SSV Liquidity Report. September 27th - October 11th
Keyrock continued to focus on providing stability and liquidity across both stablecoin and crypto pairs. Our role as a market maker is to ensure deep liquidity and maintain key price levels on both sides of the order book, facilitating smooth execution for all market participants. This report outlines our liquidity provision for the SSV token over this period, highlighting key metrics and performance indicators.
General Market Overview:
Keyrock ensures stable market conditions for SSV, efficiently absorbing large orders while minimizing price impact. The charts below offer an overview of the SSV market during this period, highlighting Keyrock’s key metrics.
Metric 1: Median Depth within Distance from the Mid-Price
The following charts detail the liquidity depth Keyrock provided for SSV-USDT across Binance, Bybit and OKX pairs over time. Grouped by basis points (bps) from the mid-price, these charts illustrate our ability to maintain consistent liquidity across different trading pairs, with rebalancing occurring quickly after large trades. Liquidity has been deepest on Binance, followed by Bybit and OKX.
Metric 2: Keyrock Market Share
This metric highlights Keyrock’s share of total SSV trading volume. In multiple instances, Keyrock accounted for a significant portion of the market volume, often contributing to a substantial share of trading activity. Providing support during low and high volatility market moves. Keyock’s market share on Binance remained steady, whereas it fell slightly on Bybit while increasing on OKX compared to the previous two weeks.
Metric 3: Keyrock Total Orderbook Spread
The following charts display Keyrock’s spread performance for SSV trading pairs, demonstrating our ability to provide competitive bid-ask spreads across different pairs. Despite fluctuations in market depth, Keyrock maintained tight spreads, ensuring efficient trading for market participants. The average volume weighted spread across Keyrock’s markets was 10 bps.
Highlighting SSV Crypto Pairs on Binance
Crypto pairs present particularly challenging markets due to the volatility in the base and quote assets. However, Keyrock was also able to support liquid markets across both BTC and ETH pairs for SSV on Binance. On Binance’s SSV ETH market Keyrock accounted for 21.8% of the volume providing significant and consistent liquidity.
Summary:
During the period from September 27th to October 11th, Keyrock continued to provide consistent liquidity, managed large order flows, and maintained competitive spreads across SSV trading pairs. We will continue to provide biweekly updates on our performance to keep the DAO informed of our ongoing progress.