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Keel
Ledger
64,488,694
Methodology
1.0.8-draft
Age
10s

What depth stands behind this price?

SOLS against USDC · GAWTJM…JWFRED

How much can this asset safely back?

The ceiling is the lower of two independent limits. Which one binds is the part a lender acts on, so both are shown.
  1. Low
  2. Medium
  3. High
  4. Critical — this asset

Criticalpartial confidence

A band marked partial is a floor. At least one high-severity check could not be evaluated, so the real band can only be worse than the one shown, never better.

0 USDC

Limited by manipulation cost

Liquidation term
5.31 USDC (shortened; full value 5.310176621297116901913814723476281023772120938056 USDC)

Sell-side depth at the liquidation delta, times the haircut.

Manipulation termbinds
0 USDC

Order-book-only manipulation cost at the critical delta, times the safety margin.

These bands come from thresholds that were chosen, not calibrated

The thresholds were chosen based on the magnitude of the Blend incident of February 2026 and on conservative judgement, not calibrated against a set of incidents. Every flag is reported separately so that consumers can apply their own thresholds.

Every threshold, as the engine serves it

Where this number comes from
Source
GET /asset/{assetId}/depth → maxSafeCollateral, maxSafeCollateralLiquidation, maxSafeCollateralManipulation
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

What this computation could not do

  • maxReachablePrice and costToMaxReachablePrice are null because an active pool is present: under a constant product curve the price tends to infinity as the base reserve tends to zero, so every target is reachable and a highest price has no meaning

Served by the engine with this response and shown as written.

Where does the price come from?

Two venues can disagree. Both readings are shown, not only the one that won.
Mid price
0.00000113 USDC (shortened; full value 0.0000011394303935 USDC)

Source: AMM pool spot

Spread
not computed

Undefined unless the price came from a two-sided book

Pool spot price
0.00000113 USDC (shortened; full value 0.0000011394303935 USDC)

Reported whenever an active pool exists, whichever source won

Divergence between the two
not computed

Null means there is no pool to diverge from, not that the sources agree

Where this number comes from
Source
GET /asset/{assetId}/depth → midPrice, priceSource, spreadPct, poolSpotPrice, priceDivergencePct
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

What volume can it absorb before the price moves?

Three rungs at 2, 5 and 10 per cent, in each direction. The buy side matters for oracle manipulation and the sell side for liquidation.
  • SDEX
  • AMM
  • Sell side, composition not reported

2% from mid

Buy side
2.07 USDC (shortened; full value 2.071736622824386643243638883 USDC)
Sell side
2.08 USDC (shortened; full value 2.080023141206809668889037758922234112014028578 USDC)

5% from mid

Buy side
5.14 USDC (shortened; full value 5.1416236650623839624557699406 USDC)
Sell side
5.24 USDC (shortened; full value 5.240269539921674847422952825383647818092794516268 USDC)

10% from mid

Buy side
10.16 USDC (shortened; full value 10.1622170654512175090670156181 USDC)
Sell side
10.62 USDC (shortened; full value 10.620353242594233803827629446952562047544241876112 USDC)

Bars share one scale. The venue split decomposes the buy side; the sell side is drawn as an outline because its composition is not reported.

Where this number comes from
Source
GET /asset/{assetId}/depth → depth[]
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

What would it cost to move the price?

Read cost together with reachability: a figure on an unreachable rung says how far the book goes, not what the move costs.
Cost to move the price by each delta, through all venues and through the order book alone, with whether the target is reachable at all.
MoveTarget priceCost, all venuesCost, order book only
0.5%0.000001 USDC (shortened; full value 0.00000170914559025 USDC)46.79 USDC (shortened; full value 46.7928716421736865244980582949 USDC)free to reach
1%0.000002 USDC (shortened; full value 0.000002278860787 USDC)86.24 USDC (shortened; full value 86.2410872228566920579922346795 USDC)free to reach
10%0.000012 USDC (shortened; full value 0.0000125337343285 USDC)482.33 USDC (shortened; full value 482.3314800777011973530486901206 USDC)free to reach
100%0.000115 USDC (shortened; full value 0.0001150824697435 USDC)3,147.31 USDC (shortened; full value 3147.3109455551589468489930274519 USDC)1,263.08 USDC (shortened; full value 1263.087 USDC)

Reachability on the all-venues ladder is unconditionally true whenever an active pool exists, because a constant product curve has no upper price bound. The order-book-only column is the one that answers whether a target is attainable, and it is the one Keel itself uses.

How far the book actually goes

Furthest price the book reaches
not computed

Null by structure, not by failure: an active pool means every target is reachable and a highest price has no meaning

Cost to walk it that far
not computed

Null for the same reason as the price above

Against genuine volume

Not reported for this asset. Without it there is no comparison between the cost of an attack and the genuine trading it would have to hide inside.

Where this number comes from
Source
GET /asset/{assetId}/depth → manipulationCostCombined[], manipulationCostOrderbookOnly[], oracleResistance
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

Which checks fired, and which could not run?

An unevaluated check is not a check that came back clear. The two never share a treatment.

Triggered(2)

  • MANIPULATION_CHEAP
  • THIN_DEPTH_5PCT

Could not be evaluated(8)

  • MANIPULATION_RATIO_LOW
  • PRICE_SOURCE_CONFLICT
  • SPREAD_EXTREME
  • NO_GENUINE_TRADE_30D
  • HOLDER_CONCENTRATION_EXTREME
  • NO_GENUINE_TRADE_7D
  • HOLDER_CONCENTRATION_HIGH
  • WASH_TRADE_SUSPECTED
Where this number comes from
Source
GET /asset/{assetId}/depth → flags[], unevaluatedFlags[], bandConfidence
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

Who holds it, and is it genuinely traded?

Concentration and wash trading bound how much of the depth above is real.
Largest holder
not computed
Top ten holders
not computed
Concentration index
not computed

Herfindahl–Hirschman, over the holder distribution

Volume excluded as not genuine
not computed

Of 30 day volume. A high share indicates suspected wash trading

Volume to supply, 30 day
not computed
Last genuine trade
not computed

No genuine trade was found in the window

Where this number comes from
Source
GET /asset/{assetId}/depth → holderTop1Pct, holderTop10Pct, holderHhi, volumeToSupply, lastGenuineTrade, tradesExcludedPct
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

How has this moved over time?

A single reading cannot separate a thin asset from one that just got thin. This is a stored series, not the historical replay that health reports as unavailable — those are different endpoints.

162 readings from horizon, with no gaps reported. One source per chart.

Band at each reading

Critical
162 of 162

Which checks were firing

Whether a finding has been there all along or started recently. Only checks that fired at least once appear.

MANIPULATION_CHEAPthroughout
THIN_DEPTH_5PCTthroughout

Price

Lowest
0.00000106 USDC (shortened; full value 0.000001062147437 USDC)
Highest
0.00000118 USDC (shortened; full value 0.0000011866187547 USDC)
2026-09-11T17:48:12Z2026-09-18T10:45:43Z
Mid price
0.00000113 USDC (shortened; full value 0.0000011394303935 USDC)

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, and the lines darken as the rung widens.

Lowest
1.99 USDC (shortened; full value 1.999800745248609666048175858 USDC)
Highest
10.36 USDC (shortened; full value 10.3663580902164060523149854317 USDC)
2026-09-11T17:48:12Z2026-09-18T10:45:43ZOne scale across every line on this chart
2% from mid
2.07 USDC (shortened; full value 2.071736622824386643243638883 USDC)
5% from mid
5.14 USDC (shortened; full value 5.1416236650623839624557699406 USDC)
10% from mid
10.16 USDC (shortened; full value 10.1622170654512175090670156181 USDC)

Cost to move the price by half

The series carries one manipulation rung, at the half per cent delta the engine treats as critical. A reading the engine could not produce breaks the line rather than sitting at zero.

Lowest
0 USDC
Highest
0 USDC
2026-09-11T17:48:12Z2026-09-18T10:45:43Z
Manipulation cost, 0.5%
0 USDC

Collateral ceiling

Lowest
0 USDC
Highest
0 USDC
2026-09-11T17:48:12Z2026-09-18T10:45:43Z
Max safe collateral
0 USDC
Where this number comes from
Source
GET /asset/{assetId}/history → points[], gaps[], dataSource
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

What was this computed from?

Ledger
64,488,694

Closed at 2026-09-18T11:00:48Z

Computed at
2026-09-18T11:00:58.789986Z
Data source
horizon
Methodology
1.0.8-draft

The version that produced these figures, not the one this page was built against