glossary

TS/R

PLAIN MEANINGS FOR THE WORDS THIS DESK USES

TS/R/1

terms

static, in the order a new reader needs them

TERM	MEANING
the book	The set of all accounts owned by the system program. It is on-chain state, read live, not a database this desk keeps.
the float	Pooled value that has not been assigned to any position. The open instrument draws from it and the settle instrument returns to it.
position	One obligation between the float and a counterparty. It names an amount, a collateral account, and the batch window in which it is due to clear.
collateral	Value a counterparty has locked against one or more positions. It is not released while a position it backs is open.
counterparty	Any account that has signed a transaction calling one of the system's instruments. This desk knows the key and nothing else.
instrument	One Anchor instruction with one purpose, one signer requirement, and one fixed set of accounts. There are nine.
settle	The instrument that returns a position's amount plus fee to the float and closes the position.
settlement	An entry that has been carried by a transaction which reached finality. It is a record, not an intention.
finality	The point at which the cluster will not reorganise a transaction away. This desk reports nothing as settled before it.
confirmed	A transaction the cluster has accepted but not yet finalised. This desk does not display these as settled.
finalized	The confirmation status this desk requires before an entry appears on the settlements page.
batch	One run of the overnight process, identified by a number stored in the config account.
batch window	The length of time each day, in seconds, during which the settle instrument may be called.
batch number	A monotonically increasing counter. A position names the batch number in which it is eligible to settle.
rate sheet	Three numbers in the config account: the collateral ratio, the fee, and the batch window.
basis point	One hundredth of one percent. The ratio and the fee are both written in basis points to avoid rounding arguments.
hold	A mark placed on a position when the batch finds its collateral below ratio. It moves no value.
release	The instrument that returns collateral to a counterparty once it backs no open position.
lock	The instrument that moves value into a collateral account so that a position can be opened against it.
operator	The role that signs the administrative instruments. In practice, this desk.
operator key	The single hardware-held key the program accepts for initialize, set_rates, hold, and batch_memo.
PDA	A program-derived address. An account whose address is computed from seeds and owned by the program rather than by a private key.
seed	One of the inputs used to derive a program-derived address. The seeds for every account are listed on the instruments page.
bump	The extra byte used to push a derived address off the elliptic curve so that no private key can exist for it.
mint	The account that defines a token, including how many decimal places its base units carry.
base units	The smallest indivisible amount of a token. Every amount in the program is stored this way and divided only for display.
decimals	The number of places to shift a base unit amount to show it as a person would write it.
vault	The token account that actually holds locked or pooled value, owned by the program and derived from the account it serves.
memo	Two different things: a short dated note I write on this site, and a small piece of text attached to a transaction on chain.
interface	The published description of every instrument, account, and argument the program accepts.
IDL	The file format that interface description is stored in. It is read from the chain rather than bundled into this site.
slot	The cluster's unit of time. Every transaction is recorded in one.
block time	The wall clock time the cluster assigned to a slot. Every date on this site comes from it.
signature	The identifier of a transaction. It is the thing to quote when writing to the desk about an entry.
lamport	The smallest unit of the cluster's own token, used for fees and rent.
rent	The lamports an account must hold to stay open. Closing a position returns them.
incident	Anything that did not go as written. Each one gets a line on the incidents page and, if it required a decision, a memo.
change control	The rule that every production change is announced by memo before it happens and recorded after it happens.
working day	Monday to Friday, excluding the bank's holidays. Notice periods on this site are counted in these.
address order	The order positions are settled in: by the bytes of their addresses, lowest first. Arbitrary and fixed.
archive node	An RPC node that keeps the full history of the chain. This site does not assume one.
discriminator	The first eight bytes of instruction data, identifying the instrument.
effective batch	The batch number from which a rate change applies.
entry	A finalized transaction against the system. A line in the book.
held	The state of a position the batch declined to settle. Still open, still collateralized.
impersonation	A self-set name that claims to be the bank or the desk. Listed, not prevented.
little-endian	The byte order arguments are stored in. Least significant byte first.
nonce	A number a counterparty supplies to make each position's address unique.
reason code	A small integer on hold saying why. Zero, one, or two.
rerun	A batch started again after a stop. Produces a second opening memo.
review	Reading a held position and deciding whether a memo is needed.
token account	An account holding a balance of one mint for one owner.
vault	A token account owned by a program-derived address. No key controls it.
window	The period each day in which settle may be called for the current batch.

END OF GLOSSARY