{
  "handle": "ValuePeg",
  "mechanism": "Agents agree on a specific {{exchange_rate}} between their internal utility (see {{value}}, {{optimize}}) and a shared numeraire for the duration of an interaction. This allows them to trade 'apples for oranges' without exposing private value functions.",
  "gloss": "Translating internal utility to shared numeraire",
  "failure_modes": [
    "Peg Volatility: Rapid fluctuations in the numeraire destabilize the agreement."
  ],
  "invariants": [
    "Solvency: Reserves > Outstanding Liabilities * RiskRatio."
  ],
  "_meta": {
    "tier": 1,
    "ring": 1,
    "supersedes": [
      "sema:ValuePeg#mh:SHA-256:073fde121fc20973de3aaa17aab1af3f37f50370df31a0030cdef095095a4e5c",
      "sema:ValuePeg#mh:SHA-256:dfa99490cd445a146ed9992bc1b3d34fcfc893ee96112e5b852a90dc5e5bcd59",
      "sema:ValuePeg#mh:SHA-256:1f869ac27c920a8b0a6a7b595d17ef5c576f0fce27ece538ab2e69a1bb3d66b0"
    ],
    "path": [
      "Society",
      "Economics"
    ]
  },
  "sema_id": "sema:ValuePeg#mh:SHA-256:e4409fa4a0947af3497c4c4e059fe147be6a92415c18751aa12baa5983b3fea6",
  "sema_ref": "ValuePeg#e440",
  "sema_stub": "e440",
  "dependencies": {
    "references": {
      "optimize": "sema:Optimize#mh:SHA-256:38771f5e8f583966cfb8af8ff0d2e6737c8d0bf87329ddc49d8049450e852674",
      "value": "sema:Value#mh:SHA-256:37fd75758d04cdd7f57a636ccb5394d463713d60c33b694e37ab71f4a5a896f8"
    },
    "yields": {
      "exchange_rate": "sema:ExchangeRate#mh:SHA-256:ac473b9c9dc4c536a76b952a76d7c7f1cbbf61ef8092404ae98f0f73ea66acfd"
    }
  },
  "sema_layer": "Society",
  "sema_category": "Economics",
  "used_by": {}
}