Executive Summary
YLDS lost 82% of DEX TVL in a day while $588M in float stayed put. PSI still reads 96.6, twelfth day in BEDROCK. The exit narrowed; the room did not.
YLDS shed 82% of its DEX TVL in a day, from $44.50M to $7.83M, while market cap held at $588.61M. The liquidity score fell 63 to 38, and the grade slipped B+ to B-. An exit door shrinking while the room stays full is a specific kind of problem, and it does not require a depeg to matter.
PSI reads 96.6, its twelfth straight day in BEDROCK, with total stablecoin mcap $530M off the $331.50B ATH set yesterday. YLDS is an anomaly inside a calm tape. DEWS added five coins to WATCH, DOLA holds ALERT at 45 on mint/burn pressure, KAG resolved a 158bps depeg after five hours. The headline numbers say nothing is wrong.
Yield Signals. PYUSD printed 9.77% APY against a 30-day average of 2.43%, paired with TVL outflow on $4.11B float. USD1 sagged to 1.07% on $4.21B, trend negative. If PYUSD's spike survives another session without a disclosed incentive, it reclassifies from outlier to incident. Watch whether YLDS finds a floor above $5M TVL by tomorrow's snapshot, or whether the liquidity slide forces a second grade step.