Glossary

Glossary

Price-market definitions below describe v24. Use a deployment's matching contracts and interfaces.

• Collateral: A supported token deposited into a pool or margin account. Active backing and reserved custody balances have different purposes.
• Bond: Collateral locked for a responsibility, such as price-market creation or a position's negative-liquidation bounty.
• Price market: A perpetual long/short market using collateralized price positions and oracle prices.
• Price position: A trader's signed price exposure, funding liability, and collateral accounting in a price pool.
• Separate position: An independent position. Full position: a same-owner, same-pool, same-direction bucket that supports explicitly guarded merging. CrossSeparate and CrossFull are the corresponding margin-account modes.
• Margin account: A user-owned contract that manages supported Cross positions using one collateral token. Account health includes backed free collateral and canonical signed pool contributions.
• Effective mass: Signed pool accounting combining LP neutral mass, Funding Pool mass, deferred exit mass, recovery capital mass, trader intercept and price slope, less trader funding liabilities.
• psi (ψ): The pool-level solvency adjustment. When effective mass and active backing are positive, psiWad = effectiveMass * 1e18 / activeBacking. It is not a fee or oracle price.
• Pool shares: Internal position and liquidity accounting units. Trader settlement uses the signed aggregate mass removed, not simply shares multiplied by a display price.
• Accounting digest: A commitment to the pool's accounting checkpoint. Custody, configuration, and execution binding have separate digests; quotes and transactions must use the relevant current guards.
• Deferred position claim: A slope-free mass entitlement created by an allowed deferred exit. It is not a fixed collateral payment or immediately withdrawable cash.
• Settlement escrow: Collateral reserved for an owner after an escrow payout. It requires a separate claim and is distinct from a deferred mass claim.
• Debtor coverage: Collateral supplied within the authorized limit when settling a negative position, before Safety Reserve use.
• Safety Reserve: Reserved collateral that can cover negative settlement debt after debtor coverage. It is not active LP backing or a guarantee against loss.
• Uncovered loss: Debt remaining after coverage and Safety Reserve use. It constrains risk and recovery exit; it alone is not the trigger for a new Recovery episode.
• Recovery: A pool process entered through a guarded checkpoint when total effective mass is non-positive. It progresses through Frozen, Repairing, and Observation before a validated return to Active.
• Recovery capital claim: A mass claim issued for accepted recovery recapitalization. Later redemption depends on recovery and risk conditions.
• Liquidity lot: An LP deposit record with principal shares, fee-sharing participation, and funding-claim accounting.
• Fee pool: The optional fee-sharing participation attached to eligible LP shares. Trading-fee claims and funding claims are separate.
• Funding Pool: Mass booked for eligible LP funding entitlements, offset by trader funding liabilities. Booking is not an immediate collateral transfer.
• Base fee: The configured starting protocol trading fee before supported discounts and risk adjustments.
• Balancing discount: A configured fee reduction for an action's balancing portion.
• Risk surcharge: A configured fee addition for risk-worsening exposure on eligible actions.
• Xi: A signed directional-risk measure based on net price slope, price, and positive effective mass.
• maxProtocolFee: An absolute limit on the protocol fee of a guarded action. Zero accepts no fee; oracle update costs, gas, keeper fees, and position bonds are separate.
• Oracle: A price-market feed whose reads carry freshness, confidence, and status information.
• Frozen price: A calendar-closure price accepted only within the configured closure policy. It does not permit new risk merely because it is readable.
• Trading calendar: The configured schedule of sessions, holidays, and reopen grace.
• Reopen grace: A post-opening interval that blocks new risk and LP additions until the oracle status is Live.
• Sequencer guard: A configured L2 availability check that also applies a restart grace period.
• Earn Vault: An optional ERC-4626 vault whose assets can include price-market LP exposure. Share value and withdrawal capacity can fall.
• Marked NAV: A vault's stored asset valuation, distinct from currently executable withdrawal liquidity.
• vTACO: A virtual staking balance used by a configured fee-discount module; it is not transferable collateral.
• tcUSD: Timu's token minted through authorized collateralized borrowing. Supported minting, depeg controls, and pool use depend on deployment. Holding tcUSD does not grant universal automatic 1:1 redemption of minter collateral.
• Merkle reward distributor: A funded reward contract that validates proofs for published campaign allocations. Trading activity alone does not create a claimable reward.
• Test collateral: A mock token for a local or testnet environment.

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This is the canonical definition page for terms reused across the documentation. Historical v22 Claim, Claimless, and Backing Exhausted phases are not v24 lifecycle labels.