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.
• 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 mint and liquidates at ≤ 130%.
• 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.
• Debt ceiling: the maximum total eUSD that can exist (250,000 at launch), raised by governance as liquidity grows.
• Deviation band: the oracle fence rejecting any signed price that jumps too far from the Chainlink anchor.
• Dividend accumulator: the per-token mechanism passing the underlying asset's income through to eToken holders.
• eSPY: Own's tokenized S&P 500 eToken, and the collateral behind eUSD.
• 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 eSPY and redeemable for exactly $1.00 of it.
• 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.
• 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: any permissionless actor pushing verified prices, re-stamping marks, or liquidating unhealthy eUSD positions.
• 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.
• 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.
• PSM (peg-stability module): the fee-free, permissionless two-way converter between wrapper tokens and eTokens, and the in-kind exit.
• 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.
• Redemption: burning eUSD for exactly $1.00 of eSPY from the riskiest positions first (eUSD), or handing back an eToken for USDG or wrapper tokens (eTokens).
• 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: staked eUSD, an ERC-4626 vault whose share price rises as $OWN trading fees stream in; no lockup, no cooldown.
• 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 2%/yr charge, accrued lazily into debt and minted to the treasury.
• 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.
• Vesting window: the hours-scale period over which each sEUSD reward batch unlocks linearly into the share price.
• Wrapper token: a tokenized real stock from a regulated issuer (R.SPY, ...), the ingredient held in Reserve Vaults.
• $OWN: Own's fair-launched token on the Pons launchpad, paired with SPY, whose trading fees fund sEUSD yield 50/50 with the treasury.