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keel
Ledger
65,276,593
Methodology
1.0.8-draft
Age
6s

AMM against USDC — what depth stands behind this price?

All assets

AMM / USDC

GARQ…BDOQ

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
0 USDCLimited by manipulation cost
Depth within 5%
buy15.40 USDC (shortened; full value 15.4058588987478700333155968552 USDC)sell57.90 USDC (shortened; full value 57.909256151344240565227033494748820180094191997427 USDC)
Cost to move +50%
0 USDCReachable at no cost: nothing stands in the way
Checks
7 triggered3 not evaluated

Buy-side depth

What an order can absorb before the price moves against a buyer. The rungs are nested, so one scale covers all three.

Lower at the end of the window than at its start

Lowest
15.59 USDC (shortened; full value 15.5912693275554320478233371218 USDC)
Highest
85.23 USDC (shortened; full value 85.2310643094148075205931360802 USDC)
2026-10-04T23:53:27Z — 2026-10-24T21:08:28ZOne scale across every line on this chart
2% from mid
15.59 USDC (shortened; full value 15.5912693275554320478233371218 USDC)
5% from mid
38.69 USDC (shortened; full value 38.6943197604107472290823250946 USDC)
10% from mid
76.47 USDC (shortened; full value 76.477801998077852932390591481 USDC)
21 readings from horizon, with no gaps reported. One source per chart.

Checks

What fires now, how long it has been firing across the window above, and what could not run.
Cheap to move the pricenowMANIPULATION_CHEAPthroughout
Cheap next to real tradingnowMANIPULATION_RATIO_LOWthroughout
Extreme spreadnowSPREAD_EXTREMEthroughout
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREMEthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Supply is concentratednowHOLDER_CONCENTRATION_HIGHthroughout
Nothing tradable within 2%nowZERO_DEPTH_2PCT0 of 21
Price sources disagreePRICE_SOURCE_CONFLICTthroughout

Not evaluated3

  • No genuine trade in 30 days
  • No genuine trade in 7 days
  • Volume may be wash traded

Evidence

The figures behind the verdict, as the engine served them.

Concentration and wash trading bound how much of the depth is real.

Largest holder
99.8251 % (shortened; full value 99.82519356884194479406613317 %)
Top ten holders
99.9101 % (shortened; full value 99.91014042539254026871571561 %)
Concentration index
9,965.07 (shortened; full value 9965.070507175192488673014293719733913119080044064911459)

Herfindahl–Hirschman, over the holder distribution

Volume excluded as not genuine
not computed

the newest trade reading is anchored more than 48h0m0s ago, so it was not used

Volume to supply, 30 day
not computed

the newest trade reading is anchored more than 48h0m0s ago, so it was not used

Last genuine trade
not computed

the newest trade reading is anchored more than 48h0m0s ago, so it was not used