Liquidity-to-Float
The permanent bid as one number. Three bands, a rising floor beneath it, and why it is not a buy signal.
LF measures how much permanent, un-withdrawable liquidity sits underneath ODIN against how much ODIN is still freely held.
No prices. No USD. Pure token counts. A gauge that needs a price feed inherits the price feed's problems; this one doesn't need one.
Why the ×2
A constant-product pool holds two sides of equal value, so the ODIN reserve is backed by an equal value of the paired asset next to it. Doubling expresses the whole locked position in ODIN-equivalent terms, comparable to a float measured in ODIN.
The companion metric without the doubling is LF ÷ 2 — the pure token-count version.
Three bands#
Demand is pulling ODIN out of the network faster than it accretes. The market is paying a premium to hold ODIN in its own hands rather than leave it in the pools.
This is the demand band. A low reading is not a weak reading — it means people want the token. Reading it as deterioration inverts what it says.
The permanent floor commands the majority of ODIN's value, while the community still holds the majority of the tokens. Value first, coins second.
At exactly 2, the network holds as much ODIN by token count as the entire community. Beyond that, more than everyone else combined.
LF breathes. The floor beneath it does not.#
LF is not monotonic. It rises when ODIN flows into the pools and falls when demand pulls it out. Fee accrual gives a mild upward bias, but a strong demand wave pushes LF down at any time.
The floor beneath LF only rises. The permanently un-buyable subset of reserves — k ÷ max_supply across the capped pairs — climbs monotonically, because k only ratchets.
The honest picture: a volatile LF oscillating on top of a slowly, permanently rising floor.
Watch the floor's slope. Treat LF's level as the noise riding on it.
The naming trap. "Floor" is reserved for the un-buyable base beneath the gauge — not the gauge itself. LF's numerator is all locked liquidity, buyable and un-buyable alike; the floor is the narrower, strictly-rising subset. Conflating them makes a breathing ratio look like a one-way ratchet — the single most misleading thing you can do with this number.
How to read it#
LF is a structural ownership gauge, not a buy or sell signal.
Neither end is good or bad. Low means demand is pulling tokens out — which is demand. High means the network holds more of its own supply — which is structure. Reading either as a trade instruction is reading a thermometer as a weather forecast.
The genuinely informative quantity is the floor's slope over time — the mechanism working or not, stripped of flow noise.
The event horizon#
LF = 2 is a waypoint, and reversible — flow can push back through it.
The irreversible line: the moment the un-buyable floor alone passes 50% of supply, LF's minimum rises above 1 and the network can never return to the demand-premium band. A decades-to-centuries horizon at any plausible rate — a consequence of arithmetic, not a target anyone is steering toward.
Where to read it#
The LIQUIDITY→FLOAT app on odinOS computes LF live, derivation shown. Machine-readable with recipe at /odindata.
Related: free float is the denominator · burn accounting is what leaves it · accretion is how fast the whole thing moves.