In a previous article, I explored simple and complex measurements for liquidity, the latter of which are primarily used as spread estimators for large datasets. In it, I made the incorrect claim that Market Depth couldn't be calculated with on-chain data (this was always possible and defined as Total Value Locked, but this metric became more reliable with the idea of Concentrated Liquidity AMMs popularised by Uniswap). Shortly after that article was published, I decided to look at anothe...