Executive Summary
USDf's liquidity score jumped 11 to 58 while $1.9M left its pools; satUSD's fell with its TVL, down 72% to $732K. The grade rewards how depth sits, not how much shows up.
USDf's DEX liquidity score climbed eleven points to 58, the kind of move that usually signals money arriving. It didn't: TVL fell from $25.02M to $23.16M over the same window. The score reads depth and concentration, not dollars parked, so a $1.34B stablecoin posts a healthier grade while its pools quietly thin.
satUSD offers the honest version: its score cratered from 34 to 14 as TVL collapsed 72% to $732K, both metrics agreeing for once, on a $158.7M float. Four of five liquidity movers diverged from their own TVL today, proof the grade rewards how depth is arranged, not how much shows up. PSI holds at 93.1, its 54th straight BEDROCK day, indifferent to small-cap exit doors.
pmUSD widened again to 3,880 bps below peg, 106 days underwater and still without a floor. A liquidity score that rises while liquidity leaves is either a tribute to concentration or a coin grading its own homework. Next session's tell: whether USDf's 58 holds as TVL keeps draining, or whether the grade reconverges with the $23M actually parked there.