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keel
Ledger
65,278,944
Methodology
1.0.8-draft
Age
6s

TREAD against USDC — what depth stands behind this price?

All assets

TREAD / USDC

GANM…6VLM

Risk band

High

partial confidence

A floor: the real band can only be worse.

Max safe collateral
2.98 USDC (shortened; full value 2.982516863155431909937751155070598826487819937138 USDC)Limited by liquidation depth
Depth within 5%
buy2.88 USDC (shortened; full value 2.8878473125629710113436984879 USDC)sell2.94 USDC (shortened; full value 2.943252811519178634475188792198823301063202685339 USDC)
Cost to move +50%
Not reachableThe order book cannot reach the target
Checks
3 triggered5 not evaluated

Collateral ceiling

The most this asset could back at each reading: the lower of the liquidation and manipulation limits.

Lower at the end of the window than at its start

Lowest
3.10 USDC (shortened; full value 3.103962414183018807115088800439084440807178040846 USDC)
Highest
3.45 USDC (shortened; full value 3.45571077915116349410387636333154066002039513613 USDC)
2026-10-04T04:54:22Z — 2026-10-25T00:24:18Z
Max safe collateral
3.12 USDC (shortened; full value 3.123608391589044487042875820550341482481407693192 USDC)
501 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.
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREMEthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Supply is concentratednowHOLDER_CONCENTRATION_HIGHthroughout

Not evaluated5

  • Price sources disagree
  • Extreme spread
  • 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
99.9999 % (shortened; full value 99.99994183243680142947321027 %)
Top ten holders
99.9999 % (shortened; full value 99.99998486021287449253084196 %)
Concentration index
9,999.98 (shortened; full value 9999.9883664910751401447958124827772987734540536751821414)

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