Glossary

One plain sentence per Own-specific term, alphabetical.

• Backfill: the market maker's follow-up to every mint, buying the real wrapper token with the buyer's USDG and depositing it into the Reserve Vault so the new eToken ends up matched 1:1.
• Basket: the tokens a Curated Fund holds and their target weights; at most 25 tokens.
• Bribe: a payment, usually from a token team, to fund stakers who vote for a token in the weekly weight vote; paid in USDG, $MONEY or the token itself.
• Claim threshold: the waiting period after which an unfilled redeem order can be force-executed (designed at 48h, currently disarmed while PSM reserves cover all flow).
• Collateral ratio: a position's collateral value divided by its debt; eUSD requires 150% to 200% to mint and liquidates below 120% to 144%, by risk group.
• Collateral-Secured Token (CST): Own's design category, a token tracking a real asset backed by a layered, code-governed portfolio rather than one custodian's promise or the holder's own margin.
• Collateral vault: the shared ERC-4626 pool (one per collateral type) where LP crypto insures the system, underwrites lending, and earns yield.
• Curated Fund: an Own fund token backed by a basket of tokens held onchain, curated by traders and redeemable at NAV at any time.
• Curator: a trader who picks a fund's basket and brings holders, paid from the fund fee, the pool tax, curator yield and bribe cuts.
• Curator yield: the curators' share of staker yield (15% by default), minted on top so stakers keep their full rate.
• Debt ceiling: the maximum eUSD one risk group can mint ($2M for ETFs, ETH and big tech, $1M for high growth), raised by governance as liquidity grows.
• Deviation band: the oracle fence rejecting any signed price that jumps too far from the Chainlink anchor.
• Direct mint: minting new fund tokens at the pool price (never below NAV), staked and briefly locked, with a Premium Boost.
• Dividend accumulator: the per-token mechanism passing the underlying asset's income through to eToken holders.
• Early-deposit bonus: extra launch points per day a deposit sits in a fund's launch window, paid out of the fixed launch supply.
• eSPY: Own's tokenized S&P 500 eToken, and eUSD's first collateral (v1, winding down).
• eToken: an Own asset token (eSPY, eTSLA, ...), a standard ERC-20 tracking a real asset's price, backed by the two-layer portfolio.
• eUSD: Own's overcollateralized stablecoin, minted against stocks, ETFs and ETH and redeemable for exactly $1.00 of collateral.
• Firm quote: a maker's committed price: EIP-712 signed, expiring in seconds, single-use, bound to this market and chain.
• Force-execute: the ultimate exit right, settling an aged unfilled redeem order against an approved collateral vault at the fresh oracle price.
• Fund fee: the fee on fund mints and redeems (1% by default), paid to the fund's curators.
• Health factor: the borrow-position solvency ratio (collateral × 80% / debt); below 1.0 anyone may liquidate.
• Hint: the expected sorted-list neighbor passed to eUSD write operations so insertion stays O(1); computed free via findInsertHint.
• Keeper: an actor pushing signed prices, re-stamping marks, or running the $MONEY buy-back; anyone can liquidate unhealthy eUSD positions.
• LP rebate: up to 5.5 points of eUSD's 8% stability fee, returned to minters who stake eUSD liquidity on Fables, as FABLES emissions boosted by Own's eUSD bribes.
• Launch window: the deposit period that starts every Curated Fund; everyone gets in at the same NAV and the pool opens at NAV at the close.
• Mark: the protocol's cached working price per asset, refreshed only from verified oracle prices and required fresh before new risk opens.
• Market maker: a registered dealer answering RFQs with firm quotes, earning the spread, and backfilling reserves.
• Minimum debt: the smallest allowed eUSD position (100 eUSD), keeping every position worth liquidating.
• Mint at NAV: minting fund tokens at NAV, staked and locked for good; the only exit is a redeem at NAV.
• NAV (net asset value): what one fund token is worth in the assets behind it, and the price every fund redemption pays.
• Net exposure: per asset, eTokens outstanding minus reserves (floored at zero); summed, it must stay under the global utilization cap of LP collateral.
• Nominal ratio: collateral units × 1e18 / debt, the price-independent number the eUSD sorted list orders by.
• Pool issuance: new fund tokens the keeper sells into a fund's pool when it trades above NAV, sending part of the premium to stakers and the rest to backing.
• Premium: how far a fund token's pool price sits above its NAV; it sets the staker yield tier.
• Premium Boost: the extra staked tokens a direct minter earns back, 75% of the premium they paid, paid out over time while they stay staked.
• Premium Pot: the share of pool-issuance premium (75% by default) dripped to all fund stakers over 7 days.
• Protocol curator: Own's permanent curator seat on every fund, taking a third of the fund's curator income.
• PSM (peg-stability module): the fee-free, permissionless two-way converter between wrapper tokens and eTokens, and the in-kind exit.
• Public curation: the switch that hands a fund's basket to the weekly vote of curators (30%) and stakers (70%); off at launch, when Own sets the basket on the curators' calls.
• Ratio-jump guard: the PSM fence freezing a wrapper whose conversion ratio moves more than 1.5% in one operation until an operator acknowledges the corporate action.
• Rebalance auction: a Dutch auction the keeper opens to swap one basket token for another, starting above the oracle price and falling to a floor below it.
• Redemption: burning eUSD for exactly $1.00 of one collateral from its riskiest positions first (eUSD), or handing back an eToken for USDG or wrapper tokens (eTokens).
• Reward reserve: the pre-funded balance a staking vault drips its fixed APR from, topped up by the treasury.
• Risk group: one EUSDManager and its collateral (ETFs, ETH, big tech, high growth), with its own ratios and debt ceiling; all groups mint the same eUSD.
• Referral link: a member's own.money/r/CODE link, the way new users get access to Curated Funds in the app.
• Reserve Vault: the protocol-owned, share-less pool holding wrapper tokens 1:1 behind one asset's eToken.
• RFQ (request for quote): Own's cash-market model: ask a maker for a price, receive a signed firm quote, settle atomically.
• sEUSD: the original ERC-4626 eUSD staking vault, now withdraw-only.
• seUSD / sMONEY: the fixed-APR staking vaults for eUSD (16%) and $MONEY (12%).
• Settle band: the rule that every quoted settlement prices within ±5% of the current mark.
• Sorted list: the onchain per-collateral list of eUSD positions ordered riskiest-first, consumed by redemptions.
• Spread: the gap between a maker's buy and sell prices, the trader's only cost and the maker's entire pay.
• Stability fee: eUSD's fixed 8%/yr charge on principal, accrued lazily into debt and minted to the treasury.
• Staking v1: the earlier eUSD staking (OwnStakingV2) that streamed SPY with a $MONEY boost; rewards end 6 November 2026.
• Trading pause / asset halt: the reversible freeze on new risk, and the permanent wind-down at a fixed price with a funded exit for every holder.
• Utilization: fullness against a limit: global (net exposure vs. the cap) governs solvency; lending (borrowed vs. lendable) sets the borrow rate at the kink.
• Vault Manager: the operator of one collateral vault, running deposits, the lending book, and yield distribution.
• Wrapper token: a tokenized real stock from a regulated issuer (R.SPY, ...), the ingredient held in Reserve Vaults.
• Yield tiers: the steps that set a fund's staker APR by its premium to NAV (12%, 24% and 48% by default).
• $MONEY: Own's fair-launched token on the Pons launchpad, paired with SPY; its trading fees buy back $MONEY and fund the treasury, and Own's Curated Funds income also buys it back, making $MONEY the fund of funds.