Executive Summary
PSI fell from 90.8 to 89.5 in 48 hours, losing BEDROCK while BRZ's 233 bps deviation drives severity and PGOLD's liquidity drops 98.5% overnight.
PSI slipped from 90.8 to 89.5 in 48 hours, dropping out of BEDROCK after a 3-day stay and settling back into STEADY. The 7-day trajectory tells the story: a clean ascent from 87.3 on March 29 peaked at 90.8 on April 3, then reversed. Severity remains low at 0.12, but the direction has changed, and BRZ is doing most of the dragging, its 233 bps deviation on a $287.83M market cap accounting for 67.1 of the severity score.
Peg Watch. BRZ at D-grade with a peg score of 22 is the kind of coin that quietly becomes the index's largest headache. Its 156 bps above-peg print today carries more market impact than EURS at 823 bps on a mere $8.31M cap. PGOLD's DEX liquidity collapsed from $2.55M to $37,960, a 98.5% drawdown that pushed its DEWS score to ALERT at 49, driven by maxed-out liquidity erosion. That is not a slow fade; that is an exit.
Structural Note. The yield landscape keeps pulling capital sideways. USDS at 3.75% APY, more than double its 30-day average of 1.75%, absorbed $755.24M this week, pushing it within 0.3% of its all-time high at $8.95B. USDe prints 3.54% against a 30-day average of 1.65%. DAI, meanwhile, reversed course: down $8.51M in 24 hours after gaining $123.57M over 7 days. The money is rotating, not fleeing, but when BEDROCK cracks during an inflow week, the quiet gets harder to trust.