4/ On CEXs, liquidity operates differently.

It’s based on order book depth, which reflects the availability of assets like USDC or $TRUMP for trading.

CEX trading volume is significantly higher at $21B, showing the dominance of centralized exchanges in $TRUMP’s trading.

Adjusting for differing mechanics between CEXs and DEXs, I estimate CEX liquidity/value invested to range between ~$3.0B–$4.0B.

This reflects both trading dynamics and liquidity mechanics more accurately than methods such as directly applying a liquidity-to-volume ratio or using the +2% depth as a standalone indicator. These methods lack the nuance to account for CEX-specific trading behaviors, like active order book capital and dynamic liquidity provisioning.
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