Glossary.

sw token

The vault's token for one stock: the stock ticker with the lowercase sw prefix, such as swSPCX. A pro-rata claim on everything the vault holds: its liquidity in every pool and its idle reserves.

Issuer

A company that tokenizes a stock. Several issuers can tokenize the same stock; each version trades in its own pools. SpaceX is tokenized as SPCXx by xStocks, SPCX by Backpack and SPCXon by Ondo.

Mock SPCXx, SPCX and SPCXon

Devnet test tokens with the same symbols and decimals as the three issuers' SpaceX tokens. They stand in for the real ones on devnet.

DAMM v2

Meteora's constant-product AMM (cp-amm). The swSPCX vault holds liquidity in four DAMM v2 pools.

Compounding fee

The part of each pool fee that DAMM v2 adds back to the pool's reserves. It raises the value of every sw token.

Idle reserve

A vault-owned token account for one token, holding the balance that isn't in a pool. It stages deposits, redemptions and keeper trades, and funds arbitrage. Each share owns its pro-rata slice of it.

Keeper

The bot that signs the vault's rebalances, reserve swaps and arbitrage cycles. It can't mint shares or move funds out of the vault.

Target weight

The keeper's target share of the vault's value in one pool, stored on-chain as target_weight_bps.

Arbitrage cycle

A chain of 2 to 4 swaps that starts and ends in the same token. The program only lets it land if the vault ends with more of that token.

Divergence loss

What a full-range pool gives up against simply holding its two tokens when their relative price moves.

Harvest

Sweeping the non-compounding part of a pool's fee, the protocol's cut, to the treasury. Anyone can call it.

Treasury

The account that receives the protocol's cut: 16% of pool fees and 20% of arbitrage profit.

Slippage limit

The most a quote may move before the transaction fails. The app shows it before you sign.