> ## Documentation Index
> Fetch the complete documentation index at: https://pegana.xyz/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Introduction

> Pegana is the peg-risk oracle for Solana. Read peg state for every LST, stablecoin, yield-bearing asset and synthetic — via REST, WebSocket, MCP, Webhook or Telegram.

## What Pegana does

Pegana watches **63 active pegged assets on Solana mainnet** in real time (plus
inactive entries kept for history). For every asset, we compare market price to intrinsic value, smooth
the spread with an EWMA, and publish a peg state through a 5-state FSM:
**PEGGED · DRIFT · DEPEG · CRITICAL · BLACK\_SWAN**. (UNKNOWN is a separate non-alerting
status — cold-start or a detectably broken anchor — not a severity band.)

When the state changes, we emit an alert. That's the whole product.

```
spread = 1 − market / intrinsic
```

Everything else is plumbing.

## Who reads from Pegana

<CardGroup cols={3}>
  <Card title="Lending & perps" icon="building-columns">
    Adjust collateral risk before a depeg cascades into liquidations.
  </Card>

  <Card title="Insurance protocols" icon="shield">
    Trigger payouts on confirmed depeg with credible third-party events.
  </Card>

  <Card title="AI agents" icon="robot">
    Pre-flight peg check before a swap, via MCP. Free reads, paid streams.
  </Card>
</CardGroup>

## Six ways to consume

<CardGroup cols={2}>
  <Card title="REST API" icon="code" href="/docs/guides/rest-api">
    `GET /v1/assets/:asset/state` · JSON over HTTPS · no key · soft rate limit.
  </Card>

  <Card title="WebSocket" icon="bolt" href="/docs/guides/websocket">
    Sub-second peg-state stream. Subscribe per asset over WSS.
  </Card>

  <Card title="MCP" icon="code" href="/docs/guides/mcp">
    Native Model Context Protocol for Claude, Cursor, Cline. Free + paid.
  </Card>

  <Card title="Webhooks" icon="arrow-up-right-from-square" href="/docs/guides/webhooks">
    Ed25519-signed POST on every state transition, with delivery history and replay.
  </Card>

  <Card title="Embed widget" icon="window" href="/docs/guides/embed-widget">
    320 × 86 iframe. \~3 KB HTML. `<iframe>` and you're done.
  </Card>

  <Card title="Telegram bot" icon="telegram" href="/docs/guides/telegram-bot">
    Human-readable alerts via `@PeganaWatchBot`. No wallet, no API key.
  </Card>
</CardGroup>

## Coverage

**63 active assets across 7 classes** — **mainnet only**, no devnet feeds. Source of
truth: [`assets.toml`](https://github.com/lrafasouza/pegana-replay/blob/main/assets.toml);
the canonical **live** list, with each asset's current peg state, is always
[`GET /v1/assets`](/docs/guides/rest-api). Of the 63, **50 are beta** (`monitoring_only`):
their alerts are live and labeled beta, but the calibration is provisional, so those
reads should be treated as experimental until they graduate.

| Class         | Active | Examples                                              |
| ------------- | ------ | ----------------------------------------------------- |
| lst           | 38     | jitoSOL, mSOL, bSOL, INF, JupSOL, BNSOL, STKESOL …    |
| stable\_yield | 10     | USDY, sUSDe, syrupUSDC, JLP, ONyc, PST, eUSX, USD\* … |
| stable\_fiat  | 8      | USDC, USDT, PYUSD, USDG, USD1, USDu, CASH, AUSD       |
| stable\_dn    | 3      | USDe, JupUSD, USX                                     |
| stable\_cdp   | 2      | USDS, hyUSD                                           |
| stable\_fx    | 1      | EURC                                                  |
| synth\_lev    | 1      | xSOL                                                  |

The asset set grows over time — treat this table as a snapshot and `GET /v1/assets`
as the source of truth for what is live right now.

**Inactive entries** (in `assets.toml` with `active = false`, not polled, so not in
the 63): `BRZ` (BRL FX-pegged) and `pbUSDC` — deactivated 2026-06-01 (only thin dust
DEX pairs left, prices unreliable). `dSOL` was removed after the Drift exploit
(2026-04-01) and survives only as a historical comment.

## What we promise

* **Methodology is public.** Every threshold, every source, every smoothing parameter
  lives in [/methodology](/docs/methodology/overview). No black box.
* **Open methodology + verifier (MIT).** The math behind every threshold and the
  `pegana-replay` CLI that reproduces any receipt are public at
  [`github.com/lrafasouza/pegana-replay`](https://github.com/lrafasouza/pegana-replay) —
  re-derive any verdict yourself. The operational services run from a separate repo.
* **No API key for reads.** REST, WebSocket and Embed are public. Only the MCP paid
  tools require x402 settlement.
* **One source per asset class.** We do not "blend" prices. Sanctum exchange rates —
  or a direct on-chain stake-pool read for LSTs outside the Sanctum registry — for LST
  intrinsic; Pyth for FX and for yield-bearing redemption rates; on-chain vault/CDP
  decode for Hylo, Solayer, and Perena USD\*; Jupiter for routed market price.

## Next step

<Card title="Quickstart — 5 minutes" icon="rocket" href="/docs/quickstart">
  Pick a channel, copy the snippet, get a real response.
</Card>