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Peg Stability Module

Preview

The PSM lets a holder redeem mTOMB for SPY at parity. The fee is both the protocol's revenue and the peg's floor: the exit is always open, and never free.

Dormant. The PSM has nothing to redeem against until the treasury holds SPY.

Redeem

Dormant
You paymTOMB
0.00
You receiveSPY
0.00
Rate
1.0000
Fee
1.00%
Available to redeem
0 SPY

Why it is switched off

A Peg Stability Module is a promise to hand over a real asset on demand. That promise is only worth making once there is a reserve behind it; before then it is a swap widget that reverts.

So the module is dormant by design. The treasury accumulates SPY first, out of swap fees from the pools and out of the defense fees the hook collects from anyone pushing mTOMB off its peg. The PSM opens against a reserve that already exists.

Until then the peg is held the way Tomb held it: by seigniorage across epochs, not by a redemption counter.

Treasury

SPY held
0 SPY
Coverage
0.00%

Coverage is treasury SPY over mTOMB supply, a solvency readout, not a minting parameter. Part of the reserve will sit inside liquidity positions, so coverage and pool depth draw on the same assets under stress.