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.

LP market — a market whose collateral is a Uniswap v3 or v4 liquidity position (its NFT) from a pool Paboxo lists, valued at oracle prices. See LP collateral.

Rebalance — moving an LP position to a new price range in one transaction. The owner, or up to two addresses the owner appoints, can do it.

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.

Close factor — how much of an unhealthy position one liquidation may repay: the part of the debt that brings the health factor back to 1.05 while it is above 0.95, the whole debt at 0.95 or below. See liquidations.

Utilisation — everything borrowed from the Earn vault's markets divided by everything the vault has to lend (its idle USDG plus what it has in markets). One figure for the whole vault; every market applies its own interest rate curve to it.

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. Realised per market and borne by that market's lender, the Earn vault — so by every Earn depositor.

Market closed — the equity market is shut and the feed is not updating. An expected state, not a fault. Borrowing, liquidation and withdrawing collateral from a position with debt pause, because they need a Fresh price; everything else stays 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.

Earn vault — an ERC-4626 vault over USDG, and the only lender to the markets. Depositing into it is how you lend on Paboxo.

peUSDG — the Earn vault's share token ("Paboxo Earn USDG"), 18 decimals. Your claim on the vault's USDG.

Curator — the holder of the Earn vault's CURATOR_ROLE. Chooses the markets the vault lends to, their caps and queue order, the fee, and can pause deposits. Cannot upgrade the vault.

Pull model — how a market gets cash for a loan: when it holds less than a borrower asks for, it pulls the shortfall from the Earn vault's idle USDG, up to the curator's cap for that market. On repayment it sends idle cash back. It is the only way new deposits reach a market: the vault's supply queue is empty, so it pushes nothing.