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Glossary

Every term used in this reference, defined once.

Term	Definition
Tick	A price level in the book carrying committed quote-side depth.
Bid	A binding, escrowed commitment to buy the base asset at a tick’s price.
Floor	The best (highest) funded tick — the price real capital stands behind.
Mark	An on-chain recorded price that the pool printed and sustained; the settlement reference.
Buffer	Relative distance from the mark down to the floor: (M − F) / M.
Skim	The configured fraction of upward collateral moves harvested to amortize debt.
Pending window	The persistence period a liquidating move must hold before title transfers; recovery reverses it inside the window.
Title transfer	Settlement of a defaulted or persistently liquidated loan: the lender receives the collateral at their committed price.
Term	The fixed tenor shared by all loans in a market; every loan is terminal.
Curator	A vault that allocates lender capital across markets and ticks under a stated mandate.
Ladder	The initial tick grid a market deploys with.
Utilisation	The share of committed depth currently drawn by borrowers.