What does DIEM's price mean?
One DIEM provides $1 of Venice API credit each day while staked. This page shows the return that implies at today's price, what it costs to create new DIEM from VVV, and where original minters may want to buy it back.
Start with the key numbers below, then use the charts to see how they changed. For the formulas and full source notes, see the Methodology.
These cards use the latest available data. Charts begin 2025-10-11because earlier market prices came from very thin trading and are not reliable enough to compare.
API credit return over time
One DIEM provides $365 of API credit per year. Dividing that by DIEM's market price shows the gross annual credit return. A lower token price makes this percentage rise.
How this is calculated: Implied yield: $365 of yearly API credit / DIEM market price.
Return above two alternatives
This compares DIEM's gross credit return with staking VVV and supplying USDC on Aave. A wider gap means DIEM offers more return in exchange for its different risks and liquidity.
How this is calculated: Spread: DIEM API credit return minus each alternative's annual rate.
How heavily the market discounts the future
This turns DIEM's extra return over Aave into a time-based risk signal. A shorter period means the market discounts future credits more heavily. It is not a prediction of how long Venice will last.
How this is calculated: Market-implied half-life: ln(2) / (DIEM API credit return - Aave USDC rate).
For comparison, the desk model asks for a fixed 25% annual return. After removing today's 3.7% Aave rate, that leaves 21.3% on this risk yardstick, equal to 3.3 years. Both numbers combine uncertainty, liquidity, and risk tolerance. Neither is a lifespan forecast.
DIEM price versus minting cost
Anyone can stake VVV and mint DIEM. If DIEM's market price rises above what minting costs, new supply can be created and sold. That makes minting cost a practical upper boundary, not a price target.
How this is calculated: VVV price / current DIEM mint rate. The upper cost line also counts staking rewards forgone while VVV is locked.
Real trades need a margin for slippage, gas, and changes in VVV's price. Large mints also move up the 256-step mint curve, raising the cost of each additional DIEM.
Mint curve last changed 2025-08-20 DiemMintRatesUpdated · on-chain
VVV value supported by minting
One staked VVV can mint a small amount of DIEM. The lower line values that DIEM at its market price, showing one observable source of value for VVV rather than everything VVV may be worth. Today VVV trades at 5.2 times this amount.
How this is calculated: Current DIEM mint rate x DIEM market price. The front page's desk model uses a different modeled value for DIEM.
Potential buybacks from original minters
Original minters can buy DIEM and burn it to unlock their VVV. Each position has a different break-even price. The steps add up how much DIEM could become attractive to buy as the market price falls.
How this is calculated: Redemption wall: positions reconstructed from on-chain mints and burns, with a 2% cooldown haircut.
At today's price, 26670 of 37015 outstanding DIEM is below its original minter's break-even (72.1%). The estimated value of those buyback opportunities is $83613388.