Executive Summary
USDY's liquidity score fell 11 points to 37 even as TVL grew to $18M on a $2.14B float. The new dollars sat where they couldn't help anyone exit.
USDY's DEX liquidity score dropped from 48 to 37 while TVL on the same pools climbed from $16.20M to $18.00M against a $2.14B market cap. Adding depth that the score reads as shallower means the new dollars piled into a single venue or an imbalanced pair, where exit slippage works against you. The float grew. The exit didn't.
The contrast sharpens against neighbors. syrupUSDC jumped 13 points to 58 as TVL more than doubled to $41.85M on a $1.40B float; YLDS gained 13 to 59 with TVL up to $19.13M against $529M mcap. Three similar-shape assets moved three directions on the same session. USDY's added millions didn't buy any visible depth.
PSI sits at 94.8 in its 36th BEDROCK day, yet 9 coins hold ALERT and USDA still trades 120 bps below peg with the 150 bps trigger one move away. USDe's 2.67% APY against a 5.49% trailing average on $3.97B is the second number to track; if it stays under 3% into the next session, the incentives story becomes a deposit story, and BEDROCK starts collecting footnotes.