Depeg Detection

Two-stage depeg detection pipeline for stablecoins. Stage 1 (detection) runs every 15 minutes as part of the sync-stablecoins cron and writes every threshold-crossing onset to depeg_pending. Stage 2 runs immediately after and promotes only candidates that have remained beyond the full trigger threshold for at least 15 minutes and satisfy the applicable source-trust rule.

Methodology Versioning

• Current methodology version: v6.1
• Runtime/version source: shared/lib/depeg-dews-version.ts
• Public changelog route: /methodology/depeg-changelog/
• Structured changelog: shared/data/methodology-changelogs/depeg-dews/

Downstream: Depeg Duration Resolver

Confirmed depeg_events are the trigger for the Depeg Duration Resolver (DDR), which resolves them into canonical incidents and, under DDRv3, freezes one public prediction or no-call when an active incident reaches forecast readiness (score >0.75, strictly) or the first healthy run at/after the 72h backstop. DDR does not run its own detection — it inherits the clean confirmed-event stream described here. If the incident recovers or receives reliable terminal evidence before a healthy DDR lock, DDRR records resolved_before_prediction or terminal_before_prediction instead of creating a retroactive forecast. See depeg-resolver.md.

Thresholds & Constants

getDepegThresholdBps(pegType) returns 100 for peggedUSD, 150 for all other peg types.

Database Schema

depeg_events

CREATE TABLE IF NOT EXISTS depeg_events (
  id INTEGER PRIMARY KEY AUTOINCREMENT,
  stablecoin_id TEXT NOT NULL,
  symbol TEXT NOT NULL,
  peg_type TEXT NOT NULL,
  direction TEXT NOT NULL,              -- "above" | "below"
  peak_deviation_bps INTEGER NOT NULL,
  started_at INTEGER NOT NULL,          -- Unix seconds
  ended_at INTEGER,                     -- NULL = ongoing
  start_price REAL NOT NULL,
  peak_price REAL,
  recovery_price REAL,
  peg_reference REAL NOT NULL,
  source TEXT NOT NULL DEFAULT 'live',  -- "live" | "backfill"
  confirmation_sources TEXT,            -- JSON/provenance for promoted pending rows
  pending_reason TEXT,                  -- reason flags carried from depeg_pending
  close_reason TEXT,                    -- why the row closed, NULL for open/legacy rows
  recovery_first_seen_at INTEGER        -- first qualifying recovery observation, NULL outside recovery confirmation
);

CREATE INDEX idx_depeg_stablecoin ON depeg_events(stablecoin_id);
CREATE INDEX idx_depeg_started ON depeg_events(started_at DESC);

Uniqueness and open-event indexes:

CREATE UNIQUE INDEX idx_depeg_unique ON depeg_events(stablecoin_id, started_at, source);
CREATE INDEX idx_depeg_open ON depeg_events(stablecoin_id) WHERE ended_at IS NULL;

close_reason distinguishes real recovery from non-recovery terminal boundaries:

• recovered-primary, recovered-dex, recovered-native
• coverage-lost-supply
• superseded-direction
• orphan-tracking-removed

For live non-USD events opened from a CoinGecko native-fiat quote, peg_reference = 1 and all populated event prices remain in that native quote domain. Later USD-primary or USD-DEX observations may close the row when policy permits, but they leave recovery_price = NULL unless a same-domain native recovery quote is available.

depeg_pending

CREATE TABLE IF NOT EXISTS depeg_pending (
  id INTEGER PRIMARY KEY AUTOINCREMENT,
  stablecoin_id TEXT NOT NULL,
  symbol TEXT NOT NULL,
  peg_type TEXT NOT NULL,
  direction TEXT NOT NULL,
  first_seen_bps INTEGER NOT NULL,
  first_seen_at INTEGER NOT NULL,
  first_price REAL NOT NULL,
  peg_reference REAL NOT NULL,
  reason TEXT NOT NULL DEFAULT 'large-cap', -- includes "confirmation-window" plus optional trust/severity flags
  last_seen_bps INTEGER,
  last_seen_at INTEGER,
  last_price REAL,
  peak_seen_bps INTEGER,
  peak_price REAL,
  updated_at INTEGER
);

CREATE UNIQUE INDEX idx_depeg_pending_coin ON depeg_pending(stablecoin_id);

One row per coin maximum. Holds depeg candidates awaiting confirmation. The CREATE TABLE blocks above show the cumulative shape: the original depeg_events / depeg_pending schema, the reason column, and the original uniqueness/open-event indexes were all squashed into 0000_baseline.sql (migrations 0001–0071, squashed 2026-03-25), so their pre-squash migration files no longer exist. The still-extant follow-on migrations layer on top: migration 0091 adds last-seen and peak-seen tracking columns, migration 0105 adds promotion provenance, migration 0164 adds terminal close semantics, and migration 0219 adds the nullable live-event recovery confirmation timestamp.

depeg_event_provenance (migration 0127)

Side-table provenance for depeg rows. Legacy depeg_events rows remain valid when no provenance row exists. The public API reads through depeg_events_with_provenance, which projects a compact provenance object without exposing raw diagnostics.

Stored fields include source kind, replay run ID/version, source price providers, quote mode, peg-reference source, supply source, confirmation policy, confirmation point count, market diagnostics, policy adjustments, confidence tier, audit verdict, and created/updated timestamps.

depeg_backfill_runs (migration 0128)

Backfill replay manifest table. Each mutating replay records stablecoin/window, source type, expected event count, expected fingerprint, removed/added/inserted counts, status (started, complete, or incomplete), timestamps, and any failure message. Chunked insert failures mark the run incomplete so operators can repair or re-run instead of assuming the historical slice is complete.

Retention policy: depeg_backfill_runs is a backfill audit archive kept forever. Replays are rare, and the run manifest is the durable evidence for repair provenance, expected fingerprints, and incomplete-run follow-up.

Non-USD threshold cleanup (folded into baseline)

Cleaned up non-USD depeg events with peak_deviation_bps < 150 when the non-USD threshold was raised from 100 to 150. This was a pre-squash migration now folded into 0000_baseline.sql.

Cron Scheduling

Detection runs as part of the */15 * * * * sync cycle. After syncStablecoins() enriches prices, it calls:

1. detectDepegEvents(db, peggedAssets, fxFallbackRates, signal, coingeckoApiKey) -- detection
2. confirmPendingDepegs(db, peggedAssets, fxFallbackRates, signal, coingeckoApiKey) -- confirmation

Both calls are in worker/src/cron/sync-stablecoins/post-enrichment.ts (invoked from the parent sync-stablecoins.ts orchestrator). Errors from either are captured in the sync metadata as depegErrors array but do not fail the parent cron.

The API layer reuses this event dataset through worker/src/lib/peg-analytics.ts (derivePegAnalyticsSnapshot()), which builds shared eventsByCoin and pegDataById maps. The half-hourly, DEX-publication-triggered prepare-safety-score-v9-input job is the only writer of the producer-published peg-analytics D1 cache row and the exact V9 peg-provenance seed. /api/peg-summary accepts the analytics row for up to 30 minutes (2x producer cadence) and falls back to direct compute on a miss or stale/invalid row. GET /api/report-cards/v9 reads only the separately accepted canonical V9 publication.

Stage 1 -- Detection

Initialization

1. Load PSI-eligible stablecoins into metaById map
2. Derive peg rates (handles FX lookups once)
3. Load DEX prices from dex_prices table (silently skip if table missing)
4. Merge duplicate open events: same-direction duplicates keep the earliest row and absorb only same-direction peaks; if opposite directions are open, the newest direction remains live and older direction rows close with close_reason = 'superseded-direction' and recovery_price = NULL

dex_prices rows are only trusted for depeg logic when they are both fresh (updated_at < 35 min) and deep enough (source_total_tvl >= $1M). Thin DEX rows remain visible in storage for analytics, but they do not suppress or confirm events.

The stablecoin detail page can still show the live price deviation for a tracked coin below the live depeg-event floor, but that state is explicitly labelled as coverage-limited. Low-cap tracked coins can therefore look off-peg in the detail UI without opening a new depeg_events row. If the coin already had an open live row from a period above the floor, the row closes as coverage-lost with close_reason = 'coverage-lost-supply' and recovery_price = NULL instead of remaining live indefinitely.

Per-Asset Processing

Validation gates (skip if any fail):

• Must be in PSI_ELIGIBLE_STABLECOINS
• Not a NAV token (meta.flags.navToken)
• Price valid: non-null, is a number, not NaN, > 0
• Supply >= $1M (via sumPegBuckets) for live event recording; if an existing open event later falls below this floor while the coin remains tracked, the live row closes with close_reason = 'coverage-lost-supply' and recovery_price = NULL because coverage left the live-event universe rather than proving a price recovery
• Peg reference valid: finite and > 0
• Non-USD fiat peg references use the live FX rate whenever it is available. A peer median is only a fallback when at least 3 live contributors remain; thin peer medians and empty live peer sets fail closed for that cycle
• Supported non-USD fiat pegs with reliable CoinGecko native pairs also consult a fresh native-currency quote before mutating live state; a native quote inside the recovery band or pointing the other way vetoes the derived USD/FX onset for that cycle, while a threshold-crossing native quote can initiate a pending candidate when the primary USD-vs-reference path is still inside threshold

Primary-price trust gates:

• authoritative: fresh high / single-source current-sync prices
• confirm_required: cached, fallback, low-confidence, or stale primary prices
• unusable: invalid/missing/non-finite price

Before those gates are applied, priceSource and agreeSources are normalized through the pricing-source registry. Composite labels are expanded into their component source keys, unknown sources do not become pool-challenge eligible by accident, and each known key resolves to its registered depegSourceFamily. CoinGecko variants, DefiLlama list/detail/contract variants, and CoinMarketCap-style list aggregators are therefore not counted as independent hard corroboration just because their labels differ; promoted DEX protocol lanes and hard market/oracle/protocol sources keep provider- or protocol-specific families.

Deviation calculation:

rawBps = ((price / pegRef) - 1) * 10000
bps = Math.round(rawBps) // persisted and displayed value
direction = rawBps >= 0 ? "above" : "below"

Threshold decisions use abs(rawBps) so a value that merely rounds to the boundary cannot open or confirm an event.

Three State Paths

Path A -- Deviation beyond the trigger threshold AND event already open

• If a fresh native-currency quote is inside the recovery band, route the row through the recovery confirmation path rather than closing immediately
• If a fresh native-currency quote still shows a depeg but in a conflicting direction: fail closed and keep the existing row unchanged
• If direction changed and the primary price is authoritative (or a trusted aggregate DEX row is corroborated by at least 2 protocol-level DEX groups in the replacement direction): close the old event and queue the replacement in depeg_pending
• If direction changed but the primary price is confirm_required: keep the existing (old-direction) live row open (add to seen) and log a warning; the flip is only acted on once an authoritative primary reading or corroborated same-direction DEX support confirms it
• Same direction: mark as legitimately open (add to seen set); update peak only when the primary input is authoritative or a corroborated trusted DEX row corroborates the move
• For a live event opened in the native quote domain (peg_reference = 1 on a non-USD peg), update the peak only from a same-direction native quote; never write the USD primary price into that row
• Same-direction DEX disagreement is now advisory only: detection logs the mismatch but does not auto-close the event from that contradiction alone

Path B -- Deviation beyond the trigger threshold AND no event open

• If the peg reference is a thin non-USD fiat peer median without live FX: skip live-state mutation for this cycle
• If a supported native-currency quote is inside the recovery band or shows the opposite side of the peg: suppress the new event for this cycle
• If the primary USD-vs-reference deviation is inside threshold but a fresh supported native-currency quote crosses threshold, store that quote against a 1.0 peg reference in depeg_pending
• Every remaining onset is inserted or refreshed in depeg_pending with reason = "confirmation-window". Large-cap, low-confidence, extreme-move, and native-origin flags are appended when applicable; none bypass the 15-minute window.
• Corroborated trusted DEX recovery can still suppress a new candidate before the pending write.

Whenever a row is written to depeg_pending, the worker now upserts directional state instead of treating the table as write-once:

• same direction: preserve first_seen_*, refresh last_seen_*, and update peak_seen_* when the move worsens
• opposite direction: reset the row as a new incident instead of preserving stale first-seen direction metadata

Path C -- Deviation inside the trigger threshold AND event open

• If a supported CoinGecko native-currency quote still shows the same-direction depeg: keep the event open and ignore the derived recovery
• If a fresh trusted aggregate DEX row still crosses the depeg threshold in the existing event direction, with at least 2 protocol-level DEX groups corroborating that direction: keep the event open and ignore the primary recovery print
• If qualifying individual pool challengers still cross the threshold in the existing event direction — either one pool with at least $5M TVL or at least 2 independent protocol/source-family groups — keep the event open and ignore the primary recovery print
• A qualifying recovery must be at or inside 50% of the trigger threshold: 50 bps for USD pegs and 75 bps for non-USD pegs. The first qualifying observation sets recovery_first_seen_at; the row closes only after the recovery remains qualified for at least 15 minutes.
• A reading between the recovery and trigger thresholds is a deadband: keep the event open and clear any partial recovery timer.
• When the existing row was opened from a native-fiat quote, prefer the recovered native quote and persist it with close_reason = 'recovered-native'; if only a qualifying USD primary or DEX recovery exists, close with recovery_price = NULL to preserve the row's quote-domain invariant.
• Authoritative or fresh multi-source primary recovery can advance the timer. Ambiguous primary recovery requires a trusted aggregate DEX row, at least 2 corroborating DEX protocol groups, and no qualifying challenger showing the old direction.
• Any renewed same-direction depeg or contradictory trusted evidence clears the partial recovery timer.

Orphan Cleanup

After the main loop, load all open events. Close any that were not in the seen set and were not created during the current run. These are true "orphans" -- the coin was removed from tracking or exited the PSI-eligible set. Tracked coins are intentionally kept open through transient missing-price or ambiguous-input cycles and are not force-closed just because one run lacked a trusted recovery signal. Orphans are closed with close_reason = 'orphan-tracking-removed' and recovery_price = NULL.

Stage 2 -- Confirmation

Processes all rows in depeg_pending. Every live onset, including small-cap, multi-source, native-origin, and extreme candidates, enters this stage.

Per-Record Processing

Guards (delete pending + skip):

1. Invalid peg_reference (<= 0)
2. Open event already exists for this coin (another path created it)

Recovery check: if the current authoritative primary price is valid and deviation now < threshold, delete pending (transient noise). Ambiguous primary prices do not clear pending rows on their own.

Age checks:

• If age < 15 minutes: skip (wait for next cycle)
• If age is past the 45-minute base expiry, delete only when the dynamic final limit is also exceeded. The limit extends to 135 minutes when the current authoritative primary still points in the pending direction or confirmation sources are unavailable/circuit-open, and to 180 minutes for extreme-move pending rows.

Secondary Source Checks

Off-chain check:

• Preferred path for supported non-USD fiat pegs: use a fresh CoinGecko native-currency quote (for example BRZ/BRL or EURC/EUR) and compare that quote to the native 1.0 peg
• Default path: CoinGecko can confirm a primary that does not already contain the CoinGecko source family. A CoinGecko-family primary gets no off-chain confirmer because DefiLlama's coingecko:{id} price is a CoinGecko mirror, not an independent observation.
• CoinGecko confirmation uses /simple/price with precision=full and include_last_updated_at=true. Missing, stale, or future-dated observations are ignored, and non-OK response bodies are canceled before later confirmation fetches.
• Calculate deviation against the current peg reference recomputed during confirmation only when that reference passes the same authority gate as Stage 1; thin non-USD fiat references without FX fallback fall back to the stored pending-row peg_reference when valid, or wait without mutating when no safe reference is available
• Counts as confirmation only when deviation reaches the full trigger threshold and points in the same direction as the pending incident
• Non-fatal: if fetch fails, the off-chain agreement remains null
• Canonical persisted keys are temporal:15m, coingecko-confirm, or native:<peg>.

CEX ticker check:

• Fetches the active configured Binance market batch (currently USDTUSD and USDCUSD) as an additional secondary confirmation source, then looks up the pending coin by symbol
• Only attempted for symbols present in the configured Binance market set
• Counts as confirmation only when deviation reaches the full trigger threshold and points in the same direction as the pending incident
• Non-fatal: if the Binance fetch fails, the CEX agreement remains null

DEX check:

• Read from dex_prices table (same data as Stage 1)
• Must be within 35-minute freshness window and have aggregate source TVL >= $1M
• Aggregate DEX confirmation now also requires at least DEPEG_DEX_PROTOCOL_CORROBORATION_MIN independent protocol groups from fresh per-source price_sources_json; one protocol cannot promote, recover, or decisively contradict a pending row by itself
• Counts as confirmation only when deviation reaches the full trigger threshold and points in the same direction as the pending incident
• Persisted confirmation keys use dex:<protocol>.

Pool challenger check:

• Loads qualifying individual DEX pool challengers from the published challenger snapshot tables via loadDexPoolChallengers(...)
• Uses the same freshness / minimum-TVL guardrail family as the depeg helper layer
• Counts as confirmation only when at least two distinct protocol/source-family groups reach the full trigger threshold in the same direction, or a single qualifying pool with >= $5M TVL does so. Multiple same-protocol pools from the same source family count as one group.
• Non-fatal: missing challenger tables or incomplete published snapshots fall back through the helper's legacy path and still yield null/false safely
• Persisted confirmation keys use pool:<protocol>:<sourceFamily>.

Decision Matrix

Primary-still-depegged safeguard: the REJECT rows above assume the refreshed authoritative primary price no longer shows the pending direction. When it still does (primarySameDirectionDepegged), a single opposing secondary source cannot reject the row -- rejection then requires at least two independent hard-opposing sources (reason two-hard-opposing-sources:...); otherwise one opposing source suffices (reason secondary-evidence-opposes).

Promotion inserts into depeg_events with started_at = original first_seen_at, direction = the active pending direction, the refreshed authoritative peg_reference (or the stored pending reference when the refreshed non-USD fiat reference is not authoritative), canonical confirmation_sources beginning with temporal:15m, and peak = worst of the stored pending peak, current same-domain authoritative price, and trustworthy same-direction confirmer prices, then deletes from depeg_pending.

Pending rows that pass the 45-minute base expiry but still have same-direction primary evidence, unavailable sources, or open confirmation circuits remain pending until their final dynamic limit. Rows that exceed that final limit are deleted with a recorded pending outcome; extreme-move expiries use unconfirmed-severe instead of the generic expired label.

Historical Backfill Validation

Historical backfills in worker/src/api/backfill-depegs.ts do not reuse the exact same guard as live DEX or fallback enrichment, but they now consult the same authoritative-price provider registry as live sync before falling back to market history.

Backfill rewrites delete prior source='backfill' rows even when a trusted replay finds zero replacement events. Dry-runs preview that same removal scope through removedBackfillEventCount. For non-empty replacements, the delete and first insert chunk share one D1 batch() call (up to the D1 100-statement batch limit: delete + 99 inserts). Additional inserts are written in later chunks, so large replacements are bounded and restartable but not a single all-rows transaction.

Mutating backfills now persist replay-run status and event provenance. Backfilled rows receive replay version, provider roster, quote mode, peg-reference source, supply source, confirmation policy, confidence tier, and compact public provenance. Existing rows without provenance are still accepted by API mappers and PegScore.

When DefiLlama historical supply is absent, replay applies the live $1M event floor using the current stablecoins-cache supply for that asset. If neither historical nor current supply is available, the backfill preserves existing rows instead of silently replaying market prices without a supply floor. The same fallback supply also controls large-cap confirmation behavior for absent-history assets.

Supported non-USD fiat backfills now prefer direct CoinGecko native-fiat history first and compare that series against the native 1.0 peg. In that native-fiat mode, replay uses daily points plus a two-point confirmation window across 36 hours before opening a normal event, while still preserving extreme single-point crashes of >= 5000 bps. Only when that native history is unavailable does the replay fall back to USD-denominated CoinGecko/DefiLlama history plus the historical FX reference.

POST /api/backfill-depegs?dry-run=true also accepts startDay / endDay for bounded replay audits, plus optional contextDays to widen the replay pad around that UTC window. The handler compares only the overlapping stored source='backfill' rows, which makes long-history repairs practical without waiting for a full-coin HTTP request. For commodity-pegged assets, the peer-median reference fetch is bounded to the same replay pad and only fetches the needed gold or silver source family instead of rebuilding full hourly history for every tracked commodity token.

When a coin has an authoritative historical provider (for example, protocol redemption quotes replayed at historical blocks), backfill uses that provider first. If the provider cannot return enough historical coverage, the handler preserves existing source='backfill' rows instead of rebuilding from a weaker market-data source.

Instead, extractDepegEvents() now validates each price point in historical_backfill mode against the direct peg reference for that timestamp:

• USD and other fixed pegs can preserve catastrophic downside moves when the historical peg reference itself is valid
• low-nominal FX pegs such as JPY are judged against the actual historical FX reference, not a generic live-only fallback
• commodity tokens use commodityOunces when converting the historical gold/silver peg reference into per-token units

This keeps confirmed historical crashes visible without weakening the stricter live-source filters used to protect sync and DEX ingestion.

Event Lifecycle

Price crosses threshold
        |
        +-- Corroborated trusted DEX recovery --> suppress candidate
        |
        +-- Otherwise --> INSERT/UPDATE depeg_pending
                              |
                   remain beyond full threshold
                      for at least 15 minutes?
                              |
                   yes -------+------- no
                    |                  |
            source rule passes?      keep pending
                    |
             yes ---+--- no
              |          |
       PROMOTE to       keep pending, recover,
       depeg_events     reject, or expire

Low-confidence pending rows are stricter: off-chain agreement alone does not promote them; they need CEX, aggregate DEX, or pool-challenger confirmation.

While event is open:
  - Peak deviation updated if worse price seen
  - Direction change with authoritative or DEX-confirmed input: close old, queue new pending candidate
  - Direction change with `confirm_required` input: keep the old-direction row open and log a warning; the flip is only acted on once authoritative or DEX-confirmed input arrives
  - Trusted DEX disagreement on the same side is logged, but does not by itself close the event
  - Price reaches the 50% recovery band: start or continue a 15-minute recovery timer only when the primary recovery is authoritative, or when trusted aggregate DEX recovery has enough protocol corroboration and no challenger veto
  - Price returns to the deadband or depeg range: clear the recovery timer and keep the event open

Orphan cleanup:
  - Open event for a coin no longer tracked by Pharos: close with `close_reason='orphan-tracking-removed'` and `recovery_price=NULL`
  - Open event for a tracked coin not observed in the current run: keep open to avoid false recoveries during upstream gaps

Types

DepegRow to DepegEvent

rowToDepegEvent() converts D1 snake_case rows to frontend camelCase. It validates:

• direction must be "above" or "below" (an invalid value throws)
• source must be "live" or "backfill" (an invalid value throws)
• closeReason is null for open/legacy rows or one of the validated terminal reason strings above

Frontend type (defined in shared/types/market.ts, re-exported through shared/types/index.ts):

interface DepegEvent {
  id: number
  stablecoinId: string
  symbol: string
  pegType: string
  direction: "above" | "below"
  peakDeviationBps: number
  startedAt: number
  endedAt: number | null
  startPrice: number
  peakPrice: number | null
  recoveryPrice: number | null
  pegReference: number
  source: "live" | "backfill"
  confirmationSources: string | null
  pendingReason: string | null
  provenance?: {
    sourceKind?: string | null
    replayRunId?: string | null
    replayVersion?: string | null
    sourcePriceProviders?: string[] | null
    quoteMode?: string | null
    pegReferenceSource?: string | null
    supplySource?: string | null
    confirmationPolicy?: string | null
    confirmationPointCount?: number | null
    confidenceTier?: string | null
    auditVerdict?: string | null
    pegScoreEligible?: boolean | null
    updatedAt?: number | null
  } | null
}

API

GET /api/depeg-events

Query params:

Response:

{
  "events": [{ "...DepegEvent fields..." }],
  "total": 42,
  "totalExact": true,
  "counts": { "incidents": 42, "thresholdCrossings": 57 },
  "nextCursor": "..." | null,
  "pending": [{ "...DepegPendingIncident fields (only when includePending=true)..." }],
  "methodology": { "version": "...", "versionLabel": "...", "currentVersion": "...", "currentVersionLabel": "...", "changelogPath": "/methodology/depeg-changelog/", "asOf": 1740000000, "isCurrent": true }
}

total counts public incident rows, not necessarily individual threshold crossings. Exact counts are included only for a stablecoin-filtered historical request with includeTotal=true; counts.incidents matches total, while counts.thresholdCrossings counts the stored detector/replay rows before DDR projection.

When DDR has linked multiple raw rows into one active repaired incident, the endpoint returns the incident's current event row, excludes superseded source rows from the active projection, projects the public startedAt/startPrice from the first linked row, and reports the number of linked rows in constituentEventCount. Unprojected rows use constituentEventCount = 1.

Rows may include a nullable provenance object with public replay/audit metadata (sourceKind, replayRunId, replayVersion, sourcePriceProviders, quoteMode, pegReferenceSource, supplySource, confirmationPolicy, confirmationPointCount, confidenceTier, auditVerdict, pegScoreEligible, updatedAt). Legacy rows return provenance: null.

Cache: producer-backed profile (s-maxage=300, max-age=60, stale-while-revalidate=300). Freshness headers use the latest successful sync-stablecoins timestamp, falling back to the latest event startedAt when cron history is unavailable; TTL remains 900s.

Frontend

Hook: useInfiniteDepegEvents / useActiveDepegEvents (use-depeg-events.ts)

• useInfiniteDepegEvents({ stablecoinId?, activeOnly?, includePending?, autoLoadAll? }) fetches /api/depeg-events with optional ?stablecoin= filter (shared options built by depegEventsInfiniteQueryOptions(...)); useActiveDepegEvents(...) wraps it with activeOnly preset
• TanStack Query: staleTime = 15 min, refetchInterval = 30 min
• Pages through /api/depeg-events?limit=100&cursor=..., advancing via the response nextCursor; oversized limit values are rejected rather than silently clamped
• /depeg uses the unfiltered infinite hook for the global recent-events feed
• /depeg/<event>/ static pages form a grow-only permanent archive: every confirmed event starting at or after the archive epoch (2026-01-01, DEPEG_ARCHIVE_EPOCH_SECONDS) with an absolute peak deviation at or above the 5.0% static-page threshold keeps its page permanently, plus pinned authored incidents such as USDC 2023 from before the epoch. Published event URLs never become unhandled 404s (the former 12-newest recency window churned already-ranked pages to 404). sync-depeg-events.ts compares the refreshed static-page slug set with the checked-in snapshot and fails closed on a missing slug unless an operator explicitly supplies the reviewed --allow-archive-shrink override. The release SEO gate separately compares the new build with the currently deployed sitemap, covering refresh-only routes that have not reached the checked-in snapshot: each deployed event must remain submitted or receive a direct 301 to its surviving submitted incident when the resolver consolidates fragments. The full event table remains available through the API, live tracker, stablecoin detail history, and feeds; sub-threshold feed entries link back to the relevant stablecoin history anchor instead of consuming Cloudflare Pages files.
• When multiple static events share the same stablecoin, UTC date, and direction, their detail pages add the precise UTC start time to metadata, H1, event metrics, and adjacent navigation. They also render a factual time/deviation/duration/recovery synopsis and use the canonical URL as the NewsArticle.@id, preventing materially separate observations from presenting as identical search documents.
• Stablecoin detail pages use the filtered infinite hook with autoLoadAll so the hero can read the full recorded-event total while the history table hydrates every page in the background

Component: DepegFeed (depeg-feed.tsx)

• Responsive recent-events feed with progressive history pagination
• Sorted ongoing-first, then by startedAt DESC
• Shows: logo, symbol, peak deviation colored by severity (green <50bps, amber 50-200bps, orange 200-500bps, red >=500bps), direction badge, LIVE pulsing indicator if ongoing, date, duration
• Click navigates to /stablecoin/{id}

Depeg dashboard stat context

DepegTrackerStats (src/components/depeg-tracker-stats.tsx) now uses the shared contextual methodology pattern on the key cards (Active Depegs, Coins at Peg) so users can read the live-event semantics in place instead of jumping straight to the long-form methodology.

Component: DepegHistory (depeg-history.tsx)

• Stablecoin-detail depeg history table backed by the filtered infinite hook
• Separates public incidents from raw threshold crossings using the filtered API counts and per-incident constituentEventCount
• Shows a coverage-aware recent 90-day peg percentage alongside observed days, incident count, and threshold-crossing count; pre-coverage days are not silently treated as stable
• Shows the PegScore coverage anchor and whether it came from a reviewed replay or an assumed asset-age/first-observation fallback
• Background-hydrates the full per-coin history, then paginates the rendered table client-side at 25 rows per page
• Summary metrics: recorded incidents, threshold crossings, worst deviation, current streak (days at peg or "Depegged now")
• Table columns: Date, Direction (badge), Peak Deviation (signed, colored), Duration (or "Ongoing"), Start Price, Peak Price, Recovery Price
• Uses computePegStability() once the full per-coin history has loaded

Peg Stability Metrics (peg-stability.ts)

Peg Score (peg-score.ts)

Used in report cards. Formula:

pegPct = (1 - totalDepegSec / spanSec) * 100
severityScore = 100 - sum of per-event penalties
  per-event penalty = max(durationPenalty, magnitudeFloor)
    durationPenalty = (peakBps/100) * (durationDays/30) * recencyWeight   (durationDays capped at 90)
    magnitudeFloor  = (peakBps/2000) * recencyWeight
spreadPenalty = min(15, (stddev of peaks / 1000) * 15)
activeDepegPenalty = if ongoing: min(50, max(5, |peakBps| / 50))

pegScore = max(0, min(100, round(0.5*pegPct + 0.5*severityScore - activeDepegPenalty - spreadPenalty)))

v6.0 quality gate: events with provenance auditVerdict of false_positive or disputed are excluded from PegScore inputs. Included events with confidenceTier = "low" retain time-at-peg impact but receive a 0.5 severity/spread weight. The result includes quality counters so consumers can tell when provenance changed the score inputs.

Tracking window: coinTrackingStart() first honors a reviewed pegScoreCoverage.startDate when an operator has verified replay plus continuous live coverage. Otherwise it prefers a curated launch date, then the coin's earliest supply_history snapshot, then the first durable Pharos valid-price observation persisted through getFirstSeenDates(). This gives priced assets without supply-history coverage a real age anchor instead of leaving them unrated indefinitely without claiming that unverified pre-observation time was incident-free. PegScore still requires at least 7 days of tracking. If none of those anchors exists, a coin with depeg events falls back to the earliest event; a coin with no anchor and no events returns pegScore = null.

The API also computes a coverage-aware 90-day companion window. Its denominator starts at the later of 90 days ago or the tracking anchor, and it excludes replay rows audited as false positives or disputed. The result reports observed days, incident count, raw threshold-crossing count, peg percentage, and whether the window is coverage-limited.

Magnitude floor: Every depeg event carries a minimum severity penalty proportional to its peak deviation, regardless of how brief. This prevents hundreds of short high-magnitude depegs from being scored as nearly free.

Active depeg penalty: Floor of 5, scales at |peakBps| / 50, capped at 50. A 500 bps ongoing depeg costs 10 points; 2500+ bps hits the cap.

Returns null if < 7 days tracking. Scores based on 7–30 days are flagged as "Early score" in the UI.

Edge Cases & Guardrails