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

# Pegana vs. market-price depeg monitors

> Why comparing on-chain intrinsic value to market price catches breaks a market-price consensus never sees — and why a verifiable receipt matters to a risk desk.

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.

## 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.

## 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](/concepts/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.

## 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](/methodology/honesty) and the [audit endpoint](/guides/rest-api).

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.

## At a glance

|                                                    | Market-price monitors                 | **Pegana**                                    |
| -------------------------------------------------- | ------------------------------------- | --------------------------------------------- |
| Core signal                                        | market-price consensus across sources | on-chain **intrinsic** value vs. market price |
| Catches "all feeds agree on a wrong price"         | ✗                                     | ✓                                             |
| Catches a NAV/backing break before price moves     | ✗                                     | ✓                                             |
| Solana LST / CDP / yield-stable intrinsic coverage | limited / none                        | ✓ native                                      |
| Byte-exact, re-derivable receipt                   | ✗                                     | ✓                                             |
| One 0–100 `risk_score` to branch on                | varies                                | ✓ (`state`-anchored)                          |

<Note>
  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.
</Note>