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Glossary

AssetUser.shortRecordIdCounter

The next available id to be used for a shorter's next shortRecord.

Collateral

Collateral is an asset that a borrower pledges as a security for a loan. This asset backs the pegged asset that is tied to the debt. The system accepts ETH Liquid Staking Tokens (LSTs) as collateral.

CR

Collateral Ratio. The ratio between the collateral and the debt for a position. A CR of 1 means that the debt is fully covered or collateralized. An over collateralized position means the CR is greater than 1. The system maintains an over-collateralization of assets to ensure protocol solvency and price stability.

dittoMatchedRate

The per second rate of ditto token generation for users who provide liquidity on the orderbook.

dittoMatchedReward

The total amount of ditto tokens available as rewards for users who provide liquidity on the orderbook.

dittoMatchedShares

The number of ETH-seconds accrued by a matched order, which is a product of the value matched and the duration on the orderbook.

dittoMatchedTime

Records the timestamp of the most recent call of claimDittoMatchedReward().

dittoShorterRate

The per second rate of ditto token generation for shorters.

ERC-20

ERC-20 (Ethereum Request for Comment 20) is a technical standard for fungible tokens. The system uses this for dETH and the other stable assets.

ercEscrowed

AssetUser.ercEscrowed tracks the amount of stable asset for a user. It refers to stablecoins like dUSD (which is an ERC-20). This is virtually accounted for because the ERC itself is also minted when withdrawing from the system and burned when depositing into it.

ethDebt

During a primary liquidation this amount represents the upper bound on the ercDebt converted to ETH at the current oracle price after accounting for fees and the forcedBidPriceBuffer.

ethEscrowed

VaultUser.ethEscrowed virtually tracks the amount of ETH collateral for a user: increases when depositing ETH or LST via the Bridges like rETH/stETH, and decreases when withdrawing. The ETH itself is stored in the Bridges for each LST.

forcedBidPriceBuffer

The upper limit above the oracle price at which forced bids are priced during primary liquidations.

liquidatorCollateral

During a secondary liquidation this amount represents the amount of collateral that has been liquidated by the liquidator and is owed to them.

LST

Liquid Staking Tokens are ERC-20 tokens that are issued by staking providers or yield generating protocols. These tokenized IOUs allow users to both earn yield from staking on their ETH and still retain liquidity. (LSD is a similar concept which stands for Liquid Staking Derivatives)

shortRecord

shortRecord is the system term for a position of debt that generates yield. It is a short position, where the shorter owes debt corresponding to the stable asset. Therefore, this debt is over collateralized by the shorter to ensure the pegged asset is fully backed, while generating yield for the shorter.

shorter

The user or address that has control of a shortRecord, or short position.

Stablecoin

A token that targets a particular price index, whether 1 USD, or 1 EUR, etc. A pegged asset.

startingId

The highest priced bid to be matched first against an incoming limit short order. Necessary in createLimitShort() to prevent error stack too deep.

startingShortId

The lowest priced short order that is still priced at or above the oracle price. To save gas, this can be approximate up to 1% higher than the last saved oracle price.

dETH

A token that is 1:1 value of ETH, similar to WETH and is the main ERC-20 asset of the system used to make Bid or Short Orders. Although dETH is mainly backed by a basket of LSTs, yield can only be extracted when a trader is in a short position. Thus it is theoretically possible a shorter can earn more yield per unit of dETH they are collateralizing with.