> For the complete documentation index, see [llms.txt](https://tripleplus-1.gitbook.io/dor/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://tripleplus-1.gitbook.io/dor/dor-whitepaper-english/2.-technical-architecture/2.3-reference-price-and-oracle-layer.md).

# 2.3 Reference Price & Oracle Layer

DOR adopts the premise that "a meme market without a reference price is equivalent to having no market."

Therefore, the price layer is defined as a meta-price aggregating multi-source oracles and TWAP (Time-Weighted Average Price) rather than the quote of a specific exchange. This value becomes the common standard for liquidity allocation, swap conditions, and hedge/risk management.

#### 2.3.1 Fair Value Engine

The fair value of each meme asset is determined by logic in two stages: pre-listing and post-listing.

* Pre-Listing Phase: The fair value is defined by a fixed price model centered on the mint price. Accounting, swaps, and reward calculations are all performed based on the mint price unit. The mint price is fixed as a Constant on the smart contract to eliminate price uncertainty in the initial phase.
* Post-Listing Phase: After listing, a 3\~5 minute TWAP aggregating multiple sources (CEXs, DEXs, Oracle Networks) is used as the standard price. If the price discrepancy between DEX and CEX exceeds a certain level (e.g., over 5%) and persists, a Weighted Composite Price is used instead of a single source. In case of oracle failure or data loss, the previous TWAP is maintained as a Backup Oracle to ensure system continuity.

This Fair Value Engine grants a minimum "reference anchor" to meme asset prices by adopting the consensus of time-weighted averages across multiple markets as the standard price, rather than the momentary price of an individual market.

#### 2.3.2 Volatility Guardrail & Circuit Breakers

The Price & Oracle Layer is not just a read-only layer but also a control layer.

* If a rapid price fluctuation of ±5% or more relative to the reference price is detected within a single block or short interval, swaps in that section automatically switch to a Volatility Pause state, temporarily halting execution.
* If the execution price exceeds ±1.5% of the oracle reference price, the transaction is automatically cancelled or reverts to a re-quote request state, requiring the user to approve the changed conditions again.

Through this Volatility Guardrail and Circuit Breaker structure, DOR seeks a balance point that allows the excessive reflexivity and short-term overshooting typical of memes but blocks non-linear tail events that threaten overall system safety.

In other words, it aims for a risk profile that accepts narrative-driven momentum but rejects structural collapse.

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