# Shared Language

#### Asset

A currency, token, or other tradable object. In Swivel, `asset` refers to `Underlying` currency or Tokens.

#### Underlying

The lending currency of a given `Market`, typically a `Stable Coin` or `Token`.

#### Token

An `Erc20` compatible token deployed at a given Ethereum Address. May also be referenced as *Erc20* or *uToken*.

#### YT (Yield Token)

Swivel's native yield-bearing token, representing the remaining yield potential of the `Underlying` for a given `Market`. For example: `ytDAI`, `ytUSDC`.

#### PT (Principal Token)

Swivel's native principal token, representing the principal lent to a given `Market`. For example: `ptDAI`, `ptUSDC`.

#### Balance

Amount of the `Underlying` or `Token` assets a given public key owns.

#### Market

An asset-duration (underlying-duration) pairing that identifies which `Orderbook` / instrument is being used.

#### Maturity

The duration a given `Market` generates yield, up to a specified date.

#### Volume

All orders expose an amount which can be filled, wholly or partially, by an `Order`. This will be represented by either the `Principal` or `Interest`, depending on whether the order is `Amplified` (deprecated: 'floating') or `Fixed`.

#### Yield

The amount of interest an `Order` has generated, expressed in terms of a percentage.

#### Liquidity Provider

On Swivel's orderbook-based protocol, Liquidity Providers are `Market Makers`.

#### Liquidity Incentives

Swivel incentivizes liquidity by providing token rewards only to those `Liquidity Providers` who's orders are `filled`.

#### Maker

A person who provides Limit orders to the orderbook.

#### Taker

A person who executes Market Orders, filling open orderbook orders.