> For the complete documentation index, see [llms.txt](https://docs.ethosis.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethosis.org/introduction/glossary.md). # Terminology Terms are grouped by where they come up: offers and origination, loan health and recovery, the chain and its tokens, and access control. ## Offers and origination | Term | Definition | | ------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Borrow request** | What a borrower publishes, on-chain or through a relayer, to say they want a loan: the collateral token and amount, the principal sought, the highest acceptable APR, the term and a deadline for fills. | | **Offer** | A message signed under EIP-712 by a lender (or a borrower) setting out the terms they will deal at. Creating and cancelling offers costs nothing. | | **Standing offer** | A lender offer with no particular request attached. It works like a limit order placed against a collateral token or a tier. | | **Targeted offer** | A lender offer aimed at one named borrow request. | | **Origination** | The transaction in which offers are matched to a request, collateral goes into escrow, principal is transferred and slice tokens are minted. `LoanDesk` carries it out. Also called settlement. | | **Syndicate** | All the lenders whose offers together filled one borrow request. Each holds a pro-rata slice. | | **Slice** | A single lender's portion of a loan, represented by a slice token. | | **Slice token** | The ERC-721 (Ethosis Lender Slice, symbol ESLC) minted for each slice at origination. It records principal, APR and start time and carries the claim on collateral. Transfers are gated by the access registry. | | **Market** | A configuration identified by `(collateralToken, loanToken, oracle, ltvConfig)`. Each market is isolated from every other. | | **Idle capital** | USDG a lender has approved for lending that has not been matched yet. If the lender opts in, it is parked in a whitelisted Morpho Blue vault. | ## Loan health and recovery | Term | Definition | | ------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **LTV** | Loan-to-value: principal divided by the oracle-priced value of the collateral. | | **Max LTV** | The ceiling on LTV at which a loan may be originated in a given tier and session. | | **Liquidation LTV** | The LTV beyond which a loan can be liquidated. | | **Health factor (HF)** | `collateralValue × liquidationLtv / debt`. Under 1.10 the borrower receives a warning; under 1.00 the loan is open to liquidation. | | **Closed-market haircut** | A cut to the effective LTV ceilings, applied while the Chainlink feed reports the market closed or the price stale. | | **Session** | The state of the underlying equity market as the oracle reports it: regular hours, extended hours or closed. | | **Dutch auction** | How liquidation works. The collateral is put up at a starting price above oracle, the price falls linearly towards a floor, and the first buyer to accept the current price takes it. | | **Refinance auction** | How rollover works. Ahead of maturity the rate climbs linearly from the existing rate towards a cap; the first lenders to accept take the loan over and the outgoing lenders are paid out. | | **Grace window** | The 24 hours after maturity during which the borrower may still repay before the loan counts as defaulted. | | **Keeper** | An automated agent that starts auctions, sends alerts, accepts refinance bids or rebalances idle capital. Running one requires no permission. | ## The chain and its tokens | Term | Definition | | ------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------- | | **Stock Token** | An ERC-20 issued by Robinhood Assets (Jersey) Ltd. It represents a tokenized debt security backed 1:1 by shares held in custody in the US. | | **`uiMultiplier()`** | The ERC-8056 function giving a Stock Token's shares-per-token ratio, which reflects reinvested dividends and splits. | | **`oraclePaused()`** | A flag on the Chainlink feed set during corporate actions. While it is set, the protocol freezes new borrows and liquidations on that token. | | **USDG** | The Paxos Global Dollar, in which every loan is denominated and settled. | | **PolicyController** | The timelocked contract holding every tunable parameter. Each change it makes emits an event. | | **Sequencer Uptime Feed** | A Chainlink feed that reports whether the L2 sequencer is up. The protocol uses it to grant a liquidation grace period after an outage. | | **Delayed inbox** | The Arbitrum contract on L1 through which a transaction can be force-included after 24 hours if the sequencer is censoring or down. | ## Access control | Term | Definition | | ------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Access registry** | The contract that checks attestation-backed roles and jurisdiction rules at every origination, supply, refinance and collateral transfer. | | **Attestation** | A signed on-chain statement, in an Ethereum Attestation Service schema, issued by a KYC provider to confirm that a wallet satisfies a role's requirements. It holds no personal data. | --- # Agent Instructions This documentation is published with GitBook. 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