One number on @Firelightfi 's dashboard moves even when nothing goes wrong in DeFi. It’s CAR: the pool’s capital against what the risk model says the cover book needs. Above 2.0x is “Strong”, and cover renews and expands. Almost all of that capital is FXRP, priced in dollars. On Saturday, with ripple:native at $1.16, CAR read 2.35x. On Monday night, with ripple:native at $1.08, it read 2.2x. No incidents, just the price. Capacity slipped from $60.1M to $56.2M along the way. Everything else equal, the bands kick in at roughly: ripple:native ~$0.98 → 2.0x, Adequate ripple:native ~$0.73 → 1.5x, Watch: new cover cut 25% ripple:native ~$0.58 → 1.2x, Warning: new cover paused That’s how a pool backed by ripple:native has to work. The bands are the protocol’s answer: cover shrinks automatically as the margin does. Stakers, do you watch CAR, or just the APR?
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