⌁ THE DESK'S MEASUREMENTS

The desk

One DIEM pays $1 of Venice inference per day. Below: implied yield, survival, the mint ceiling and redemption wall, and what a DIEM-day buys. Measurements, not opinions.

implied yield r*

27.0%

365 / P · geckoterminal

survival half-life

2.94 yr

ln(2) / (r* − aave usdc apr)

mint ceiling (hard)

$6,908

vvv price / mint rate · on-chain

conversion options ITM

64.2%

indexer positions · on-chain

purchasing power index

100.0

basket v1 · venice catalog

Charts begin 2025-10-11: earlier market prices (thin early liquidity after the DIEM deploy) are unreliable and omitted. Stat tiles above read the latest day.

Implied yield

r* = 365 / P: the market prices the $1/day stream at this gross annual yield

Spreads

r* minus the sVVV staking APR and minus Aave v3 USDC supply APR on Base

r* − staking APRr* − Aave USDC APR

Market-implied half-life

upper bound on market pessimism, not a survival forecast: the spread bundles hazard, liquidity, and risk premia

r-decomposition: the desk model discounts at a fixed r = 25%. Read that as risk-free plus a hazard-equivalent residual, s_model = 0.25 − 3.4% live Aave USDC supply APR = 21.6%, an implied half-life of ln(2) / s_model = 3.2 years. The residual is hazard-equivalent, not pure hazard: it bundles survival hazard with liquidity and risk premia, the same caveat as the measured series. Compare it with the measured half-life above.

Price vs mint ceiling

above the ceiling anyone can stake VVV, mint DIEM, and sell; the band spans out-of-pocket cost and cost including forgone staking yield

DIEM priceceiling hardceiling with carry

The plotted ceiling is a frictionless bound. Executable arbitrage sits below it: slippage, gas, and VVV price risk over the mint-and-sell round trip all eat into it. Size also walks the marginal rate up the 256-bucket step curve, so the bound tightens as minted size grows.

mint curve last changed 2025-08-20 DiemMintRatesUpdated · on-chain

VVV conversion floor

the mint window read from the VVV side: mint rate m x the DIEM market price, a floor the mint-and-sell arbitrage defends up to frictions. Distinct from the desk's model floor card on the front page, which swaps in the desk DIEM model value for the market price. VVV trades at 5.1x the floor

VVV market priceconversion floor

mint rate · on-chain; prices · geckoterminal

Redemption wall

cumulative DIEM buy-back demand by price: how much minter capital wakes up at each level, net of a 2% cooldown haircut

conversion options: 23872 of 37168 outstanding DIEM in the money (64.2%), aggregate intrinsic $52802986