and revenue from @artemis, as of June 2026; multiples reference market cap, not FDV.
Most protocols communicate like startups
Across the 100 largest assets, three are institutional-grade, eleven have a strong foundation, twenty-four are developing, forty-six are early-stage, and sixteen have no investor relations infrastructure at all. Sixty-two score below the developing threshold.
This is not a long tail of small projects. These are the most valuable companies and protocols onchain.
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