What we found while building an instrument that settles on realized volatility — measured against live pools, with the numbers that argued against us kept in.
Uniswap's price record holds a fixed number of slots and spends one per block that trades, so the deeper the venue the shorter its memory. Measured across five Base pools, where a buffer sixteen times smaller reaches back nearly twice as far — and what that does to a contract that has to read history.
Ribbon, Friktion, Dopex and Lyra all died the same way, and it was not a coding error: each parked a position nobody could hedge on people who thought they were earning yield. What we gave up to avoid it, and the two holes our invariants found in the identity that replaces it.
Every volatility figure in this market is somebody's publication. This one is a computation. What we measure, the third that time-weighting quietly removes, what it costs to move the number, and who buys volatility at a fair price.