Pegana tracks sUSDe's peg continuously and publishes a verifiable receipt for every state change. Ethena Staked USDe (sUSDe) last traded at - against an intrinsic value of -.
sUSDe is a yield-bearing stable asset. It accrues value over time, so it is expected to trade above $1.00. A premium is the mechanism working, and a sustained discount is the signal that matters. Pegana computes sUSDe’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against sUSDe’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.