Collateral

vPILE is the protocol's own claim token, and its value is defined by assets the protocol itself custodies. That makes it the only collateral the protocol can value without depending on an external lender's view of it.

Properties that matter for collateral

• —Redeemable — a liquidator has a guaranteed exit at intrinsic value
• —Valued from Stockpile balances rather than a thin secondary market
• —Supply is known and auditable