$17.56M of capital is carrying ~$2B of volume a week. That's roughly 114x weekly volume-to-TVL and ~330x monthly. In September, @metricxyz ran 49-54x daily on ~$3.94M average TVL. The model has scaled without diluting efficiency. But $17.56M is not a lot of money. It caps executable trade size, makes the book fragile around large prints, and means a single curator pulling a pool can gap a market. Every efficiency multiple above 100x should be read as a capacity constraint, not just a compliment. For LPs: Edge APR looks strong precisely because capital is scarce. When TVL triples, those yields compress - unless volume triples with it. Check: https://t.co/Zz7oPwALiB
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