Glossary

Stock Token — a token tracking an equity instrument, issued on Robinhood Chain. Always "Stock Tokens" in these docs, never other phrasings.

LTV — loan-to-value. The most you may borrow against your collateral when opening or increasing a position.

Liquidation threshold — the point at which a position becomes liquidatable. Always above the LTV; the gap is the buffer you have after borrowing at the maximum.

Liquidator bonus — the discount a liquidator receives on seized collateral. Payment for capital, gas and price risk.

Utilisation — borrowed divided by supplied, per market. Drives the interest rate.

Kink — the utilisation at which the interest rate curve turns steep. Also called optimal utilisation.

Reserve factor — the share of borrower interest kept by the protocol rather than paid to lenders.

WAD — an integer scaled by 1e18, used for percentages and ratios. 75% is 750000000000000000.

Position — the per-borrower contract holding that borrower's collateral. Not pooled.

LendingPool — the contract you transact with. Every write.

LendingPoolRouter — the contract holding accounting and configuration. Every read. Also the address the interest rate model and the indexer identify a market by.

Wind-down — a market state where borrowing stops but repayment, withdrawal and liquidation continue. How a market is retired without stranding collateral.

Bad debt — the shortfall when a liquidation cannot cover the debt. Recorded per market and borne by that market's lenders.

Market closed — the equity market is shut and the feed is not updating. An expected state, not a fault. Borrowing and liquidation pause; withdrawals stay open.

Freshness window — how stale a price may be before the protocol refuses to use it. Two of them: in-session, and a hard cap.

pUSD — the stablecoin minted by the stable engine, separate from the lending markets.

Trove — a position in the stable engine: collateral in, pUSD out.

Earn vault — an ERC-4626 vault that allocates a single USDG deposit across markets.