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TermDefinition
Actionable YieldEstimated APY after accounting for margin impact of a deposit. What you will actually earn, not what is currently displayed.
Adaptive Curve IRMInterest rate model that automatically adjusts its target rate based on market behavior over time.
APYAnnual Percentage Yield. The annualized return on supplied assets, including compounding.
Block-Level IndexingComputing protocol state at every block rather than only when transactions occur.
Borrow APYThe annualized rate borrowers pay on borrowed assets.
CollateralAsset locked by borrowers to secure a loan.
CuratorEntity managing a vault’s allocation strategy and risk parameters.
Deposit QueueThe order in which a vault allocates new deposits across its underlying markets.
EOAExternally Owned Account. A standard wallet controlled by a private key.
Event-Based IndexingUpdating state only when on-chain transactions occur. Misses continuous interest accrual between events.
IRMInterest Rate Model. Algorithm that determines borrow and supply rates based on utilization.
LiquidationProcess where a borrower’s collateral is seized when their position exceeds LLTV threshold.
LLTVLiquidation Loan-to-Value. The threshold at which a borrowing position becomes liquidatable.
Loan AssetAsset that lenders supply and borrowers receive.
Main WalletUser’s externally owned account (EOA) that controls the smart account and receives withdrawals.
Margin ImpactThe change in APY caused by a deposit or withdrawal affecting utilization.
MarketAn isolated lending pool defined by a collateral/loan asset pair and risk parameters.
Market AllocationsDistribution of a vault’s deposits across its underlying markets.
OraclePrice feed used to value collateral and determine liquidation eligibility.
PoliciesOn-chain rules defining which vaults and assets the Router can access for a user.
Policy UpgradeProcess of updating smart account permissions to access new assets or vaults. Requires user signature.
PPSPrice Per Share. The value of one vault share in terms of the underlying asset. Total assets divided by total shares.
Rate At TargetThe interest rate at target utilization (typically 90%). The anchor point for IRM calculations.
RebalancingMoving capital from one vault to another when a better yield opportunity exists.
Routing SignalDecision output from the Router indicating deposit, rebalance, or hold.
SharesTokens representing proportional ownership in a vault or market position.
Smart AccountUser-owned contract that holds routed funds and executes transactions. Also called sub-account.
Sub-accountSee Smart Account.
Supply APYThe annualized rate lenders earn on supplied assets.
Supply CapsMaximum deposits a vault will accept per market.
Target UtilizationThe utilization rate an IRM optimizes toward, typically 80-90%.
Total AssetsThe total value a vault holds across all its market positions.
Total SharesOutstanding vault shares representing all depositor claims.
UtilizationRatio of borrowed assets to supplied assets in a market.
VaultAggregation layer that allocates deposits across multiple markets according to a curator’s strategy.
Withdraw QueueThe order in which a vault sources funds for withdrawals from its underlying markets.