Reference
Glossary
Thirteen terms. Everything else on this site is built out of them.
Each entry links to the page that treats it in full.
- PT
- Principal token. Redeems for one stock token at maturity; trades at a discount until then.
- YT
- Yield token. Collects every eligible dividend until maturity, then settles worthless.
- Split
- Converting one deposited token into one PT plus one YT, for a chosen maturity.
- Merge
- The reverse: burning equal PT and YT to restore the original token.
- Maturity
- The date a market settles. Every token lists several, and each is an isolated market.
- Fixed return
- The annualised return implied by PT’s discount, locked in if the position is held to maturity.
- YT leverage
- Token price divided by YT price: how many tokens’ dividends one token’s worth of money controls.
- Claim
- Moving a YT position’s accrued dividends into the USDG cash balance.
- Redeem
- Burning matured PT for its stock token, one for one.
- Pool
- The market-making venue for one side of one maturity. Providers earn its fees.
- Loop
- Borrowing against PT to buy more PT, multiplying the fixed-return spread.
- Vault
- The deposit address assigned to your account. Deposits sent to it credit your balances.
- USDG
- The dollar stablecoin every Unlockable market quotes and settles in.