Net Asset Valuation (NAV)
As pies are fully backed by the underlying assets, which means they have an intrinsic value equal to the value of the tokens they represent. This is known as the Net Asset Value, and can be seen on the page of each individual pie. Every pie can be minted or redeemed at this value, at any time.
Pies are also freely traded on both centralised and decentralised exchanges, enabling the price of a pie to fluctuate above or below the NAV.
The difference between the NAV and market price is displayed as either a premium or discount, and can create an arbitrage opportunity. This is the mechanism by which the peg is maintained.