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Most stablecoin/depeg dashboards — including broad multi-chain risk tools that have recently added depeg tracking (e.g. market-price monitors like Webacy) — work by market-price consensus: they pull a token’s price from several sources (DeFiLlama, CoinGecko, DEX aggregators, on-chain VWAP) and raise a flag when those sources disagree or the price drifts from $1. That is useful, but it is structurally blind to two of the most dangerous cases.

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What a market-price monitor cannot see

  1. A break where every market source agrees on the same wrong price. In thin or correlated liquidity, all your price feeds quote the same number — so “sources agree” reads as healthy even while the token is trading far from what its collateral is actually worth. Consensus-of-agreeing-feeds is not proof of health.
  2. A NAV / accounting break before it reaches the price. When the backing itself degrades — a frozen redemption rate, an under-collateralized vault, a stale oracle feeding the mint — the on-chain intrinsic value moves first. A market-price monitor only sees it once the market has already repriced, which is exactly too late for a lender deciding whether to keep taking the asset as collateral.

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What Pegana does instead

Pegana compares each asset’s on-chain intrinsic value — its redemption rate, NAV, or collateral ratio, read directly from the protocol’s own program state — against its market price. The gap between the two is the signal. See Intrinsic vs. market.
  • It catches a break where the market is quietly wrong, because it isn’t asking the market — it’s asking the collateral.
  • It surfaces a backing degradation on the intrinsic side before the price reprices.
  • It is Solana-native: it reads Sanctum LST stake pools, Hylo’s exchange state, Perena/Solayer redemption rates, and Pyth/Jupiter directly — coverage a multi-chain market-price tool does not have on Solana today.

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The part a chart can’t give you: a verifiable receipt

Every Pegana verdict ships a byte-exact, re-derivable receipt. Anyone — you, your auditor, a counterparty in a dispute — can recompute the exact classification from the frozen inputs and confirm the hash matches, with an optional on-chain SPL-Memo anchor. See Honesty and the audit endpoint. For an insurer or a lender in a dispute, this is the difference between a screenshot of a chart and a provable on-chain fact about whether a depeg occurred and when. No market-price monitor produces this.

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At a glance

Pegana is purely observational. It never touches your contracts or parameters and never actuates anything — it only classifies and proves. You keep full control of any response.