Premium / Discount
The gap between the market price of vPILE and its claim value.
ts
premium = (marketPrice / claimValue) - 1A premium means the market pays more than the Stockpile currently backs — usually a bet on future accumulation. A discount means the market pays less than the assets already held, which is the condition redemption exists to correct.
Why a discount should not persist
- Buy vPILE below claim value
- Burn it for the underlying legs
- The legs are worth more than the purchase price, less the redemption fee
- Repeating this buys supply and closes the gap