Glossary

The working vocabulary of the hall, in alphabetical order.

Term	Meaning
AMM	Automated market maker; smart contracts that quote and execute trades against pooled assets.
APR	Annualised estimate based on current or historical inputs; not guaranteed.
Basic pool	Fungible LP-token pool using a stable or volatile curve.
Concentrated liquidity	Liquidity assigned to a selected price interval.
Emissions	$RAPH distributed to eligible gauges according to the minter and voting system.
Epoch	Recurring period used to coordinate votes and rewards.
Factory	Contract that creates pools or related protocol contracts.
Gauge	Contract that accounts for staked liquidity and distributes $RAPH emissions.
Impermanent loss	LP underperformance relative to holding the starting assets, caused by price-driven rebalancing.
Incentive	Token reward deposited to attract votes to a pool.
LP	Liquidity provider.
LP token	Fungible token representing a share of a basic pool.
MEV	Value extracted by transaction inclusion or ordering around user transactions.
Minimum received	Lowest acceptable output after applying slippage tolerance.
NFT position	ERC-721 representing a concentrated-liquidity range or vote-escrow lock.
Price impact	Price movement caused by the size of a trade relative to available liquidity.
Quoter	Contract or service that simulates route output without executing a swap.
RAPH	Raphael's transferable ERC-20 protocol token, used for emissions and vote-escrow locking.
Relay	Strategy that automates veRAPH voting, claiming or compounding.
Router	Contract that coordinates swaps and liquidity operations.
Slippage	Difference allowed between quoted and executed amounts.
Stable pool	Pool curve intended for closely correlated assets.
Tick	Discrete price boundary used by concentrated-liquidity pools.
TVL	Total value locked, normally an estimate dependent on price data.
ve(3,3)	Vote-escrow incentive architecture in which locked-token voters direct emissions to pools.
veNFT	Generic term for a vote-escrow NFT created by locking protocol tokens.
veRAPH	Raphael vote-escrow NFT position created by locking $RAPH; carries voting power.
Volatile pool	Constant-product pool intended for assets with a changing relative price.
Vote weight	veRAPH voting power allocated to a pool for an epoch.
Voting fee	Pool fee value distributed to eligible voters under the deployed rules.