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FIGURE 01 · PRICE-LIQUIDITY DIVERGENCE
The √P Problem
Market cap scales linearly with price. Pool liquidity grows slower — it scales with √P. The market gets weaker the stronger the price gets, by law of the curve.
On a constant-product AMM (x·y=k), MC / liquidity is proportional to √P. √P only moves one direction.
FIGURE 02 · PRIMITIVE COMPARISON
Same Category. Different Primitive.
pump.fun and rise.rich, read across six axes.
Comparing market caps across these two designs is a category error.
FIGURE 03 · ARCHITECTURE
Same Primitive. Different Surfaces.
The primitive. The two surfaces built on top of it.
Every trade that clears on either surface is solvent by construction.