コンテンツにスキップ

Price Discovery Process

免責事項: このホワイトペーパーは英語版が正式な文書となります。他言語の翻訳は参照用です。

Overview

Section titled “Overview”

PIPO uses a hybrid price discovery mechanism combining off-chain oracle data with on-chain AMM market dynamics.

Two-Layer System

Section titled “Two-Layer System”

Layer 1: Oracle (Fundamental)

Section titled “Layer 1: Oracle (Fundamental)”
Oracle Price = Weighted aggregate of valuation data


Sources:
├── Funding rounds (highest weight)
├── Secondary transactions
├── Third-party estimates
└── Comparable analysis

Layer 2: AMM (Market)

Section titled “Layer 2: AMM (Market)”
AMM Price = Real-time supply/demand


Determined by:
├── CPMM formula (x * y = k)
├── Trade flow (buyers vs sellers)
├── LP behavior
└── Arbitrage activity

Price Relationship

Section titled “Price Relationship”

Normal Operation

Section titled “Normal Operation”
Expected: AMM Price ≈ Oracle Price (±10%)


When aligned:
├── Market efficiently priced
├── Arbitrageurs in balance
└── Normal trading


When diverged:
├── Information asymmetry
├── Temporary supply/demand imbalance
└── Potential arbitrage opportunity

Arbitrage Mechanism

Section titled “Arbitrage Mechanism”
If AMM Price < Oracle Price:
├── Arbitrageurs buy warrants on AMM
├── AMM price increases
└── Converges toward oracle


If AMM Price > Oracle Price:
├── Arbitrageurs sell warrants on AMM
├── AMM price decreases
└── Converges toward oracle

Settlement Price

Section titled “Settlement Price”

Which Price for Settlement?

Section titled “Which Price for Settlement?”
ContextPrice Used
Exercise settlementOracle price
TradingAMM price
LP valuationAMM price
Reserve calculationOracle price

Settlement Methodology

Section titled “Settlement Methodology”
Settlement Price Determination:


Regular Expiry:
├── Oracle publishes price at window close
├── 2/3 committee approval
└── 6-hour dispute window


Event-Driven (IPO/M&A):
├── Based on deal announcement or first-day close
├── Committee validates within 6 hours
└── Settlement proceeds

Data Quality

Section titled “Data Quality”

Source Reliability

Section titled “Source Reliability”
SourceReliabilityUpdate Frequency
Funding roundHighPer event
Secondary brokerMedium-HighWeekly
Third-party (PitchBook)MediumMonthly
News/estimatesLowVaries

Confidence Scoring

Section titled “Confidence Scoring”
Confidence Score (0-100):


90-100: Recent funding round (<90 days)
70-89: Secondary market activity
50-69: Third-party estimates only
30-49: Limited/stale data
0-29: Highly uncertain


Display to users:
├── High confidence (70+): Normal trading
├── Medium (50-69): Warning displayed
└── Low (<50): Enhanced caution required

Next Steps

Section titled “Next Steps”