thr3ad reads four things directly off the pool, computed from the chain state itself rather than from an indexer that is already several blocks behind the thing it claims to describe, and the first of the four is the curve, which is the pool's actual pricing function rather than the single point on that function called spot price, the number most people check and quietly extrapolate from, assuming the cost of buying stays roughly flat as supply moves through the schedule when in fact curves bend, some far more sharply than others, and past the midpoint the slope typically steepens so that every additional unit of supply costs more than the one before it, which means where you are buying on the curve is not incidental, it is close to the whole story; the second is impact, the relationship between order size and the price movement that order causes, and this relationship is not linear and not a flat percentage, it compounds, and it compounds faster once size crosses a threshold that tends to sit right around the size that matters if the intent is to build a position rather than flip a small bag, so a 10 SOL order and a 50 SOL order are not five times apart in impact, they are usually a good deal further apart than that, and the curve is the reason why, since impact is just the curve's slope integrated over an order's size, which is also why curve and impact are read as a pair rather than separately, because they come out of the same liquidity math and under normal conditions move together, and when they stop moving together that divergence is itself a signal worth more than either number alone; the third is concentration, who holds the supply and how that distribution is shifting over time, where the number that gets quoted, some percentage held by the top ten wallets, is close to useless on its own because that percentage can climb for two structurally opposite reasons, one large wallet quietly accumulating, or a set of smaller holders exiting while mid-tier wallets absorb what they leave behind, and both produce an identical snapshot while describing almost opposite market states, which is only resolvable by watching the shift over time rather than reading the number once; the fourth is flow, net capital moving in or out over a rolling window, where again the net figure matters less than its composition, whether the flow is broad, meaning many wallets contributing small amounts, or narrow, meaning a handful of wallets doing nearly all of the work while the rest of the holder base sits still, and concentration and flow are read together for the same reason curve and impact are, because tightening concentration paired with narrow flow is a specific and recognizable pattern, one large actor consolidating while almost no one else participates, and it is a materially different pattern from tightening concentration paired with broad flow, where the same top-line concentration number reflects broad-based accumulation instead, and no single-number snapshot of either instrument can tell those two apart; none of the four numbers is diagnostic in isolation, which is the entire reason thr3ad exists rather than a page with a single spot-price ticker on it, and thr3ad itself does not rank, does not score, and does not tell you what to do with any of it, it puts the four instruments in front of you, live, off the pool, and leaves the reading of them to you.