The price of the liquid token is always the same as the price of these backstopping ones, the collateralizing ones? Yes, they are the same. And one way to think about it is imagine that the coins that were used as collateral were completely lost. Then from an accounting perspective, they're still included in the total market cap. But really in practice, they're just never sold. Maybe a more realistic example might be tokens that are currently vesting. They're kind of artificially low velocity.

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