| Autocall | Early termination of a series when the observed price is at or above autocallBps of s0 at an intermediate observation. COUPON receives principal plus that coupon; SHIELD receives stock and unused prefund. |
| Autocallable note | A structured note paying periodic contingent coupons that terminates early if the underlying is above a trigger on an observation date, with principal at risk only below a barrier at maturity. |
| Barrier | barrierBps of s0 (default 65%). Coupons are paid only when the price is at or above it; at maturity, a price below it triggers physical settlement. |
| Basis point (bps) | One hundredth of one percent. 10,000 bps = 100%. |
| Bond (BondDepository) | Purchase of vesting NOTE at a formula price with USDG, Stock Tokens or COUPON legs; proceeds go to the Treasury. |
| Buyback auction | The RevenueRouter’s continuous Dutch auction buying NOTE with 90% of fees, never below the Treasury floor. |
| COUPON | Leg 0. The note buyer: deposits USDG, receives coupons while the barrier holds, receives principal at autocall or maturity, or stock at s0 if breached. |
| Coupon discovery | Setting couponBps = clamp(floor, cap, refBps × S / D) at strike from the SHIELD-to-COUPON demand ratio. |
| Coupon index | Cumulative net coupon per COUPON unit (WAD), used for pull-based accrual. |
| Deferred | An observation whose oracle read failed; retried permissionlessly; governance fallback after 72 h. |
| Desk | ERC-4626 USDG vault that fills undersubscribed COUPON sides within caps. |
| Escrow invariant | The identity quoteEscrow == N_c + prefundRemaining + claimableQuote + refundableQuote + accruedFees (and the stock analogue). |
| Floor (Treasury) | reserveValueQuote / circulatingSupply; the redemption value per NOTE before haircut. |
| Gauge | A staking contract that receives a share of weekly NOTE emissions in proportion to veNOTE votes; series gauges also steer Desk per-underlying caps. |
| Guardian | Role that can pause but not unpause or move funds. |
| Keeper | Anyone who calls permissionless cranks (finalizeStrike, observe) for a reward. |
| Knock-in | The barrier being breached at maturity, converting COUPON’s principal into stock. |
| Leg | One side of a series: COUPON (0) or SHIELD (1). ERC-1155 id `(seriesId << 1) |
| MarketCalendar | Contract defining official US equity close timestamps, including DST, holidays and early closes. |
| Matched notional (N) | min(D, S, notionalCap, prefundCapacity); the size of the series. |
| Maturity | The last observation. Barrier holds: cash settlement. Barrier fails: physical settlement. |
| NOTE | Governance and reserve token, hard cap 100,000,000, epoch-capped minting. |
| Notional fee | 0.25% of N, debited from SHIELD’s prefund at strike. |
| Observation | A scheduled official close at which the price is read and the series rules applied. |
| Official close | 16:00 New York (20:00 or 21:00 UTC), or a registered early close, on a trading day. |
| OracleAdapter | Contract that reads the price for an official close from a Chainlink-style feed with windows, backup and deferral. |
| Physical settlement | Delivery of N / s0 Stock Tokens to COUPON holders instead of USDG when the barrier is breached at maturity. |
| Prefund | USDG SHIELD escrows at deposit to cover all possible coupons at the cap plus the notional fee. |
| Provisional price | latestPrice(feed) during Subscription, used only for prefund sizing and bookkeeping. |
| Quote | The settlement currency, USDG. |
| Recovery Unwind | Governance-only exit for a paused series that cannot progress: after a 48-hour notice it freezes entitlements at the recorded escrow and lets holders withdraw them. |
| RevenueRouter | Fee sink that splits fees 90/10 between buyback and Treasury. |
| s0 | The strike price, read at observations[0], 1e8 scaled. |
| Security Council | The guardian multisig: can pause, cancel queued timelock operations, cancel an unwind and revoke a forced observation. Cannot execute anything. |
| Series | One note on one underlying with one observation schedule. |
| SHIELD | Leg 1. The protection buyer: deposits Stock Tokens and prefund, pays coupons, receives 1 USDG per unit if breached. |
| sNOTE | ERC-4626 staking vault receiving buyback NOTE via 7-day streaming, with a withdrawal cooldown. |
| Stock Token | Robinhood Chain ERC-20 tracking a US equity, issued with transfer restrictions and a uiMultiplier. |
| Strike | finalizeStrike: reading s0, matching, coupon discovery, going Live. |
| Subscription | The period before strike during which deposits are accepted. |
| Timelock | The 48-hour TimelockController that owns every module and executes NoteGovernor decisions after the delay. The 7-day UpgradeTimelock is the only address that can upgrade a UUPS proxy. |
| Treasury | Reserve contract holding USDG, Stock Tokens, COUPON legs; provides the floor. |
| uiMultiplier | Issuer-side scaling factor for Stock Token display balances (ERC-8056); already applied in feeds; not used by the protocol. |
| Unwound | Terminal series status after a governance Recovery Unwind; holders pull frozen entitlements with withdrawUnwound. |
| UpgradeGovernor | The stricter governor (quorum 8%, 7-day vote) that controls the 7-day UpgradeTimelock. |
| Utilisation (Desk) | deployed / totalAssets; drives the bond discount. |
| veNOTE | Vote-escrowed NOTE. Locking NOTE for up to four years gives voting weight that decays linearly to zero at unlock. |
| WAD | Fixed-point with 18 decimals. |