Is the NANOGrav signal a hint of dS decay during inflation?

As suggested by the swampland conjectures, de Sitter (dS) space might be highly unstable if it exists at all. During inflation, the short-lived dS states will decay through a cascade of the first-order phase transition (PT). We find that the gravitational waves (GWs) yielded by such a PT will be reddened by subsequent dS expansion, which may result in a slightly red-tilt stochastic GWs background at low-frequency band, compatible with the NANOGrav 12.5-yr result.