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Glossary

This page defines the concepts used across the Flying Tulip documentation.

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A · B · C · D · E · F · H · I · J · K · L · M · N · O · P · Q · R · S · T · U · V · W · Y

A​

Aave (Aave v3) — A decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.

ABI (Application Binary Interface) — The encoded interface that defines how to call a smart contract’s functions and decode responses.

Accepted Assets — Tokens that can be contributed in the Capital AllocationThe on-chain Public Sale event where contributors exchange accepted assets for FT at a fixed rate (10 FT per $1). FT is allocated from a fixed pre-minted total supply of 10B. totalSupply stays 10B while the split between circulating and non-circulating supply changes.View glossary entry (PCA) or used in products (e.g., USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, USDTStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, USDSStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, USDeA yield‑bearing form (sUSDe) and its base asset (USDe) used in certain strategies and as accepted assets in the PCA.View glossary entry, USDtbStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, WETH, WBTCBitcoin representations used on EVM chains; accepted assets for PCA and supported in some products.View glossary entry, cbBTCBitcoin representations used on EVM chains; accepted assets for PCA and supported in some products.View glossary entry, SOL/jupSOLA liquid‑staking representation of SOL used for staking yield in conservative allocations.View glossary entry, AVAXAvalanche’s native token and its wrapped ERC‑20 representation used for staking and liquidity.View glossary entry/wAVAXAvalanche’s native token and its wrapped ERC‑20 representation used for staking and liquidity.View glossary entry).

AEAD (Authenticated Encryption with Associated Data) — The cryptographic mode used by the TLS record layer to provide confidentiality and integrity. In WitnessnetA framework that lets smart contracts verify facts about HTTPS responses without a trusted oracle. Contracts receive (url, response data, proof) where the proof shows: AEAD‑authenticated TLS records under correctly derived traffic keys; Finished messages verified; and a valid server certificate matching the hostname with proven key possession (CertificateVerify). Any party can submit proofs, making "any HTTPS endpoint an implicit oracle."View glossary entry proofs, successful AEADThe cryptographic mode used by the TLS record layer to provide confidentiality and integrity. In Witnessnet proofs, successful AEAD decryption/authentication under the derived traffic keys demonstrates that the response data is authentic for that session.View glossary entry decryption/authentication under the derived traffic keys demonstrates that the response data is authentic for that session.

AMM (Automated Market Maker) — On‑chain market using formulas instead of a central order bookSee CLOB; orders can rest while deposits continue to accrue in the permissioned lending system.View glossary entry to quote prices and execute swaps.

API (Application Programming Interface) — A programmatic interface for accessing data or functionality.

APR (Annual Percentage Rate) — An annualized rate that does not include compounding.

Annual Percentage Yield (APY) — An annualized rate that includes compounding.

AVAX / wAVAX — Avalanche’s native token and its wrapped ERC‑20 representation used for staking and liquidity.

B​

Backing Capital — The contributed assets that back each primary FT position while the Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry remains open.

Backing Capital Yield (carry) — Yield generated by deploying backing capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entry into low‑risk venues. Priority is to fund ecosystem development first (salaries/marketing/infra/ops); surplusBacking capital yield remaining after the ecosystem budget; the surplus is used for buyback-and-burn.View glossary entry funds buyback-and-burnA mechanism that buys FT on the open market and sends it to an irrecoverable address, permanently reducing supply. May be funded by backing capital yield surplus, protocol revenue/fees, or released backing capital from withdrawals.View glossary entry of FT.

Basis / Funding (contextual) — The long/short spread or periodic payments that keep derivative prices aligned with spot (used in delta‑neutralA portfolio whose net directional exposure is approximately zero, constructed by balancing long and short legs.View glossary entry strategies and futures).

Beets (staking venue) — A venue referenced for staking Sonic (S → stSSonic chain’s token and its wrapped/staked variants referenced in certain strategies and accepted‑assets lists.View glossary entry) in certain strategies.

Buyback-and-Burn — A mechanism that buys FT on the open market and sends it to an irrecoverable address, permanently reducing supply. May be funded by backing capital yieldYield generated by deploying backing capital into low‑risk venues. Priority is to fund ecosystem development first (salaries/marketing/infra/ops); surplus funds buyback-and-burn of FT.View glossary entry surplusBacking capital yield remaining after the ecosystem budget; the surplus is used for buyback-and-burn.View glossary entry, protocol revenue/fees, or released backing capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entry from withdrawals.

Binary Prediction Markets — Yes/No markets that resolve based on verifiable facts. In Flying Tulip, resolution is permissionless via WitnessnetA framework that lets smart contracts verify facts about HTTPS responses without a trusted oracle. Contracts receive (url, response data, proof) where the proof shows: AEAD‑authenticated TLS records under correctly derived traffic keys; Finished messages verified; and a valid server certificate matching the hostname with proven key possession (CertificateVerify). Any party can submit proofs, making "any HTTPS endpoint an implicit oracle."View glossary entry proofs of HTTPS pages from accepted sources (e.g., news sites). Any third party can submit proof to settle the market.

Black–Scholes — A widely used options pricing model for valuing calls and puts based on inputs such as underlying price, volatility, time to expiry, and interest rates. In Flying Tulip, on‑chain Black–ScholesA widely used options pricing model for valuing calls and puts based on inputs such as underlying price, volatility, time to expiry, and interest rates. In Flying Tulip, on‑chain Black–Scholes uses implied volatility from AMM windows to quote premiums for covered calls and puts.View glossary entry uses implied volatility from AMMOn‑chain market using formulas instead of a central order book to quote prices and execute swaps.View glossary entry windows to quote premiums for covered calls and puts.

C​

Capital Efficiency — Using the same collateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry to support multiple activities (e.g., accrue yield and back trading/borrowing) to increase effective return per unit of capital.

CLOB (Central Limit Order Book) — An exchange mechanism that matches bids and asks; integrated with Flying Tulip’s permissioned lending for cross‑collateralized trading while deposits continue to accrue.

Circuit Breaker — A rate‑limiting safety mechanism that throttles withdrawals or outflows to reduce exploit blast radius.

Cliff — A vestingA schedule that releases tokens over time instead of all at once.View glossary entry structure where tokens remain locked until a specific date, then begin unlocking.

Collateral / Collateral Caps — Assets allowed as collateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry and the maximum per‑asset size configured to manage concentration and risk.

Configurator (role) — Admin role used to set or update parameters (e.g., pausingTemporarily halting token transfers or protocol operations via admin roles for safety.View glossary entry, asset lists, strategyA yield venue tracked by the wrapper; strategies can be added/removed/reordered and capital moved between them by authorized roles.View glossary entry weights).

Concentrated Liquidity — Providing AMMOn‑chain market using formulas instead of a central order book to quote prices and execute swaps.View glossary entry liquidity within a chosen price range to accrue higher fees while in range.

Constant Product / Constant Sum — AMMOn‑chain market using formulas instead of a central order book to quote prices and execute swaps.View glossary entryAMMOn‑chain market using formulas instead of a central order book to quote prices and execute swaps.View glossary entry curve archetypes: x·y = k (constant productAMM curve archetypes: x·y = k (constant product) offers LP protection with higher price impact; x + y = k (constant sum) offers tight spreads with less protection. Flying Tulip blends them dynamically.View glossary entry) offers LPA user who deposits assets into a pool or AMM to accrue fees or incentives.View glossary entry protection with higher price impactSlippage caused by trade size relative to available depth; managed by hybrid curves and depth‑aware metrics.View glossary entry; x + y = k (constant sum) offers tight spreads with less protection. Flying Tulip blends them dynamically.

CertificateVerify (TLS) — A handshake step where the server proves possession of the private key corresponding to its certificate by signing the transcript. WitnessnetA framework that lets smart contracts verify facts about HTTPS responses without a trusted oracle. Contracts receive (url, response data, proof) where the proof shows: AEAD‑authenticated TLS records under correctly derived traffic keys; Finished messages verified; and a valid server certificate matching the hostname with proven key possession (CertificateVerify). Any party can submit proofs, making "any HTTPS endpoint an implicit oracle."View glossary entry includes checks that the certificate is valid for the hostname and that CertificateVerifyA handshake step where the server proves possession of the private key corresponding to its certificate by signing the transcript. Witnessnet includes checks that the certificate is valid for the hostname and that CertificateVerify was verified.View glossary entry was verified.

Cross‑Collateral — Using one deposit as collateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry across multiple markets or products simultaneously (e.g., lending, CLOBAn exchange mechanism that matches bids and asks; integrated with Flying Tulip’s permissioned lending for cross‑collateralized trading while deposits continue to accrue.View glossary entry, futures).

D​

Debt Netting Mechanism — Pool‑level offsetting of long/short exposures that enables delta‑neutralA portfolio whose net directional exposure is approximately zero, constructed by balancing long and short legs.View glossary entrydelta‑neutralA portfolio whose net directional exposure is approximately zero, constructed by balancing long and short legs.View glossary entry configurations (e.g., ftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry) with zero‑liquidation risk under defined parameters.

DeFi (Decentralized Finance) — Financial services built on public blockchains using smart contracts rather than centralized intermediaries.

DAO (Decentralized Autonomous Organization) — An on‑chain organization governed by members via smart‑contract rules.

Delta‑Neutral — A portfolio whose net directional exposure is approximately zero, constructed by balancing long and short legs.

E​

Ecosystem Budget (priority) — The first call on backing capital yieldYield generated by deploying backing capital into low‑risk venues. Priority is to fund ecosystem development first (salaries/marketing/infra/ops); surplus funds buyback-and-burn of FT.View glossary entry to fund the organization: salaries, marketing, infrastructure, and operations.

EMA (Exponential Moving Average) — A smoothing method used to detect calm vs. volatile market regimes.

ERC‑7265 — A proposed safety standard for rate‑limiting withdrawals/exits to mitigate exploit drains.

EVM (Ethereum Virtual Machine) — The execution environment for smart contracts on Ethereum‑compatible chains.

Exit (exercise) — Action that exercises the Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry at par; the original asset/amount is returned.

F​

Fail‑Open — A safety design where a mechanism defaults to allowing transactions if it fails, avoiding permanent lockups.

Fee Switch — A protocol setting that redirects a portion of AMMOn‑chain market using formulas instead of a central order book to quote prices and execute swaps.View glossary entry fees to the protocol treasury or buyback pipeline.

Flash Loan — An uncollateralized loan that must be borrowed and repaid within a single transaction; often used for arbitrage or attacks.

Front‑Running — Submitting a transaction to execute before a visible pending transaction in order to capture profit.

FT — The native token of Flying Tulip. Minted proportionally during the PCA (10 FT per $1) up to a hard cap of 10B. Supports cross‑chain transfers (OFTCross‑chain messaging and token standard that allows FT to move natively across chains.View glossary entry) and EIP‑2612 permits.

FT NFT — The ERC‑721 token that represents a holder’s Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry. Each FT NFTThe ERC‑721 token that represents a holder’s Perpetual PUT. Each FT NFT (ftPUT) tracks the collateral, strike asset, and FT amount tied to a primary allocation position.View glossary entry (ftPUTThe token representing a specific Perpetual PUT position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and Exit at par.View glossary entry) tracks the collateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry, strike asset, and FT amount tied to a primary allocation position.

ftUSD — A delta‑neutralA portfolio whose net directional exposure is approximately zero, constructed by balancing long and short legs.View glossary entry, yield‑bearing stable asset designed to target $1 while minimizing liquidationForced unwind of risky positions; Flying Tulip emphasizes gradual "soft" liquidations via Spot routing, with size/time‑slicing and keeper incentives.View glossary entry risk by balancing long/short exposures (e.g., supply/stake/borrow loops).

Funding Rate (Futures) — Periodic payments between long/short positions that keep future prices aligned with spot; can be computed from actual borrowing costs.

H​

Hybrid Curve (AMM) — A dynamic blend between constant sumAMM curve archetypes: x·y = k (constant product) offers LP protection with higher price impact; x + y = k (constant sum) offers tight spreads with less protection. Flying Tulip blends them dynamically.View glossary entry (tight spreads in calm markets) and constant productAMM curve archetypes: x·y = k (constant product) offers LP protection with higher price impact; x + y = k (constant sum) offers tight spreads with less protection. Flying Tulip blends them dynamically.View glossary entry (LPA user who deposits assets into a pool or AMM to accrue fees or incentives.View glossary entry protection in volatility), informed by regime signals (e.g., EMAs) and guardrails.

I​

Impermanent Loss — The divergence loss LPs can face when an AMMOn‑chain market using formulas instead of a central order book to quote prices and execute swaps.View glossary entry pool’s asset prices shift relative to deposit prices; mitigated by Flying Tulip’s hybrid curveA dynamic blend between constant sum (tight spreads in calm markets) and constant product (LP protection in volatility), informed by regime signals (e.g., EMAs) and guardrails.View glossary entry behavior in volatile regimes.

Invest (PutManager) — Deposit accepted assetsTokens that can be contributed in the Capital Allocation (PCA) or used in products (e.g., USDC, USDT, USDS, USDe, USDtb, WETH, WBTC, cbBTC, SOL/jupSOL, AVAX/wAVAX).View glossary entry to open a PUT position and withdraw FT issued into that PUT.

Insurance PoolA capital pool that backs exploit coverage; buyers pay usage‑based premiums, and providers accrue yield from those premiums. Claims depend on event verification.View glossary entry / FT_exploit_insurance — A capital pool that backs exploit coverage; buyers pay usage‑based premiums, and providers accrue yield from those premiums. Claims depend on event verification.

Isolated Collateral — CollateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry mode where assets are dedicated to a single position and not shared across markets.

J​

jupSOL — A liquid‑staking representation of SOL used for staking yield in conservative allocations.

K​

Keepers (Liquidation Keepers) — External actors incentivized to execute liquidations or complex unwinds. Flying Tulip uses size/time‑sliced executionBreaking a large unwind into smaller pieces over time to reduce price impact.View glossary entry and rebates to reduce market impact.

KYC (Know Your Customer) — Identity verification required by some platforms or jurisdictions.

L​

Lend - Permissionless — A lending system where each Spot pair automatically gets a lending market. Parameters adapt dynamically to market conditions.

Lend - Permissioned — A pre‑configured lending pool enabling cross‑collateralUsing one deposit as collateral across multiple markets or products simultaneously (e.g., lending, CLOB, futures).View glossary entry and powering Spot and Futures; includes debt netting for zero‑liquidationForced unwind of risky positions; Flying Tulip emphasizes gradual "soft" liquidations via Spot routing, with size/time‑slicing and keeper incentives.View glossary entry strategies.

Leverage (Futures) — Trading with exposure greater than posted collateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry; in FT futures, leverageTrading with exposure greater than posted collateral; in FT futures, leverage constraints are set using depth‑aware metrics.View glossary entry constraints are set using depth‑aware metrics.

Leveraged Liquidity (AMM) — LPA user who deposits assets into a pool or AMM to accrue fees or incentives.View glossary entry mode that behaves like full‑range coverage but concentrates more capital near the current price to improve fee capture without constant re‑ranges.

Liquidation / Soft Liquidation — Forced unwind of risky positions; Flying Tulip emphasizes gradual "soft" liquidations via Spot routing, with size/time‑slicing and keeper incentives.

Loan‑to‑Value (LTV) — Borrowing limit as a ratio of collateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry value; may be a snapshotA point‑in‑time capture of on‑chain state used to determine whitelist eligibility.View glossary entry at opening to avoid abrupt changes affecting users.

Launchpad — The token‑launch workflow. Teams create a token with thresholded deposits; when thresholds are met, the Spot + money marketA lending/borrowing venue where deposits accrue interest and loans are collateralized.View glossary entry is deployed automatically. Anti‑MEVValue extracted by transaction ordering, inclusion, or exclusion within a block.View glossary entry protections may apply initially. LeverageTrading with exposure greater than posted collateral; in FT futures, leverage constraints are set using depth‑aware metrics.View glossary entry/futures unlock after an RWAPA price metric that weights observations by available reserves near the path of execution, providing a depth‑aware benchmark for swaps.View glossary entry warm‑up period.

LayerZero — Cross‑chain messaging protocol used to power OFTCross‑chain messaging and token standard that allows FT to move natively across chains.View glossary entry transfers.

Lockup — A period during which tokens cannot be transferred or withdrawn.

LP / Liquidity Provider — A user who deposits assets into a pool or AMMOn‑chain market using formulas instead of a central order book to quote prices and execute swaps.View glossary entry to accrue fees or incentives.

LST (Liquid Staking Token) — A tokenized claim on staked assets that remains liquid (e.g., stETHA liquid‑staking representation of ETH used for conservative staking yield.View glossary entry).

M​

Maker / Taker — Trading roles where makers add liquidity with resting orders and takers remove it by trading against them; fee schedules often differ.

Mark‑to‑Market — Valuing a position using current market prices rather than entry prices.

MEV (Maximal Extractable Value) — Value extracted by transaction ordering, inclusion, or exclusion within a block.

Money Market — A lending/borrowing venue where deposits accrue interest and loans are collateralized.

Multisig — A multi‑signature wallet with elevated permissions used for safety‑critical admin actions.

N​

NFT (Non‑Fungible Token) — A unique token (typically ERC‑721) representing ownership of a specific asset or position.

No Bridging (backing capital) — Backing capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entry remains on the source chain and is not bridged as part of the default allocation policy.

O​

OFT (Omnichain Fungible Token) — Cross‑chain messaging and token standard that allows FT to move natively across chains.

OFAC — The U.S. Office of Foreign Assets Control; referenced for compliance and sanctions constraints.

Oracle (price oracle) — External feed of asset prices. Flying Tulip futures derive pricing/settlement from in‑house trading activity to avoid oracleExternal feed of asset prices. Flying Tulip futures derive pricing/settlement from in‑house trading activity to avoid oracle lag/manipulation.View glossary entry lag/manipulation.

Order Book (CLOB) — See CLOBAn exchange mechanism that matches bids and asks; integrated with Flying Tulip’s permissioned lending for cross‑collateralized trading while deposits continue to accrue.View glossary entry; orders can rest while deposits continue to accrue in the permissioned lending system.

Opt‑In Settlement LP (Futures) — Liquidity providers who supply ftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry to settlement pools and accrue per‑settlement fees, with exposure managed across providers.

P​

ftPUT (PUT position token) — The token representing a specific Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and ExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry at par.

Pause / Pausing — Temporarily halting token transfers or protocol operations via admin roles for safety.

Perpetual Futures (Futures) — Futures without expiration; Flying Tulip uses on‑chain trading as the primary price source with sub‑second settlement and funding tied to real borrowing costs.

Perpetual PUT — The on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFTThe ERC‑721 token that represents a holder’s Perpetual PUT. Each FT NFT (ftPUT) tracks the collateral, strike asset, and FT amount tied to a primary allocation position.View glossary entryFT NFTThe ERC‑721 token that represents a holder’s Perpetual PUT. Each FT NFT (ftPUT) tracks the collateral, strike asset, and FT amount tied to a primary allocation position.View glossary entry attached), ExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry (ExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry at par; return collateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).

P&L (Profit and Loss) — Net gains or losses on a position after fees and price changes.

Permit2 — A signature‑based token approval/transfer contract used to enable gasless or one‑time permissions.

Price Impact — SlippageThe difference between expected and executed price due to trade size and available liquidity.View glossary entry caused by trade size relative to available depth; managed by hybrid curves and depth‑aware metrics.

Pro‑Rata — Proportional allocation based on each participant’s share of the total.

Capital Allocation (PCA) — The on-chain Public Sale event where contributors exchange accepted assetsTokens that can be contributed in the Capital Allocation (PCA) or used in products (e.g., USDC, USDT, USDS, USDe, USDtb, WETH, WBTC, cbBTC, SOL/jupSOL, AVAX/wAVAX).View glossary entryaccepted assetsTokens that can be contributed in the Capital Allocation (PCA) or used in products (e.g., USDC, USDT, USDS, USDe, USDtb, WETH, WBTC, cbBTC, SOL/jupSOL, AVAX/wAVAX).View glossary entry for FT at a fixed rate (10 FT per $1). FT is allocated from a fixed pre-minted total supply of 10B. totalSupply stays 10B while the split between circulating and non-circulating supply changes.

Passkeys (WebAuthn / FIDO2) — Passwordless authentication bound to a device or security key, used with delegated session keysShort‑lived keys authorized by a user’s wallet to approve a bounded set of actions (e.g., trading). Enable smooth UX (no constant pop‑ups) while preserving withdrawal controls.View glossary entry to enable one‑click, wallet‑less UXThe overall experience of using a product, including ease, clarity, and flow.View glossary entry while maintaining on‑chain security guarantees.

PutManager — The contract that orchestrates PCA participation, FT issuance into PUT positions, and post‑offering actions such as investDeposit accepted assets to open a PUT position and withdraw FT issued into that PUT.View glossary entry, withdraw, exitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry, and state transitions.

Q​

Queues / Unbonding (staking exits) — Waiting periods required to withdraw from certain staking positions (e.g., stETHA liquid‑staking representation of ETH used for conservative staking yield.View glossary entry withdrawals, SOL/AVAXAvalanche’s native token and its wrapped ERC‑20 representation used for staking and liquidity.View glossary entry unbonding).

R​

Rate Limiter — A mechanism that caps the rate of withdrawals or actions over time to reduce exploit impact.

RWAP (Reserve‑Weighted Average Price) — A price metric that weights observations by available reserves near the path of execution, providing a depth‑aware benchmark for swaps.

RVOL (Realized Volatility) — Observed volatility over a window, used to characterize market regimes.

Revenue & Fees (Protocol) — Cashflows generated by Flying Tulip products (e.g., ftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry/settlement rails, Spot, Lend, Futures, Insurance) routed to buyback-and-burnA mechanism that buys FT on the open market and sends it to an irrecoverable address, permanently reducing supply. May be funded by backing capital yield surplus, protocol revenue/fees, or released backing capital from withdrawals.View glossary entry and used to govern unlocks.

Revenue‑Funded Unlocks (40:40:20) — When buybacks are funded by revenue, Foundation/Team/Incentives unlock 1:1 in a 40:40:20 split. Yield‑only buybacks do not unlock.

Risk Controls (Spot & Lend) — Guardrails and procedures (e.g., regime detection, snapshot LTVBorrow limits fixed at the time of opening/adjustment to protect users from abrupt parameter changes.View glossary entry, soft liquidationForced unwind of risky positions; Flying Tulip emphasizes gradual "soft" liquidations via Spot routing, with size/time‑slicing and keeper incentives.View glossary entry, size/time‑slicing, incentivized keepersExternal actors incentivized to execute liquidations or complex unwinds. Flying Tulip uses size/time‑sliced execution and rebates to reduce market impact.View glossary entry) that aim to reduce tail risk and market impact.

S​

sUSDe / USDe — A yield‑bearing form (sUSDeA yield‑bearing form (sUSDe) and its base asset (USDe) used in certain strategies and as accepted assets in the PCA.View glossary entry) and its base asset (USDeA yield‑bearing form (sUSDe) and its base asset (USDe) used in certain strategies and as accepted assets in the PCA.View glossary entry) used in certain strategies and as accepted assetsTokens that can be contributed in the Capital Allocation (PCA) or used in products (e.g., USDC, USDT, USDS, USDe, USDtb, WETH, WBTC, cbBTC, SOL/jupSOL, AVAX/wAVAX).View glossary entry in the PCA.

sftUSD — Staked ftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry receipt token that accrues the staking pool’s yield.

Safe (Gnosis Safe) — A multisigA multi‑signature wallet with elevated permissions used for safety‑critical admin actions.View glossary entry smart‑contract wallet commonly used for admin or treasury control.

Settlement Currency / Pools (Futures) — ftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry is used as the settlement currencyftUSD is used as the settlement currency; opt‑in LPs deposit ftUSD to settlement pools and accrue fees.View glossary entry; opt‑in LPs deposit ftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry to settlement pools and accrue fees.

Settlement Rail — The ftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry settlement layer used to clear trades and transfers across products.

SDK (Software Development Kit) — A packaged set of tools/libraries for building integrations.

Slippage — The difference between expected and executed price due to trade size and available liquidity.

Sandwich Attack — An MEVValue extracted by transaction ordering, inclusion, or exclusion within a block.View glossary entry strategyA yield venue tracked by the wrapper; strategies can be added/removed/reordered and capital moved between them by authorized roles.View glossary entry that places a trade before and after a victim order to capture price impactSlippage caused by trade size relative to available depth; managed by hybrid curves and depth‑aware metrics.View glossary entry.

Snapshot (Eligibility) — A point‑in‑time capture of on‑chain state used to determine whitelist eligibility.

Snapshot LTV — Borrow limits fixed at the time of opening/adjustment to protect users from abrupt parameter changes.

Soft Liquidation — Gradual unwind via Spot with size/time‑slicing and incentives to reduce slippageThe difference between expected and executed price due to trade size and available liquidity.View glossary entry.

Sonic (S) / wS / stS — Sonic chain’s token and its wrapped/staked variants referenced in certain strategies and accepted‑assets lists.

Session Keys (Delegated Keys) — Short‑lived keys authorized by a user’s wallet to approve a bounded set of actions (e.g., trading). Enable smooth UXThe overall experience of using a product, including ease, clarity, and flow.View glossary entry (no constant pop‑ups) while preserving withdrawal controls.

State Channels — Off‑chain execution channels that update balances with periodic on‑chain commitments. Used to enable continuous trading; channels cannot withdraw funds, which requires native signing.

stETH — A liquid‑staking representation of ETH used for conservative staking yield.

Stablecoin — A token pegged to a reference value (e.g., USD). ftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry is a stable, delta‑neutralA portfolio whose net directional exposure is approximately zero, constructed by balancing long and short legs.View glossary entry, yield‑bearing variant.

Strategy (ftYieldWrapper) — A yield venue tracked by the wrapper; strategies can be added/removed/reordered and capital moved between them by authorized roles.

Surplus (Yield Surplus) — Backing capital yieldYield generated by deploying backing capital into low‑risk venues. Priority is to fund ecosystem development first (salaries/marketing/infra/ops); surplus funds buyback-and-burn of FT.View glossary entry remaining after the ecosystem budgetThe first call on backing capital yield to fund the organization: salaries, marketing, infrastructure, and operations.View glossary entry; the surplusBacking capital yield remaining after the ecosystem budget; the surplus is used for buyback-and-burn.View glossary entry is used for buyback-and-burnA mechanism that buys FT on the open market and sends it to an irrecoverable address, permanently reducing supply. May be funded by backing capital yield surplus, protocol revenue/fees, or released backing capital from withdrawals.View glossary entry.

T​

Timelock — A delay between a governance/action proposal and its execution.

Time‑Sliced Execution — Breaking a large unwind into smaller pieces over time to reduce price impactSlippage caused by trade size relative to available depth; managed by hybrid curves and depth‑aware metrics.View glossary entry.

Tokenomics — The economics of a token: supply, issuance, incentives, and distribution.

Token Unlocks — See Revenue‑Funded UnlocksWhen buybacks are funded by revenue, Foundation/Team/Incentives unlock 1:1 in a 40:40:20 split. Yield‑only buybacks do not unlock.View glossary entry (40:40:20); unlocks are releases from pre‑allocated buckets, not new token inflation.

Total Value Locked (TVL) — The total value of assets deposited in a protocol, market, or strategyA yield venue tracked by the wrapper; strategies can be added/removed/reordered and capital moved between them by authorized roles.View glossary entry.

TWAP (Time‑Weighted Average Price) — A time‑only averaging of price used in oracles and analytics; complements depth‑aware measures.

TWAR (Time‑Weighted Average Reserve) — A depth‑aware measure used in futures that considers how much of X can be sold for Y over time, enabling safer leverageTrading with exposure greater than posted collateral; in FT futures, leverage constraints are set using depth‑aware metrics.View glossary entry and funding calculations.

U​

Utilization — The share of a pool’s assets that are currently borrowed or in active use.

UI (User Interface) — The visual interface through which users interact with an app or product.

UX (User Experience) — The overall experience of using a product, including ease, clarity, and flow.

UMA Oracle (Optimistic Oracle) — Third‑party verification service used by Insurance to confirm exploit events before claims are paid.

Unlocks 40:40:20 — See Revenue‑Funded UnlocksWhen buybacks are funded by revenue, Foundation/Team/Incentives unlock 1:1 in a 40:40:20 split. Yield‑only buybacks do not unlock.View glossary entry.

USDC / USDT / USDS / USDe / USDtb — Stablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.

V​

Vesting — A schedule that releases tokens over time instead of all at once.

W​

Wallet Abstraction — Using smart‑contract accounts and delegated keys to simplify wallet UXThe overall experience of using a product, including ease, clarity, and flow.View glossary entry while preserving on‑chain security.

WBTC / cbBTC — Bitcoin representations used on EVMThe execution environment for smart contracts on Ethereum‑compatible chains.View glossary entry chains; accepted assetsTokens that can be contributed in the Capital Allocation (PCA) or used in products (e.g., USDC, USDT, USDS, USDe, USDtb, WETH, WBTC, cbBTC, SOL/jupSOL, AVAX/wAVAX).View glossary entry for PCA and supported in some products.

Witnessnet — A framework that lets smart contracts verify facts about HTTPS responses without a trusted oracleExternal feed of asset prices. Flying Tulip futures derive pricing/settlement from in‑house trading activity to avoid oracle lag/manipulation.View glossary entryoracleExternal feed of asset prices. Flying Tulip futures derive pricing/settlement from in‑house trading activity to avoid oracle lag/manipulation.View glossary entry. Contracts receive (url, response data, proof) where the proof shows: AEAD‑authenticated TLS records under correctly derived traffic keys; Finished messages verified; and a valid server certificate matching the hostname with proven key possession (CertificateVerify). Any party can submit proofs, making "any HTTPS endpoint an implicit oracle."

Y​

Yield Surplus (Y) — The remaining annual backing capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entrybacking capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entry carry after the ecosystem budgetThe first call on backing capital yield to fund the organization: salaries, marketing, infrastructure, and operations.View glossary entryecosystem budgetThe first call on backing capital yield to fund the organization: salaries, marketing, infrastructure, and operations.View glossary entry (E) has been funded: Y = max(B − E, 0). Converted to retired FT by Y / P, where P is the average buyback price.