> ## 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. # Intrinsic value > What an asset is supposed to be worth, per its own mechanism. Different formula per asset class. Intrinsic value is the answer to "what should 1 unit of this asset return if I redeem it through the canonical path?" — not the secondary market, not the DEX, the redemption mechanism itself. It is **always quoted in USD** at the engine boundary (so spreads are comparable), but each asset class has a different source of truth. ## SOL-pegged LSTs Source: **Sanctum's** `sol_value` per LST mint — or, for LSTs outside the Sanctum registry, a direct **on-chain SPL stake-pool read** (`total_lamports / pool_token_supply`). ```text theme={"theme":"github-dark"} intrinsic_sol(LST) = sanctum.sol_value(LST mint) intrinsic_usd(LST) = intrinsic_sol × pyth.SOL/USD ``` Polled every 15s. Each LST has its own deterministic `sol_value` — for jitoSOL today, 1 jitoSOL ≈ 1.18 SOL because the underlying stake pool has accrued staking + MEV rewards since the asset was minted. We track **38 LSTs** — major Sanctum-registry pools (`jitoSOL`, `mSOL`, `bSOL`, `INF`, `JupSOL`, `BNSOL`, `PSOL`, `JSOL`, `hSOL`, …) plus the Hylo LSTs (`hyloSOL`, `hyloSOL+`). LSTs not in Sanctum's registry — e.g. `STKESOL`, `rkuSOL`, `corvusSOL` — use the on-chain stake-pool read described above instead. The full live list is always [`GET /v1/assets`](/docs/guides/rest-api). ## Fiat stables Source: the **issuer's contract** = `$1`, no exception. USDC, USDT, PYUSD, USDG, USD1, USDu, CASH, AUSD peg to $1 by design. The intrinsic is therefore constant. The signal lives entirely on the market side — if USDC trades at $0.998, that's a `-2 bps` spread; if it trades at \$0.87 (the 2023 SVB weekend), that's `-1300 bps`. `USDS` (a CDP-style stable, `stable_cdp`) and `USDe` (a delta-neutral synthetic stable, `stable_dn`) are **not** fiat stables — their intrinsic is not a flat issuer-contract \$1. They are covered by the CDP and delta-neutral paths, not this group. We do not introduce a hardcoded `1.0` in the schema — the intrinsic comes from the configured peg target (`USD`, `EUR`, etc.) and is read from Pyth like any other FX. ## Yield-bearing NAV stables Source: **Pyth Redemption Rate** (USDY, syrupUSDC, sUSDe, ONyc, eUSX, PST), or an **on-chain vault/reserve decode** — the mint's Token-2022 InterestBearing extension (sUSD), or a savings-vault reserve NAV (Perena `USD*`). ```text theme={"theme":"github-dark"} intrinsic_usd(USDY) = pyth.redemption_rate("USDY/USD") intrinsic_usd(sUSD) = decode_token_2022_rebasing(sUSD_mint) ``` The NAV grows over time — `1 USDY ≈ $1.08` today because the underlying T-bill strategy has earned \~8% since launch. Treating these as \$1-pegged would systematically under-value the position. For issuers that haven't published a Pyth feed yet, we scrape the dashboard NAV and tag the asset `verified=false` in `assets.toml` until a real feed lands. (Piggybank `pbUSDC` was an example of this path but was **deactivated 2026-06-01** — only a thin dust DEX pair remained, so its prices were no longer reliable.) ## CDP-style stables Source: **on-chain decode** of the protocol's collateral state. For Hylo's hyUSD: ```text theme={"theme":"github-dark"} total_sol = decode(hylo.exchange_pda.total_sol_cache.total_sol) collateral_usd = total_sol × pyth.SOL/USD intrinsic_usd(hyUSD) = collateral_usd / supply(hyUSD mint) ``` Polled every 30s. The intrinsic here is effectively the collateral ratio — a hyUSD that trades at $1.000 with a 130% CR is in a different risk state than a hyUSD that trades at $1.000 with a 160% CR. See [Hylo CDP CR signal](/docs/concepts/hylo-cdp-cr-signal) for the alert mapping. ## FX-pegged assets Source: **Pyth** for the underlying FX rate, multiplied by the issuer's redemption claim. A EUR-pegged stable should redeem at `pyth.EUR/USD` per token. Drift from that is the spread. We track EURC (Circle Euro Coin), the live EUR-pegged asset: its intrinsic redeems at `pyth.EUR/USD` per token. EURC is monitoring\_only and dark on the forex weekend (the Pyth EUR/USD feed is closed Fri \~22:00 → Sun \~22:00 UTC) — that staleness is expected, not an outage. ## Why one source per class Two reasons: 1. **Determinism.** When you ship a single alert that says "USDC entered DEPEG at 14:32:11," subscribers need to be able to reproduce that decision from raw inputs. A blended price (Pyth + DEX1 + DEX2, weighted somehow) is reproducible only with the weighting algorithm published — and even then is harder to argue from. 2. **Failure mode honesty.** If Sanctum's `sol_value` is wrong, every Pegana LST signal is wrong, and we want to know loudly. If we blended Sanctum with a DEX-side LST redemption proxy, a Sanctum bug would be masked by the proxy. We prefer the loud failure. The cost is dependency on a single upstream. We accept it — and on divergence (IDL drift on Hylo, SSE timeout on Pyth, polling staleness on Sanctum) the engine **skips the recompute and holds the last published state** rather than emitting a confident-but-wrong number. (`UNKNOWN` is published at cold-start and as honest-dark on a detectably broken anchor — a >10% premium on a NAV-priced asset, via the NAV-sanity gate (ADR-0025) — not on routine staleness; containment of unreliable sources is via `monitoring_only` — ADR-0024.) ## Next How we read what the asset actually trades for.