Executive Summary
PSI hits 90.3 BEDROCK for the first time in this tracking window, but GHO's grade slipped to B while its DEX TVL doubled to $84.95M. Someone's building a lifeboat.
PSI climbed to 90.3, crossing into BEDROCK for the first time after six consecutive days in STEADY, a band it had occupied since at least March 25. The ascent looks clean on paper: severity at 0.1, trend positive at +0.2. But the 7-day trajectory tells a different story. PSI bottomed at 87.3 on March 29 before rallying 3 full points in 48 hours, a pace that usually reflects resolved stress rather than genuine calm. BEDROCK after a streak like that feels less like stability and more like a market catching its breath.
GHO's Quiet Slide. Aave's GHO dropped from B+ to B at a score of 70, its peg subscore falling to 93 on $583.43M in market cap. That alone is digestible. Less digestible: GHO's DEX TVL doubled overnight from $39.69M to $84.95M, a liquidity score jump of 8 points. When a coin's grade deteriorates while liquidity floods in, someone is building exit capacity. DOLA, still at ALERT with a DEWS score of 36 driven by pool balance drift at 76, resolved a 101 bps depeg in just 3 hours, but its $134.87M market cap remains under structural watch.
Yield Acceleration. USDS is now paying 3.75% APY against a 30-day average of 1.17%, a 3.2x spike on $8.92B in assets, while shedding $29.78M in a single day against a weekly gain of $262.97M. USDe mirrors the pattern at 3.54% versus a 1.1% monthly norm on $5.88B. Combined, these two coins represent nearly $15B in supply chasing yields that tripled in a month. USDC, meanwhile, quietly bled $1.50B in seven days, its market cap now 3% below the $79.58B peak set March 17. The big money is rotating, and the yields are doing the talking.