> For the complete documentation index, see [llms.txt](https://docs.usecanopic.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usecanopic.com/getting-oriented/glossary.md). # Glossary One reference list of the terminology used across these docs, organised by subject. Entries are organised into subject areas, and each area lists its terms from A to Z. ## Market structure | Term | Definition | | ---------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Anchor vault** | A per-asset contract, also called a market vault, that holds inventory in both the Stock Token and USDG and quotes buy and sell prices around the oracle mid. See [Market vaults](/how-trading-works/market-vaults.md). | | **Clip** | The maximum size a single swap can draw from a vault. Larger orders are routed to RFQ for a quote. | | **Maker** | An attested market maker that signs RFQ quotes off-chain and settles them atomically on-chain. | | **RFQ** | Request for quote. A maker's quote is an EIP-712 signature that expires within seconds; the taker submits it and the trade settles atomically. See [Large orders and signed maker quotes](/how-trading-works/large-orders.md). | | **Router** | `SwapRouter`, the sole entry point. It checks eligibility, compares the vault quote with the RFQ quote, and settles whichever is better. | | **Vault share** | A token in the style of ERC-4626 that an LP receives on deposit, representing a pro rata claim on the vault's inventory and accumulated spread. | ## Pricing | Term | Definition | | --------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Band** | The permitted distance between a fill and the oracle mid. A fill that would fall outside it causes the transaction to revert. | | **Execution quality** | The signed difference, in basis points, between a fill and the oracle mid at the moment its transaction was included. Canopic publishes this figure for every fill without exception. See [Execution quality reports](/transparency/execution-quality.md). | | **Half-spread** | The gap between the mid and one side of a quote. All Canopic spread parameters are expressed this way, as half-spread in basis points. | | **Inventory skew** | The amount by which a vault's holdings have drifted from their target mix. Quotes lean to correct it, offering better prices on trades that bring the vault back into balance. | | **Mid** | An asset's guarded oracle price, as published by `OracleAdapter`. Without a mid, the vault does not quote. | | **Quote asset** | USDG. Every pair is priced against it, so it is the unit for displayed prices and for fee collection. | | **Tier** | A listing grade of A, B or C. An asset's grade sets its base spread, clip, band and caps. See [Listing policy](/assets/listing-policy.md). | ## Market hours and data | Term | Definition | | ---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Data Feeds** | Chainlink's push-model on-chain pricing service. Stock Token prices come from its equity feeds, which update 24/5. | | **Data Streams** | A low-latency Chainlink service where reports are fetched on demand (v11 RWA schema). Each report carries a `marketStatus` field, which Canopic uses to classify the session. | | **Regime** | A market's current pricing mode: `OPEN`, `EXTENDED`, `CLOSED` or `HALTED`. Each mode carries its own spread multiplier and clip size. See [Market hours and pricing modes](/how-trading-works/market-hours.md). | | **Session** | The oracle's reading of whether the underlying's home market is in regular hours, extended hours or closed. Each regime is derived from the session. | ## Assets and eligibility | Term | Definition | | ----------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Attestation** | Proof, recorded through the Ethereum Attestation Service, that a wallet passed off-chain checks for a given role: trader, LP or maker. It holds no personal information. See [Eligibility checks](/architecture/eligibility.md). | | **ERC-8056 multiplier** | The value a Stock Token returns from `uiMultiplier()`, giving how many underlying shares one token represents. Splits and dividends appear as adjustments to it, and Chainlink prices already reflect it. | | **Stock Token** | A tokenized listed share issued by Robinhood Assets (Jersey) Ltd. In legal terms it is an ERC-20 debt security, backed one to one by actual shares held at a US custodian. See [Stock Tokens](/assets/stock-tokens.md). | | **USDG** | Paxos Global Dollar, a stablecoin regulated under MiCA that is issued natively on Robinhood Chain rather than bridged in. See [Settling in USDG](/assets/usdg.md). | --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. 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