Fund Documents · 08 of 08

Glossary

These documents use fund vocabulary throughout. The mapping to protocol terms is fixed; if a word is not here, it is being used in its ordinary sense.

NAV: Backing per token: risk-free value divided by total supply.mechanism: backing per token
Restore point: The standing bid to buy RPT at NAV − 1.5% and burn it. Seller-initiated, capacity 1% of liquid reserves per epoch.mechanism: inverse bonds
Last known good configuration: The 1 USDG floor: total supply × 1 USDG can never exceed RFV.mechanism: reserve cap
Activate / activated shares: Staking RPT to receive sRPT, the rebasing token that grows every epoch.mechanism: staking, sRPT
Distribution: The 8-hour rebase that grows every activated balance at the formula rate.mechanism: rebase, epoch
Distribution index: Cumulative growth since genesis, sRPT.index(), starting at 1.0.mechanism: rebase index
Shareholder Dividend Program: The activated-share program as a whole.mechanism: staking
Primary Offerings: Sales of RPT for USDG or LP tokens, priced at a discount to TWAP but never below NAV, delivered on a linear vest.mechanism: bonds, BondDepository
Founding Offering: The genesis subscription that turns the protocol on.mechanism: GenesisBond
Founding shareholders: Subscribers to the founding offering; holders of the soulbound share certificate.mechanism: genesis bonders
Premium sales: The treasury's ask: small formulaic sales of newly minted RPT into the pool above 2× NAV, proceeds to reserves.mechanism: PremiumSeller
Safe Mode: The fail-closed state when the TWAP is stale: minting and market operations pause until a fresh checkpoint.mechanism: oracle staleness revert
Edition N: This deployment: the core fund with no bundled programs.mechanism: no auxiliary contracts deployed
Service pack: There will be none. Constants are immutable; the only upgrade path is a new deployment and voluntary migration.mechanism: immutability
Fund-owned liquidity: The RPT/USDG v2 LP position the treasury holds, valued at 2·√(x·y) with RPT at its floor.mechanism: protocol-owned liquidity (POL)
RFV: Risk-free value: liquid USDG plus haircut Morpho USDG plus the floor-valued liquidity position.mechanism: risk-free value
Trading fee: The 5% fee-on-transfer charged on trades against mapped AMM pairs; never on wallet-to-wallet or protocol operations.mechanism: TaxCollector
Management options: Options to buy RPT at a 1 USDG strike, capped at 15% of float, vesting over 30 days.mechanism: pTEAM
Shareholder Console: The app: activate, subscribe, sell at the restore point, claim.mechanism: the frontend