Glossary

Backing — the quote-side balance sitting in a coin's own pool. Before the bond it is USDG; after, the coin's tracker. It is the money the coin's trading has actually put behind it, not a valuation.

Bond — the one-time migration that re-pairs a coin from USDG to its leveraged tracker, at the same dollar price, once the pool has accumulated the launcher's threshold. Permissionless.

bondBackingUsd — the threshold, immutable and public on the launcher.

CREATE2 mining — searching for a deployment salt that produces a coin address sorting below its quote, so the coin is always token0 and is priced the right way up by every tracker.

Creator fee — 0.7% of every swap, booked to whoever launched the coin, claimable at any time, forever.

Entry — on the hedge book, the mark at which a tracker's position was opened. Added backing averages into it at the mark it arrived at.

Leveraged tracker (LT) — an ERC-20 following a real market at a fixed multiple, e.g. NVDAx5. Backed by a perpetual position on Lighter, valued at NAV, mintable and redeemable at NAV.

Locked by absence — liquidity that cannot be withdrawn because the holding contract has no function that could, rather than because a timelock currently refuses.

Maintenance margin — the fraction of notional a position's equity must stay above to avoid liquidation. 3% on the equity perps here, read from the venue rather than assumed.

MIGRATION_DUST — 1e12, the tolerance for coin left behind by a bond. Anything larger reverts the whole migration.

NAV — a tracker's net asset value: the equity of its backing position divided by its supply. Posted on chain, readable by anyone.

Notional — a position's exposure: size times mark. Five times the margin behind it, at 5×.

Single-sided position — a Uniswap V3 position holding only one of the two tokens, valid because the pool is initialised exactly at the range's bound. It is why launching needs no capital.

sqrtPriceX96 — Uniswap V3's price representation, the square root of the price in smallest units, scaled by 2^96. Never square one: (2^160)^2 overflows a uint256.

Tracker pool — a tracker's own USDG market, with most of its depth in a tight band around NAV and a full-range floor underneath.

USDG — the quote asset, Robinhood Chain's dollar stablecoin. 6 decimals, which is why every price conversion here carries a 10^(18 − dq) term.

Volatility decay — the ground a constant-leverage product loses on a round trip in the underlying. Structural, not a defect.