★ Oracle source = spot DEX pool (no TWAP)

Evidence summary #

[★ CRITICAL — GREEN] No spot-DEX-pool-without-TWAP pattern in core pricing. Pendle AMM accumulates cumulative ln-implied-APY internally (AMM-native TWAP, not spot DEX pool read). SY rates use on-chain protocol state (Lido, Ethena, MakerDAO) or standard Chainlink feeds. LinearDiscountOracle uses fixed discount rate. No single-DEX-spot-price-oracle pattern identified in any pricing path.

Sources #

Methodology #

Determine whether the primary oracle for any asset/market reads spot price from a single DEX pool without a TWAP window or secondary source.

See the full factor methodology and distribution across all protocols →