TRUMP: 30 pools, two dominant markets

What the pool scan found

MASTR's workbook indexed 30 TRUMP pools. Two launch-era Meteora pools accounted for approximately 94.46% of the indexed liquidity and 87.83% of the indexed DEX volume. Thirty listed markets therefore did not represent thirty similarly important sources of liquidity. The percentages describe that dataset and its snapshot; they are not a measurement of every exchange worldwide.

The creator wallet retained 12 positions in the dominant pool. Their combined marked value was approximately $41.60 million. Eleven positions were outside their active price range. This distinction changes the interpretation of the entire finding: a large position value is not an equivalent amount of liquidity available to execute trades around the current price.

Four numbers that must stay separate

The workbook reports $883,869.60 in unclaimed fees and an API-calculated historical claim value of approximately $29.14 million across 62 claims. A marked position value, an unclaimed balance, a historical fee valuation and a withdrawal are different accounting categories. Adding them together without resolving overlaps would overstate extraction.

The historical claim total includes assets valued by the source API. It is not a bank statement showing that the same dollar amount was cashed out. The workbook also references an external launch analysis of approximately $313 million in USDC withdrawals. That older estimate has a different source and period; it should not be silently merged into the August findings.

Why concentration matters

When trading is concentrated in a small number of pools, the owners of those liquidity positions have substantial economic influence over market depth. Removing liquidity or changing its range can alter execution even without changing the token's total supply. A buyer looking only at market capitalisation will miss this exposure.

Concentration is a market-structure finding. Proving manipulative trading requires more evidence about orders, counterparties and purpose. For a practical reading of the mechanics, see concentrated liquidity and market cap versus exit liquidity. The original workbook retains the pool addresses and native data-source links so each number can be checked in context.

来源

1. MASTR: TRUMP investigation workbook, 22 August 2026
2. Uniswap: concentrated liquidity

资料核对日期：2026年9月5日. Historical cases retain the date and legal status of the cited record.