Glossary

The terms used across this document, defined once.

Term	Definition
Architect	A liquidity provider that governs allocation, parameters, and the direction of the Reserve. See Governance.
Baseline	The floor return paid by the Stable Pool, set per sector, modeled from the operated record and held first by the monetization partner, then by the Reserve. See Economics.
Book	The full set of names a pool holds, taken together.
Contributor	The supplier of capital into a pool, holding a claim on revenue defined by the pool. See Participants.
Cost	The expense of operating the book — sourcing, settlement, and the monetization itself — netted from gross revenue before any position is paid. See Economics.
Cycle	The recurring period over which revenue is verified and paid. See Lifecycle.
Gating	The queuing of redemptions under stress, to preserve the loss order without drawing a pool's principal. See Lifecycle.
Ledger	The off-chain, double-entry, append-only record of every position and movement. The source of truth. See Architecture.
Lock	The term for which deposited capital is committed to a pool, defined per pool at the time of deposit. See Lifecycle.
Loss-absorption order	The fixed order in which loss is absorbed: the Reserve first, the Single Pools next, the Stable Pool last. See The waterfall.
Merkle anchor	A periodic root of the ledger state, written on-chain as proof. The chain attests to the ledger; it does not hold it.
Monetization partner	The off-chain operator that earns the revenue, settles it in fiat, and stands behind the senior baseline. See Participants.
Power law	The distribution of human-capital revenue: a few names far above the rest, the rest low and close together. Its heaviness is set by the tail index. See The thesis.
Protocol Reserve	The first-loss buffer, drawn ahead of both pools to absorb loss. See Economics.
Single Pool	The junior tier, taking direct, concentrated exposure to one name. See Pool structure.
Stable Pool	The senior tier, holding the whole book diversified, paying a baseline. See Pool structure.
Support order	The fixed sequence in which the senior baseline is met: realized revenue, then the partner's contractual support, then the Reserve. Distinct from the loss-absorption order. See The waterfall.
Tail index	The exponent $\alpha$ governing how heavy the power-law tail is; it decides which moments exist, and so what diversification can do. Finite mean requires $\alpha>1$ ; finite variance requires $\alpha>2$ . See The thesis.
Vault	The entry interface through which capital takes a position in a pool. See Pool structure.
Waterfall	The defined order in which losses are absorbed: the Reserve first, the Single Pools next, the Stable Pool last. See The waterfall.