Shared Language

These terms fulfill the same meaning across the Swivel stack, although any variation or further clarification will be noted within specific contexts.

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.