01Solana liquidity flow analysis
Price is the last thing a pool tells you. This entry sets out the six balances a liquidity reading is built from, the order they are read in, and the questions reserve data can never answer.
Open the entryFlows: liquidity arriving, rotating and leaving
Depth is a balance somebody keeps topping up. Nothing about it is permanent, and the interesting readings are almost always about change rather than level. These entries follow the movement rather than the snapshot.
Falling reserves is a fact with several ordinary causes that look identical for the first minute and diverge sharply afterwards. Separating them takes a routine rather than an instinct, so this section supplies the routine: which fields to record, how often, and what a sequence of them is allowed to conclude.
- What this section answers
- Which balances a liquidity reading is built from, why reserves fall, how migration between venues appears on chain, and how to keep a usable depth series.
- What it will not do
- Attribute a withdrawal to a named party, describe intent, publish a frequency this desk has not measured, or turn a reserve change into a price expectation.
- Where it hands off
- The arithmetic behind reserves, depth ladders, LP tokens and the gap against holding is set out in the Pools section.
3 entries filed under Flows
Liquidity is not a number, it is a balance that somebody keeps topping up or withdrawing. These entries follow the movement: where it comes from, why it leaves, and how to watch it change without staring at a chart.
02When liquidity leaves
Reserves falling is a fact with many causes. Migration, range exit, fee harvesting, rotation and outright withdrawal all look similar for the first minute and diverge sharply afterwards.
Open the entry03Tracking depth changes over time
A sampling routine for pool state: which fields to record, how often, what to derive from them, and how to keep a series that is still readable a month later.
Open the entryWhere the flows section stops
Movement can be recorded precisely and explained only partially. The chain shows that a position was closed; it does not show why, and it never shows what the person who closed it believed. Entries here stay on the first side of that line and say plainly when a question falls on the other one.
Pools
How a pool sets a price from its reserves, how far that price holds before it bends, what happens the moment you add or remove liquidity, and why an LP position can be worth less than the two assets held on their own.
Open the sectionTerms
Thirty terms from the liquidity side of a Solana market, each written as one paragraph a reader can act on rather than a dictionary line that repeats the phrase back at them.
Open the glossaryThe desk
What this ledger covers, which questions it refuses on the grounds that reserve data cannot answer them, and how a correction is handled when an entry turns out to be wrong.
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