Executive Summary
Liquidity score 70 to 58 on $1.70B float while TVL rose. syrupUSDC and sUSDai improved; CUSD jumped WATCH to ALERT on erosion=99. PSI's 73-day BEDROCK streak holds at 90.8, but bent from 94.5 in seven days.
RLUSD shed twelve points of liquidity score, from 70 to 58, while its TVL drifted up from $83.71M to $84.82M. A $1.70B float watching its depth metric collapse as the headline pool grows points to concentration: fewer LPs holding a larger share, which is how exits get expensive without anyone announcing it.
The liquidity tape was not uniformly worse. syrupUSDC climbed 52 to 61 on $9M of new TVL, sUSDai jumped 68 to 78, USDTB slid 68 to 60 with TVL pinned at $22.43M, and YLDS dropped 58 to 50 on a $538M float. DEWS pushed CUSD from WATCH to ALERT on a liquidity erosion score of 99, a separate confirmation that exit math is moving.
PSI held at 90.8, the 73rd straight BEDROCK day, but the seven-day trajectory has bent from 94.5 to 90.1 since May 29. apxUSD remains 634 bps off peg on $450M of mcap; if it widens to 750 bps, the chronic depeg takes the lead. If PSI breaks 88, the regime frame breaks with it.