How to Define and Measure Liquidity

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Shane Molidor, founder and CEO of Forgd, an investment banking and advisory platform that helps blockchain projects design sustainable token economies and improve market transparency.

The discussion covers why crypto still struggles with low liquidity and poor disclosure standards, how market makers shape price discovery, and what it really takes to build a fair and efficient token launches. Shane explains why many founders misunderstand market-making agreements, what “predatory engagements” look like, and how Forgd is working to introduce transparency and data-driven decision-making across the industry.

They also explore how Forgd’s platform tracks market maker performance, why most projects over-index on hype instead of fundamentals, and what’s needed for crypto to mature from its “teenage years” into a regulated, professional market.

This episode is sponsored by Forgd. Thousands of Web3 projects leverage Forgd’s free tools to design smarter tokenomics, engage market makers on fair terms, plan listings strategically, and monitor liquidity after launch. Start using the Forgd platform for free, or sign up for white-glove advisory services, at Forgd.com

Timestamps

(00:00) - Intro

(01:10) - What Forgd is and why Shane founded it

(02:35) - Problems with token launches and market manipulation

(04:10) - The “signal vs noise” problem in today’s crypto cycle

(06:06) - Comparing crypto’s maturity to its “teenage years”

(07:52) - How institutions are approaching token liquidity

(09:40) - Why regulatory ambiguity created poor market hygiene

(11:06) - The challenge of offshore foundations & token issuance

(13:24) - Why teams avoid U.S. entities and what that costs the industry

(15:00) - Price vs value: how momentum often replaces fundamentals

(17:25) - How illiquidity distorts fair value in thinly traded markets

(19:22) - Why token standards and disclosures are critical for investors

(21:42) - Market structure, transparency, and efficient price discovery

(23:30) - Liquidity depth, tight spreads, and capital efficiency explained

(25:55) - Why most founders shouldn’t need to master capital markets

(27:50) - The real role of market makers

(30:40) - Common market-making contracts and their trade-offs

(32:06) - How “loan plus call option” deals can harm token projects

(35:10) - Forgd’s market maker leaderboard and how it works

(37:20) - Bringing data-driven transparency to token launches

(40:00) - Why full disclosure should become an industry standard

(42:35) - The cultural resistance to transparency

(45:23) - How Forgd plans to automate advisory work with AI

(47:12) - Lessons from 10 years in crypto & building with integrity

(49:11) - Closing thoughts and final advice

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