So, you are essentially proposing to feed back the internal trading price of BTS in the DEX.
So, lets say we have a CEX price (some price derived from external trading) and the DEX price (the price internally).
Ideally, both prices are 'close' to each other but apparently, arbitrage isnt as efficient as it should. PLUS bitassets have a premium in bear markets (which is btw known to happen for years).
The hope was that when volume grows, the premium may go down, but apparently, the incentives of shorters are not sufficiently aligned for traders to sell into margin calls at 10% mssr, hence the premium in bear markets.
The only thing that i think might offset this is to 'tune' the price feed in (external) bear markets to make margin calls execute at the external price. Hence the price feed would need to take dex liquidity into account and be tuned by up to MSSR or 10%.
That way, in bear markets the price feed could be up to 10% away from fair price but margin calls would execute up to the external price.
As a consequence, we will see the entire market shifted by 10% but the margin calls execute at the external price instead of 10% above external price.
This may well work for bear markets BUT as usual, this only shifts the problem because now we add an extra 10% "artificial" buffer for black swans. Consequence would be that bitassets (considering the external price of bts could be undercollateralized BEFORE the internal price feed actually triggers it).
There is one thing to consider though, a bitasset goes into black swan when the least collateralized position goes into 100% collateral ratio AND NOT if the total collateralization goes into 100%. That said, even if there is a black swan on USD, the longs are still collateralized by (potentially much) more than 100%.
This might well be worth experimenting with, but it needs proper specification, limits and IMHO it should be a timely limited experiment.