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

Component	Description
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.

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Execution Paths

Path 1 — DEX Route

Step	Action	Description
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

Step	Action	Description
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.

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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