A listing is not a market.
Anyone can be listed and listing is free, so the count grows without limit while almost none of them can be traded. Docimasy runs the assay on every market it can see — and says which ones survive it.
Examined 200 of 2,061 curves — 9.7%. That is not a sample we chose. The source caps every response at 200 and ignores offset, cursor, page, skip, start and after; asking for 5,000 returns 200 with no error. Everything above describes what it will show, and nothing beyond it.
Survive the assay
All 200 →the median holder's 4 keys would take 4.67% of the reserve · unclaimed
the median holder's 8 keys would take 14.3% of the reserve
the median holder's 6 keys would take 12.35% of the reserve · unclaimed
the median holder's 4 keys would take 8.98% of the reserve
the median holder's 7 keys would take 16.43% of the reserve · unclaimed
the median holder's 5 keys would take 18.35% of the reserve · unclaimed
Absorbed by the cupel
The six largest markets that do not survive. These are not small — they are simply impossible to leave, and each card says by how much.
the median holder's 16 keys would take 36.88% of the reserve · unclaimed
the median holder's 21 keys would take 48.61% of the reserve · unclaimed
the median holder's 8 keys would take 22.03% of the reserve
the median holder's 12 keys would take 36.84% of the reserve · unclaimed
the median holder's 7 keys would take 24.72% of the reserve · unclaimed
the median holder's 14 keys would take 47.46% of the reserve · unclaimed
The reserve is not reported. It is required.
The key taking supply from k to k+1 costs k² / 16,000 SOL. Sum the staircase and there is exactly one reserve a supply can produce — and 1e9 / 16,000 is 62,500 exactly, so it never leaves the integers.
reserve(n) = 62,500 · (n−1)·n·(2n−1) / 6 lamports
reserve(255) = 343,415,937,500 = 343.4159 SOL⚠ n is the supply before the sale, so the first key costs nothing. The reference protocol's documentation says after — quoting from that sentence over-prices every trade by one full step, and the result looks perfectly reasonable.