Executive Summary
LISUSD's DEX pool quadrupled to $18.57M overnight while USDH lost 75% of its liquidity. PSI at 95.8, BEDROCK for 3 straight days, but the plumbing is not sitting still.
PSI sits at 95.8, BEDROCK for a third consecutive day after climbing from 88.3 on April 7, a 7.5-point surge in 72 hours. The trajectory is unambiguous: severity near zero, breadth still reading 3.44 on the back of EURS at 1232 bps above peg and DGLD at 164 bps, both sub-$10M coins that register as statistical noise against a $328.64B market. The tension is not in the index itself but in what is shifting beneath it.
Liquidity Roulette. LISUSD's DEX liquidity score jumped 27 points overnight as TVL ballooned from $4.77M to $18.57M, nearly a 4x move for a $76.23M coin. That kind of pool expansion, absent a matching mcap change, usually signals either a protocol incentive campaign or someone positioning for volatility. Running the other direction, USDH's TVL collapsed from $12.45M to $3.07M, a 75% drawdown on a $92.65M coin, while PUSD shed 81% of its pool depth to $536K. Three coins, three wildly different liquidity stories, all in a single day.
Stress Undercurrent. GYD remains at WARNING with a DEWS score of 57, driven by cross-source divergence at 100 and pool balance drift at 93 on just $26.56M of market cap. SUSD holds ALERT at 38 with its own divergence reading maxed. BRLA quietly entered WATCH, pushed by cross-source divergence on a day when 5 depegs resolved but 8 remain active. USDC added $1.26B in seven days, sitting 1% below its $79.63B all-time high, and the Bank Run Gauge swung from 19.7 yesterday to 4.9 today, its fourth sign reversal in a week.