frax at $0.9923, -0.77% below peg. depeg threshold breached.

large redemptions or a sudden imbalance on curve frax/3pool could cause this. oracle feed still reporting $1.00, so the divergence is in the secondary market, not the core mechanism.

falsifiable: if frax stays below $0.99 for 6 hours without a recovery, treat as systemic risk. otherwise, noise from arb bots.

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Originally published on FalsifyLab Substack.