| Market |
One protected asset together with its Money Pool, floor ratio, settlement time and premium curve. NVDA and UNI at launch. |
| Protect |
Buy a 7-day price floor for an amount of the asset. |
| Earn / Money Pool |
A market's USDG pool that backs that market's protection and receives premium by share. |
| Share |
A depositor's holding in a Money Pool, accounted purely in USDG and not transferable. |
| Share price |
USDG in the pool ÷ total shares. Deposits are converted into shares at this price; it falls when the pool pays out USDG on delivery. |
| Floor price |
Official price at purchase × 95% (NVDA) or × 90% (UNI), rounded down to the price tick. Fixed after purchase. |
| Official price |
The value of the onchain official price feed. Purchases use the latest value (updated within the allowed freshness window); settlement uses the value at the settlement time. |
| Price freshness |
The longest time the official price may have gone without an update at purchase. Beyond it the purchase is refused. |
| Tick |
The rounding unit for the floor price; the floor is rounded down to a whole number of ticks. |
| Premium |
The fee taken in the asset from the deposited amount when buying protection. The protocol share goes to the protocol treasury (ratio on Markets and parameters); the rest is released to the Money Pool second by second over the protection period. |
| Premium rate |
The premium as a percentage of the deposited amount, set by utilization and locked at purchase. |
| Protected amount |
Deposited amount minus premium; the amount that actually has the floor. |
| Reserved USDG |
The USDG the pool locks for a position at purchase: protected amount × floor, rounded up. On delivery it is exactly what is paid out. |
| Reserved / unreserved |
USDG in the pool already set aside for live protection / free USDG available for new protection or withdrawals. |
| Utilization |
Reserved USDG as a share of the USDG in the pool. |
| Premium curve |
The single-kink line from utilization to premium rate (points at 0% / 90% / 100%), recalibrated weekly by volatility. |
| Kink |
The bend in the curve at 90% utilization. Below it the rate rises gently; above it the rate rises steeply until purchases are refused at 100%. |
| Realized volatility |
The annualized volatility computed from the daily moves of the official price over a recent window. The input to the weekly recalibration. |
| Theoretical premium |
The fair price of a 7-day protection at this floor under the current volatility, from the standard option pricing formula. |
| Safety factor |
The start of the curve = theoretical premium × safety factor, rounded up. |
| Remaining capacity |
The largest new protection the pool's unreserved USDG can back. |
| Notional |
The deposited amount valued in USDG at the purchase price. Each purchase must reach the minimum notional (see Markets and parameters). |
| Settlement time |
The same daily moment for all markets: 12:00 UTC. Each market reads its own official price once; all protection expiring that day settles at the same price. |
| Settlement batch |
All the protection in one market that expires at one settlement time. A batch uses one official price and is settled, deferred or voided as a whole. |
| Tenor |
The nominal 7-day protection period. Actual expiry is aligned to the settlement time, so a protection lasts 7 to 8 days. |
| Expiry |
The first settlement time after 7 full days from purchase. |
| Delivery |
Official price at expiry ≤ floor: the protected asset is sold at the floor for USDG. |
| Release |
Official price at expiry > floor: the asset is returned as it is. |
| Early exit |
Leaving protection before expiry; the asset is returned at once, the premium is not refunded. |
| Auto-renew |
Immediately buy a new protection at the current floor and rate after a release, paying a new premium. Optional. |
| Deferral |
When no official price is available at the settlement time, the batch moves to the next settlement time at which one is. |
| Void |
Beyond the allowed deferral limit or after a chain halt: assets returned, unreleased premium refunded, released part kept by depositors. |
| Withdrawal delay |
A depositor must wait the withdrawal delay after requesting a withdrawal; the share keeps carrying risk and receiving premium meanwhile. |
| Protocol share |
The fixed share of every premium that goes to the protocol treasury at purchase; the ratio is on Markets and parameters. |
| Protocol treasury |
The account that receives the protocol share of every premium. 80% of what it receives goes to buyback and burn, 20% to the development team. |
| Test tokens |
The mock TSLA and mock USDG used by the testnet demo; anyone can mint them from the app and they have no value. |
| PUT |
PUTGO's token. Fair-launched on PONS with a fixed supply of 1,000,000,000 PUT; no more can be minted after the launch. See PUT token. |
| Fair launch |
90% of PUT enters the market through one public launch on PONS, and every participant gets PUT under the same rules; apart from the development team's 10%, there is no presale, private round or reserved allocation, and no lockup. |
| Team allocation |
10% of the PUT supply (100,000,000 PUT), which belongs to the development team from the launch. Not the same as the team share of protocol revenue. |
| Go-live |
PUTGO opens on mainnet one week after PUT launches. |
| Buyback and burn |
80% of protocol revenue (the buyback reserve) buys back PUT, which is burned in the same transaction. Triggered manually; bought-back PUT is never handed to anyone. |
| Team share |
20% of protocol revenue, which goes to the development team for operating costs and income; paid in assets, not in PUT, and separate from the team allocation. |