A token cannot reopen its reference market.
The longer the closure, the longer the gap between executable stock liquidity and continuous token prices.
THE THESISWHY FIXED LTV LEAVES A BLIND SPOT
Time is collateral’s
missing variable.
Average volatility misses extraordinary mornings.
Weekend and earnings gaps deserve an explicit tail-loss allowance, alongside stale prices and wrapper dispersion.
Headroom is measured in dollars.
At 70% LTV, a $1M position supports a $700,000 loan. After a 25% drop, only $50,000 of value remains above the loan, before fees.