Is it real?
Pool liquidity is usually shown as the value of both sides of the pool. The token side is priced at the token's own price, so a pool can claim millions of liquidity while holding almost no SOL. For pools paired with SOL or a stablecoin, real liquidity is about twice the quote side. We once found a fake copy of a real coin claiming $5.6M of liquidity on $0.11 of USDC. Trenchie flags "Pool has almost no real money in it" when the real figure is under a fifth of the claim.
Locked, burned or withdrawable
When someone adds liquidity to a pool they get a receipt (LP tokens, or a position). If that receipt is burned, the liquidity can never be taken out. If it's locked in a locker program, it can't be taken out until the lock ends. Otherwise it's withdrawable by whoever holds it.
Withdrawable isn't always bad
Many healthy pools are withdrawable: market makers and holders add liquidity and take it out as they please. What matters is who holds it. Trenchie looks up the providers of each pool with $1K or more withdrawable and matches them against the dev, bundle and linked wallets. Insiders who can pull 30% or more (and $5K or more) is a red: "Insiders can pull $X". A crowd of ten or more providers with little insider share is a green.
Watch for pulls
Trenchie also watches the liquidity history: removals, who removed it, and whether they sold right after. A pull of more than half the pool is a red; a smaller pull is a caution.
How to check
Paste the contract address into Trenchie. The LP pill in the report's header shows the locked share per pool; the Liquidity panel shows real vs claimed liquidity, the providers and every removal.
Questions people ask
Does locked liquidity mean a token is safe?
No. Locked liquidity stops one kind of rug (pulling the pool), not the other (insiders dumping their tokens into it). Check the launch, dev wallet and holders too.
What does 'LP burned' mean?
The liquidity receipt was sent to an address no one controls, so the liquidity can never be withdrawn.