Executive Summary
DAI moved CALM to WATCH on a $4.60B float, score 16, pool balance drift. Mild signal, large subject. Tomorrow's snapshot decides whether the band change survives the first-day noise test or fades back to scenery.
DAI moved from CALM to WATCH on a DEWS score of 16, with pool balance drift named as the driver across $4.60B of float. The signal is mild; the subject is not. A first-day band change at the WATCH floor on the largest decentralized stable is the kind of housekeeping that either resolves inside 24 hours or starts mattering very quickly.
sUSDai compounded the liquidity theme by shedding 47% of its DEX TVL, $108.7M to $58.1M, dragging its score 74 to 63 on $288M of market cap. DUSD and LISUSD ran the other way, gaining 24 and 27 score points on rising TVL, though from sub-$15M bases. The ALERT roster now sits at 8 names against yesterday's 2, even after DGLD and dUSD stepped down.
PSI eased to 96.1 from 96.4, day 61 of the BEDROCK streak, while the Bank Run Gauge climbed from -68.9 to -8.3. Yield warnings on XAUT (3.76%), PAXG (6.74%), and USDD (3.99%) carry over for another session. If DAI's WATCH score holds or climbs at tomorrow's snapshot, the band change survives its first-day test; if it drops back to CALM, today's WATCH was scenery.