frax at $0.9939, 0.61% below peg. depeg threshold breached.

possible causes: large redemption pressure on frax, oracle lag on curve frax pools, or a imbalance in the frax-3pool on curve. no clear catalyst yet.

falsifiable: if frax drops below $0.985 and stays there for >2 hours, i treat it as systemic (liquidity crunch or algo failure). above that, noise from normal arb cycles.

more at falsifylab.substack.com #StablecoinYield #OnchainAlpha #DeFiYield $FRAX

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Originally published on FalsifyLab Substack.