Glossary

The protocol§

Pod

A program account that owns one basket: its recipe, fees, component vaults and the books for each component. Its address is a PDA of the pod mint.

Cohort

The token a pod mints, such as cCORE. Token-2022, 9 decimals, with metadata and no other extensions: no freeze authority, permanent delegate, hook, pause or transfer fee.

Component

One of the 2 to 10 tokens in a pod's basket, usually an xStock. Each has its own vault, owned by the pod.

Recipe units

The raw amount of each component behind one whole cohort at genesis. Fixed forever when the pod is created.

Genesis wrap

The first wrap, made by the creator inside create_pod. It deposits recipe units, mints at least one whole cohort and pays no fee.

Wrap

Deposit every component pro-rata and receive newly minted cohorts. Amounts in round up.

Unwrap

Return cohorts and receive every component pro-rata. Amounts out round down.

Partial unwrap

An unwrap in which components that can't move right now are written to claim tickets instead of being paid. See §6 Partial unwrap and claim tickets.

Claim ticket

An account in the holder's name recording a raw amount of one component, reserved in the vault, redeemable once that component moves again.

Tracked balance

The program's own record of how much of a component backs the cohort supply. All share math uses it, never the vault's live balance.

Shortfall

The cumulative amount of a component the program has found missing from a vault, i.e. seized by its issuer. Charged to that pod's holders pro-rata.

Reconcile

The comparison of a vault with the books that detects a shortfall. Runs inside every wrap and unwrap, and on demand through the permissionless reconcile instruction.

FeeVault

The pod's Token-2022 account that collects wrap and unwrap fees, in cohorts, until distribute_fees runs.

Burn

The part of the FeeVault destroyed by distribute_fees: everything except the creator and protocol shares. It lowers supply, which raises backing per cohort.

Backing per cohort

Tracked balance ÷ supply, for each component: how much of it one cohort redeems for, before the unwrap fee.

Verified

A label the protocol admin sets on curated pods. It has no effect on how a pod works.

Issuer allowlist

The keys (freeze authorities, permanent delegates, pause authorities, hook authorities and hook programs) the protocol accepts on a component. A pod can only be built from components whose powers are all held by listed keys.

Tokens and issuers§

xStock

A tokenized share, such as SPYx or NVDAx, issued on Solana as a Token-2022 token. It is a claim on its issuer, not a registered share.

Token-2022

Solana's newer token program, which supports extensions such as metadata, pausing and transfer hooks. Components may use it or the original SPL Token program.

Permanent delegate

A Token-2022 extension that lets one key move or burn tokens from any account of that mint without the owner's signature.

Pausable

A Token-2022 extension that lets one key stop every transfer of the mint.

Transfer hook

A Token-2022 extension that calls a program on every transfer, which may need extra accounts and may refuse the transfer.

ScaledUiAmount

A Token-2022 extension that applies a multiplier to the displayed balance, used for dividends and splits. Raw balances don't change.

Raw units

A token amount as an integer of its smallest unit. One cohort is 1,000,000,000 raw; one xStock is 100,000,000 raw.

Basis point (bps)

One hundredth of a percent. 30 bps is 0.30%.

Trading§

NAV

Net asset value: a cohort's backing priced at the components' market prices. Computed off-chain; the program never uses it.

Premium and discount

How far the cohort's pool price is above (premium) or below (discount) its NAV.

Arbitrage

Wrapping and selling when the pool is at a premium, or buying and unwrapping at a discount, to keep the difference. It is what holds the price near NAV.

No-trade band

The range of premiums and discounts too small to pay for an arbitrage: roughly the pool fee plus the wrap or unwrap fee plus the cost of trading the components.

Address lookup table

A Solana account listing addresses so a transaction can refer to them by index. Large pods need one to fit a wrap or unwrap in one transaction.

Devnet

Solana's public test network. Tokens on it have no value.