Executive Summary
U's liquidity score fell from 55 to 33 on a $21K TVL move, with $1.07B market cap sitting above the pool. Watch USDA at 225 bps and PSI at 93.
U's DEX liquidity score dropped from 55 to 33 on a TVL move of $872.95K to $852.18K, with $1.07B of market cap perched on top. A 22-point score swing on a $21K TVL move is the kind of ratio that flags either a methodology quirk or a thinning book that no one wanted to publicize. FDUSD moved the other way, 31 to 42, while its TVL fell from $4.61M to $232.71K, which is the opposite tell and equally strange.
Stress breadth. DEWS still holds 8 ALERTs against zero WARNING or DANGER, with $2.88B of mcap behind them. XAUT prints 0.76% APY against a 30d average of 3.5% while PAXG runs 7.19%, two gold-backed tokens diverging by 643 bps on identical collateral. USDT shed $1.24B over seven days, the largest weekly mover in a $349.88B market that drifted down 0.61%.
PSI sits at 95 BEDROCK, day 67 of the streak, with severity contribution led by EURS at 1.8. The risk tape is quiet because the loud names have been suppressed for being chronic, not because nothing is broken. Next trigger: USDA at 225 bps off peg, currently 190, would promote chronic into active stress; a PSI print of 93 or lower would shift tomorrow from regime frame to deterioration.