"The Spread"

Market Opportunities Created by xOpenX
Update 3/22/23: After the unwrap, these mechanics remain in place with the exception of the six-month lock. xOpenX, if it has a liquidity profile at all, will still be subject to the spread described below. So long as xOpenX is paired with OpenX, the trade is available sans minting / unwrapping.
xOpenX is an asset-backed token: regardless of the spot xOpenX price (Market Price), xOpenX tokens can (after six months) always be unwrapped at an ever increasing ratio for the underlying OpenX tokens. This creates an intrinsic value, albeit one inextricably linked to the value of OpenX.
The ratio is known as the Mint Ratio, or the number of OpenX tokens it takes to mint 1 xOpenX.
The Mint Price is the price (in USDC) of OpenX multiplied by the current mint ratio. If the mint price is > than the market price, there is discount in the market - but it cannot be realized until xOpenX tokens can be unwrapped (six months after launch), making the discount speculative.
If however the market price is > than the mint price, this creates a discount in the mint - which would likely incentivize arbitrageurs to mint xOpenX and sell it until the mint price = market price.
This latter situation incentivizes users to (temporarily) lock value into our protocol in exchange for a short-term arbitrage opportunity. This is known as a Mint Incentive. This latter mechanic will be explored in greater detail as we engineer unique incentive structures for our Perpetual Bonds. The six-month lockup will also serve as a mint incentive research / development project.