Liquidity depth per major asset

Evidence summary #

V3 ETH/USDC 0.05% historically $500M-$1B TVL on Ethereum; academic research confirms 3-6x CEX depth for major pairs near mid-price. Long-tail permissionless pools are thin by design. Bimodal distribution: excellent for majors, minimal for long-tail. Precise 2%-slippage depth not computed (Dune 403). Yellow reflects bimodal structure.

Detail #

Journal of Futures Markets 2025 (doi: 10.1002/fut.22593) confirms V3 wETH/wBTC pools provide 3-6x more liquidity than Binance near mid-price levels. V3 WETH/USDC 0.05% pool is historically the deepest single DeFi pool at $500M-$1B TVL on Ethereum. V2 WETH/USDC pool estimated $100M+ TVL range. Long-tail meme-token pools: $10k-$1M TVL, effectively zero slippage resistance. Dune Analytics returned 403 via WebFetch — precise 2%/5% depth figures not computed in this pass. Bimodal: major pairs are deep by any DeFi standard; long-tail is thin by permissionless design. Net yellow per bimodal distribution acknowledgement.

Sources #

Methodology #

Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.

See the full factor methodology and distribution across all protocols →