Integration record: a multichain project that lists Robinhood Chain. Its code is filed under other ecosystems and HEY holds no Robinhood Chain evidence of its own, so its ships are recorded here but it is not a Verified Builder.
Open-source stablecoin risk dashboard tracking peg stability, liquidity, issuer controls, and dependency risk.
Build Momentum 87How it is measured
Why it matters: One of 146 meaningful events in the last 30 days: building continued, not a one-off.
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HEY can answer 7 of the 10 research questions that apply · Research coverage
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Code activitySource linked
What changed, in the repository’s own words:
1 active day in tokenbrice/pharos-watch.
This week HEY looked inside 6 of 35 commits to see what changed: 3 changed code, 3 documentation or maintenance only. In a burst week, enough of a sample has to change code for the week to count.
Record ship:f37fb72f… · HEY counts it as building; it does not judge the release’s quality or what it means for the token.
Feature releaseSource linked
USDe's yield warning topped the week's risk leaderboard at severity 4,806.8. Its APY printed lower on each of seven days, from 4.91% on October 13 to 4.81% on October 19, below the 4.93% 30-day average recorded on October 14. USDe's opportunity evidence was missing on every print. USDe market cap moved from $4.76B to $4.68B over the week, including a $39.44M net burn on October 16; the data record the supply change but not its cause. PSI stayed in the BEDROCK band all seven days, rising from 91.3 to 92.8, with a midpoint of 91.7 against 91.1 a week earlier. Five other new yield warnings ran…
Feature releaseSource linked
FDUSD net burned $9.98M in the 24 hours to 08:05 UTC, a mint/burn pressure reading of -100 against its 30-day baseline and the largest dollar amount among the three top pressure shifts. fxUSD matched the -100 on $2.22M of net burns, while stcUSD read +100 on $2.35M of net mints. The burns record faster token contraction; by themselves they do not show redemptions or weaker backing. The aggregate reading moved the other way. The Bank Run Gauge improved to -11 from -14.9, still CAUTIOUS and valued on partial data, so yesterday's -15 mark went unmet; flight-to-quality is inactive. Ethereum…
Feature releaseSource linked
Pricing v6.53 admits a bounded HBD/HIVE order-book midpoint crossed with an independently fresh CoinGecko HIVE/USD parent through ordinary primary consensus, without protocol parity or independent CoinGecko votes. HBD/USD = HIVE/USD / midpoint(HBD/HIVE). Admission requires at least 500 HBD per side within 2% of midpoint, spread at most 1%, at least 1,000 HBD non-self trailing-day turnover, a trade within 15 minutes and within 2% of the book, and fresh non-regressing node heads. Capped or duplicate-ambiguous evidence proves only a conservative lower bound. The exact hive parent rides the…
Feature releaseSource linked
The literal 24-hour minting-pressure reading (mint versus burn volume balance) is now published only when both sides of the window are fully valued. When either side has unpriced or unrecorded events it renders NR with a machine-readable reason instead of a balance computed from lower-bound volumes. A known-valuation subtotal is a lower bound, and a ratio of two lower bounds bounds nothing: a day with unpriced burns could read Balanced while the true balance was burn-dominated. getLiteralMintingPressureReading() now returns NR with valuation-partial or valuation-unknown when either side is…
Feature releaseSource linked
Safety Score v10.22 lets mechanism overlays and independently reviewed components carry an exact UTC evidence timestamp, admitted at that instant rather than waiting for the UTC day to elapse. This is admission-timing only and score-neutral for all existing date-only reviews. Strict YYYY-MM-DD values retain next-UTC-midnight admission bit-for-bit. Exact YYYY-MM-DDTHH:MM:SSZ pins, optionally with milliseconds, admit when the scoring clock reaches the pin; future timestamps, timezone offsets and impossible dates are rejected. The 365-day expiry budget remains measured from the original review…
Code activitySource linked
What changed, in the repository’s own words:
at least 7 active days in tokenbrice/pharos-watch since 2026-10-12; the count stops at the newest 100 commits listed.
This week HEY looked inside 3 of 295 commits to see what changed: 3 changed code. In a burst week, enough of a sample has to change code for the week to count.
Feature releaseSource linked
apxUSD traded at $0.975 in the latest sample, 252 bps below peg, against 137 bps a day earlier. On $301.78M of market cap, that deviation ranks second only to pmUSD by market impact among the 23 active depegs and amounts to roughly $7.6M below par. The episode is 68 hours old; its 297 bps peak is 45 bps away. The Bank Run Gauge weakened to -14.9 from -8.0, inside its CAUTIOUS band and on partial valuation data, while Ethereum logged -$60.91M of net flow over 24 hours. Coin-level readings split: fxUSD net burned $3.63M at -100 against its 30-day baseline, offset by net mints of $3.43M each at…
Feature releaseSource linked
USD1 net burned $14.39M in the 24 hours to 08:05 UTC, a mint/burn pressure reading of -100 against its 30-day baseline. fxUSD printed the same -100 on $3.18M of net burns. USDat moved the opposite way, reading +100 on $4.45M of net mints. These readings measure each token's issuance pace against its own history; they do not establish holder withdrawals or any loss of backing. The aggregate flow tape was calmer than those three readings. The Bank Run Gauge rose to -8, NEUTRAL, from -16.6, though its valuation runs on partial data. Ethereum logged +$19.24M of net flow across tracked coins…
Feature releaseSource linked
Safety Score v10.21 aligns independently selected safe EVM holdings heads before reading economic supply quantities, so cross-chain partitions can satisfy the existing observation-skew budget without moving the oldest head forward or relaxing evidence admission. The observer first resolves every required EVM chain's reviewed lagged head at or before the scoring clock, capped at its actual finalized head where pending-history proof requires finality. Heads newer than the oldest timestamp plus the existing 120-second skew allowance are rewound to a canonical historical block at or before that…
Feature releaseSource linked
Pricing v6.52 reobserves eligible DefiLlama contract and Jupiter fallback quotes on the existing quarter-hour refresh instead of relying on hourly discovery to keep a fifteen-minute quote available. The :09/:24/:39/:54 refresh runs the existing DefiLlama contract and Jupiter passes serially after exact-address coverage and before DexScreener, with an independent 25-second envelope per pass. Active missing-price rows and current source-owned rows are eligible; M and XO remain missing-price recovery candidates. Reviewed missing-price gaps stay on hourly discovery unless a publishable current…
API releaseSource linked
Redemption v4.51 binds cohort restrictions to the exact payout path, removes unsupported capacity assumptions and corrects reviewed output and access inputs. Component weights, score ladders and freshness budgets are unchanged. When observed output identity does not match the configured payout, only a separately sourced paused status survives as an adverse facility/input-token observation. Restricted or other cohort status cannot cross to a different output path. MetaMorpho V1 wallet donations no longer floor or replace validated executable-capacity API evidence. Unavailable API capacity…
Feature releaseSource linked
Pricing v6.51 prevents supplemental prices from re-entering consensus as DefiLlama list observations and admits USDFC to the existing reviewed low-volume CoinGecko fallback. DefiLlama list intake accepts only an absent legacy source label, defillama or defillama-list, while retaining the existing exclusion of CoinGecko-fallback supply rows. A carried or supplemental price cannot acquire a second provider identity merely because it is present on the intake row. Missing USDFC prices may recover through its reviewed CoinGecko identity after earlier fallback passes fail. The seven-day age…
Feature releaseSource linked
BRSRV, CHFSAFO and GLDon join the extended Ethereum mint/burn lane through reviewed contract identities and start blocks. Flow formulas and aggregate weighting are unchanged. BRSRV begins at Ethereum block 25,590,451 and CHFSAFO at block 24,540,949, each using the existing zero-address Transfer decoder and a 10,000-token dust threshold. CHFSAFO coverage is its Ethereum register only, not its other native chains. GLDon begins at Ethereum block 23,984,676 with a 10-token threshold and its reviewed LayerZero OFT adapter binding. Existing bridge classification separates matched bridge transfers…
Feature releaseSource linked
USDC added $76.19M of supply in the latest 24 hours after a week in which its market cap fell $1.03B to $72.80B, the largest weekly move among tracked stablecoins. On the supply-velocity series the seven-day decline is $913.62M, so the daily gain offsets about 8% of it. The figures count tokens outstanding; they do not show who redeemed. USDC sits 9% below its April high of $79.75B. Three depegs widened. Metronome's msUSD, which fell to about $0.44 on 2 September on oracle-latency underbacking, traded at $0.885, 1,150 bps below peg against 1,121 yesterday. BRZ widened to 181 bps from 141…
Feature releaseSource linked
Safety Score v10.19 differentiates direct Morpho lender vaults by their measured NAV-accounted collateral books. Backing combines allocation-weighted collateral quality with LLTV-derived loss transmission, blends deployed and idle shares under the inherited-parent ceiling, and applies a separate Morpho-only 1%-of-NAV oracle materiality rule. Pillar weights, grade bands, parent caps, capital reuse and non-Morpho scoring remain unchanged. The release cut is not production acceptance. Admission covers 33 direct Morpho Blue lender-vault assets and 35 chain-local VaultV2/MetaMorpho V1/V1.1…
Feature releaseSource linked
Safety Score v10.18 narrows partial-evidence flags to contributing exclusions, admits source-bound ERC-4626 NAV references and executed smaller-probe lower bounds, bundles reviewed DEX, redemption and W1 evidence repairs, and records the W2/PKT-5 no-admission decisions. Pillar weights, grade gates, missing-data scoring, comparison policy and the USDT premium are unchanged; Track M is not part of this release. Route-exclusive A/B gaps on optional Exit alternatives that contribute neither score nor selected backup credit remain diagnostic without triggering partialEvidence. Gaps on scored or…
Feature releaseSource linked
Liquidity v6.95 expands the active reviewed exact-target cohort on existing venue families and repairs missing-row discovery scheduling and CHFSAFO Aquarius identity. Component weights, request budgets, cadence, connection limits and retained-TVL measurement semantics are unchanged; no TVL-basis break is added. Eight pinned-identity retained pools provide nine directed reviewed targets for USDF, asUSDF, GGBR, mRe7YIELD, rUSD, EUR0 and ZARm on already-active Pancake V3 and Uniswap V3 families. Active reviewed policies join the pinned-reviewed target path; factory, token, fee, freshness and…
Feature releaseSource linked
Redemption v4.5 removes unsupported static capacity, completion and holder-eligibility assumptions from reviewed existing routes. Unquantified evidence remains unknown rather than full-supply capacity or atomic settlement. Shared scoring weights, ladders and request grids are unchanged. Avalon, Youves, hyUSD and wARS retain unquantified capacity instead of unsupported family-default or full-supply assumptions. Avalon preserves its actual USDT output; Youves preserves the documented haircut and does not promote its announcement period to completed settlement. Solayer's sUSD holder path is…
Feature releaseSource linked
pmUSD traded at $0.662 in the latest sample, 3,379 bps below peg and 164 bps tighter than yesterday's reading. Among depegs with a live price, it is the largest by market impact. The $62.02M token has recovered roughly half the distance from its 6,902 bps peak. Its Safety Score stays F (20), with exit at 35 and a missing same-notional redemption route among the cited reasons. USDC supply rose $128.72M in a day against a $653.92M decline over seven days on the supply-velocity series. Its market cap is $1.19B lower on the week at $73.10B, 8% below its April high. These figures count tokens…
Feature releaseSource linked
Crown BRLV joins the existing scoped CoinGecko low-volume fallback after a production audit found its sparse crown-brlv quote inside the seven-day budget while CG-only intake withheld the stale market cap and the carried row lost its native-implied price. Only a missing BRLV price can use the reviewed crown-brlv CoinGecko identity after earlier fallback passes fail. Admitted quotes retain fallback confidence, the original upstream observation clock and BRL peg validation; carried supply is unchanged. The seven-day age limit, 120-second future-skew limit, primary consensus, native-implied…
Feature releaseSource linked
USD1 posted a mint/burn pressure reading of -100 against its 30-day baseline on $13.69M of net burns over 24 hours, the only negative maximum on the tape. The Bank Run Gauge fell to -24.9 from -13.0, inside its CAUTIOUS band and below the -19.4 printed on 9 October, clearing the -15 level yesterday's edition set as its trigger. Flight-to-quality is inactive. The offsets were smaller. U and CHFAU each read +100 on net mints of $6.49M and $4.80M, a combined $11.29M against USD1's single burn. USD1's token supply is $182.06M lower over seven days, $5.53M of it in the latest day. Ethereum showed…
Feature releaseSource linked
NXUSD and Hermetica USDh join the existing scoped CoinGecko low-volume fallback after a production audit found real upstream quotes inside the seven-day budget but outside primary consensus freshness. Only missing NXUSD and Hermetica USDh prices can use their reviewed nxusd and hermetica-usdh CoinGecko identities after earlier fallback passes fail. Admitted quotes retain fallback confidence and the original upstream observation clock; Hubble USDH and Native Markets USDH are distinct identities. The seven-day age limit, 120-second future-skew limit, peg validation, primary consensus and…
Feature releaseSource linked
USDe carried the week's top risk flag: a yield warning at 5.03% APY on 2026-10-07, with no corroborating opportunity evidence, on a $4.97B market cap. The flag appeared in all seven daily editions. Over that span, APY eased from 5.06% to 4.93% and market cap fell to $4.75B by 2026-10-12. PSI stayed in BEDROCK throughout, ranging from 88.6 to 92.5 and closing at 92.1 against a 91 open. Its 91.1 midpoint sat 2.1 points below the prior week. USDC was the largest supply mover on five of seven days, each time to the downside. Its trailing weekly change widened from -$507.45M on 2026-10-06 to…
Feature releaseSource linked
AUSD recorded the largest mint/burn pressure shift on the tape, -98 against its 30-day baseline, on $2.53M of net burns over 24 hours. USD1 followed at -82 with $4.31M net burned. stUSDS moved the other way at +89 on $3.78M net minted. The Bank Run Gauge fell to -13 from -3, inside its CAUTIOUS band and above the -19.4 printed on 9 October. The dollar sums are modest. AUSD and USD1 together burned a net $6.84M, against a $1.15B seven-day contraction in USDC supply to $73.03B. Pressure scores measure each coin's departure from its own baseline, and gauge valuation is running on partial data…
Written by HEY researchers and reviewed before publishing. Commentary with sources — not the project's own claims, and not evidence of shipping.
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303 changes on HEY’s record for Pharos Watch: 255 releases · 40 other ships · 8 weeks of code pushed.
Code changes this week (since Mon 19 Oct) · 35 commits
USDe APY Falls On Every Print
FDUSD Burns As Gauge Eases
Safety Score v10.22 — Exact UTC admission for mechanism-review evidence
Mint/Burn Flow v6.27 — Literal minting pressure needs fully valued volumes
All 303 changes for Pharos Watch →
The full change record holds 5 more, of kinds this list leaves out — lock records and HEY’s own research bookkeeping among them. Full record (JSON)
HEY can answer 7 of the 10 research questions that apply.
Not applicable here: Package advisories, Contract creation, Contract activity, Verified source, Contract interface, Current market, Market history, Supply distribution, Locks, Market checks, Protocol economics.
A count of what HEY has read, never a score: projects are not compared or ordered by it. Unknown is never zero. The same states: coverage API.
HEY keeps these on record as context. None counts toward the activity status or Build Momentum; each says why.
Showing 10 of 80, newest first. Every one, as data
