No More Blind Trust: Coinwatch Track Lets You Spy on Your Market Maker (Legally)

Coinwatch is looking to close a long-standing trust gap in crypto.

On July 21, the team launched Coinwatch Track, a tool that gives projects a real-time window into what their market makers are actually doing across centralized exchanges.

Built to provide visibility without compromising sensitive data, the platform uses API keys and secure hardware environments to monitor bid-ask spreads, order book depth, and volume, without ever revealing private market maker credentials.

Market maker visibility without the guesswork

Until now, crypto people were mostly in the dark about whether their market makers were keeping promises.  

You’ve probably heard the questions before: “Is my MM still quoting bids?” or “How much of that $1M in liquidity on Binance is actually ours?” With Coinwatch Track, projects can now see these answers directly, streamed live from integrated exchanges and trading pairs.

The system works using Trusted Execution Environments (TEEs), which process data in a secure, isolated layer, ensuring API keys never leave the TEE.

That setup convinced 12 big-name market makers, including Amber, Galaxy, and GSR, to opt-in.

Coinwatch emphasized that no API keys are shared directly; the TEEs pull verified data without exposing access credentials. This approach aims to provide crypto users with real answers around liquidity depth, spread performance, and token allocations without putting their market makers at risk.

A new standard for project-market maker relationships

In the project’s announcement on X, Coinwatch explained the rationale simply: “Most projects hire market makers but then have zero visibility into what their MMs are doing.”

Coinwatch Track is meant to change that by surfacing everything from how much of the order book is MM-driven to whether tokens are being sold post-launch.

So far, the tool has been picked up by a dozen market makers and already supports several projects like Optimism, Aptos, Jito, Sui, and Morpho.

According to Coinwatch, over 70 teams have previously leaned on them to negotiate better MM deals, and now, with Track, those conversations may finally have a data layer to back them.

Coinwatch says more integrations are coming, and feedback has been positive from both sides of the desk. Projects get clarity, MMs keep privacy. Everyone gets sleep.

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