Overview: Liquidity Structure
Reliable execution depends on orderbook depth, partner programs, and treasury policies that support consistency across cycles.
Orderbooks: Depth and Spreads
Monitor depth, spreads, and slippage across major pairs to quantify execution quality.
Liquidity Programs and Partners
Transparent incentives and market-maker partnerships stabilize liquidity and balance inventory.
Treasury Alignment and Resilience
Treasury policies anchor reliability, improve redemption confidence, and support risk management.
Metrics: Reliability and Execution Quality
Use uptime, cancel/replace efficiency, and fill ratios to evaluate reliability.
Implications for Traders and Merchants
Traders gain tighter spreads; merchants gain predictable settlement cycles and fewer disputes.
Conclusion
Liquidity structure underpins user outcomes; clear programs and policies matter most.