Executive Summary
USDf's liquidity score rose 44 to 61 while pool TVL fell 43% and $32M burned out. The model and the cash desk are looking at the same coin and disagreeing.
USDf's DEX liquidity score climbed from 44 to 61 yesterday while pool TVL fell from $25.51M to $14.47M, a 43% drop. The improving score and the shrinking pool describe the same $1.78B asset and disagree about it. Mint/burn flows show $32.37M leaving USDf in 24 hours, the worst single-day burn on the top pressure-shift list.
The arithmetic is awkward: holders are exiting, but whatever the model weights (pool balance, concentration, depth ratios) registered as healthier on a thinner book. A coin losing almost half its on-chain exit capacity overnight is normally a worsening tape. The score went the other way. One of them is wrong about what exit capacity means for someone actually trying to use the door.
Calm Around It. PSI prints 94.9, the lowest reading in 11 days but still 62 days into a BEDROCK streak; 169 coins sit CALM in DEWS against 6 ALERT. USDA narrowed to 127 bps off peg, and WTGXX added $958M this week, an allocation story rather than a peg story. If USDA widens to 175 bps tomorrow that calm reading stops mapping; if USDf's TVL keeps draining on a rising score, the next session decides which gauge the desk should trust.