Обезвоживание стаканов DEX и всплеск проскальзывания, предшествующие падениям цены COMP
A liquidity pattern:
On DEX/AMM markets liquidity sits in pools and orderbooks.
When depth falls persistently (low reserves in pools, thin limits in orderbooks), even moderate-sized orders cause extreme slippage and wide spreads.
For COMP this is dangerous because governance tokens often have concentrated liquidity in a few pools/exchanges.
Monitor:
- orderbook depth on key CEX and DEX for fixed sizes (e.g., 5k/25k/100k USD) and its time trend;
- slippage (avg execution vs mid) for benchmark trade sizes;
- reserve changes in Uniswap/Sushi COMP pairs and asset ratios;
- inflows of COMP to markets and sharp declines in passive limit offers;
- LP activity — exits or fewer liquidity providers.
Typical sequence:
Depth erosion and rising slippage, followed by a large sell (whale or emission distribution) triggering cascading sell pressure as margin traders and algos amplify the move.
Trading rules:
On persistent depth decline and rising slippage, reduce exposure, hedge, or execute staged sell-orders.
Mitigants include market-making or protocol LP incentives but require time and capital.
Combine DEX metrics with on-chain events:
Mass transfers to DEX, new pool launches, or contract changes altering LP behavior.
This pattern repeats in markets with uneven liquidity and is a classic precursor to rapid price compression, especially relevant for tokens with fragile external liquidity.