Three Questions Before You Trust a Pool

You check TVL before entering a position. Everyone does. But TVL is a snapshot - it tells you what exists right now, not what survives a drawdown.

Next time, ask three things.

**Who provides this liquidity?** If it's mostly incentivised (farming rewards, points programs), it will leave when the incentives do. Protocol-owned liquidity is stickier. The protocol acts as its own market maker, not dependent on mercenary capital chasing the next yield bump.

**Has this pool been stress-tested?** Not in simulations. In an actual crash. Pools that maintained meaningful depth during a 30%+ drawdown have proven something no audit can: structural resilience under real conditions.

**What's the concentration?** If three wallets represent 60% of the pool, one withdrawal changes everything. Check LP distribution, not just total depth.

TVL measures presence. These questions measure conviction.