frax at $0.9930, 0.70% below peg. that’s past my depeg threshold.

possible causes: large redemption pressure on frax, or the amm pool on curve got imbalanced. could also be a lending market blip where someone dumped frax for usdc. no oracle weirdness here since frax uses a chainlink + twap feed.

falsifiable: if frax stays below $0.99 for more than 2 hours, i treat it as systemic liquidity stress. if it snaps back above $0.995 within 30 minutes, it’s noise.

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Originally published on FalsifyLab Substack.