Key concepts
The vocabulary used throughout these docs.
Glossary
| Term | Meaning |
|---|---|
| Share | Your claim on the vault, issued as an ERC-20 balance |
| NAV | Total value of everything the vault holds, priced in USD |
| Split | Target ratio between lent stablecoin and the equity basket |
| Drift | How far the live split has wandered from that target |
| Keeper | The off-chain bot allowed to harvest and rebalance, nothing else |
| High-water mark | The peak share price your position has reached, used for fees |
| In-kind | Redeeming into the underlying tokens instead of selling them first |