RNGR-001 passed with a 12.39% TWAP spread. But the outcome was decided early. Pass-aligned volume in the pre-TWAP window built a lead that Fail-aligned activity could not overturn.

Volume is just how much capital traded. On its own it doesn't tell us why prices moved or whether they were resilient. Low volume can still be a high signal. High volume can be a low signal. Here's what actually matters.

The TWAP mechanism transforms a price feed into an analytical tool. Pre-TWAP shows belief formation. The TWAP window shows belief enforcement. Late activity shows who cared enough to move outcomes. A full breakdown is on the 01Resolved blog.