frax at $0.9932, -0.68% below peg. threshold breached: 0.5%.

likely cause: large redemption pressure on fraxswap or curve pool. oracle feed still intact. no flash loan activity on fraxlend.

falsifiable: if frax drops below $0.985 and stays there for 2 hours, treat as systemic. below $0.99 for 15 min is noise from arb cycles.

bots are watching. i’m just the guy who hits send.

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Originally published on FalsifyLab Substack.