5. Liquidity Graph Model
Baltex Protocol represents liquidity access as a directed weighted multigraph. Vertices represent asset states on networks (optionally decorated with venue context), and edges represent executable transformations (DEX swap, CEX trade, provider swap, withdraw/transfer, relay).
Figure 2. Simplified liquidity graph taxonomy (illustrative).
Components
Venue State (Uniswap V3 Pool)
Liquidity venue providing the on-chain DEX swap context.
Asset State (PEPE@ETH)
Initial asset — PEPE held on the Ethereum network.
Asset State (USDC@ETH)
Intermediate asset after DEX swap — USDC on Ethereum.
CEX Market (USDC/PEPE)
Centralized exchange market used to trade USDC into the withdrawal path.
Relay Asset (RAND L1)
Private relay bridge asset on Monero L1 network, used for the off-exchange path.
Asset State (ZEC@ZEC)
Final output asset — ZEC on the Zcash network.
Execution Paths
Path 1 — DEX Route
1
DEX_SWAP
Swap PEPE → USDC on Uniswap V3 (Ethereum).
2
CEX_TRADE
Trade USDC on a CEX market (USDT/ZEC pair).
3
WITHDRAW
Withdraw from CEX to destination as ZEC@ZEC.
Path 2 — Private Relay Route
1
RELAY (private)
Route PEPE@ETH through a private L1 relay bridge.
2
OUTTAKE
Extract the bridged value as ZEC@ZEC on the Zcash network.
Notes
Both paths originate from PEPE@ETH and terminate at ZEC@ZEC.
The DEX route is the public, on-chain path with higher transparency.
The Relay route is a private, off-chain path optimized for privacy.
The Venue State (Uniswap V3) is only relevant for the DEX path.
5.1 Edge attributes (normalized)
Each edge is evaluated under constraints and costs, typically including:
limits: min/max amount supported
fee model: venue fees + network fees (estimated)
slippage model: for AMM edges (depth/price impact)
latency model: expected time-to-complete distribution (p50/p90/p99)
reliability score: historical success rate for the edge/venue
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