Executive Summary
DEX depth climbed 51 to 66 while $10.58M walked out on-chain; deepening pools and net outflows rarely agree. apxUSD widened to 721 bps and YLDS shed 90% of its TVL.
RLUSD's DEX liquidity score jumped from 51 to 66 overnight, its pools thickening by nearly $12M to $158.55M in TVL. The same 24 hours carried $10.58M out of the token on-chain, the day's single worst outflow and a full 100-point swing against its 30-day baseline. Depth deepened while holders walked; on a $1.59B float, that reads as divergence, not recovery.
The Pharos Stability Index holds at 92, BEDROCK for a 45th straight day and last below that mark only five days ago. The Bank Run Gauge lurched from -43.7 to a healthy 39.1 in one session, and U added $145.47M to lead weekly supply, printing a fresh $1.24B high. The headline is steady; the edges are not.
apxUSD widened again to 721 bps off peg, its June STRC drawdown still unhealed on a $299.82M cap, and YLDS shed 90% of its DEX depth, from $7.24M to $688K, in a single day. pmUSD remains the standing casualty at 5,911 bps below par. Seven names now sit in DEWS ALERT or worse, up from four.
If RLUSD's new depth survives tomorrow's snapshot while money keeps leaving, the score is measuring a mirage rather than a floor. Next trigger: USDC's best APY cooling toward 14.7% would confirm the incentive that carried it to 13.82% is fading, not compounding into the next spike.