Glossary

Accepted snapshot — the source balance a vault has acted on for a given asset. Accepted only after the corresponding trade succeeds.

Base asset — WETH on Robinhood Chain. What deposits arrive in and what base-asset redemptions pay out in. Upgradeable by the chain's bridge governance, which is outside this protocol's control.

Basis point (bps) — one hundredth of a percent. Every proportional parameter in the protocol is expressed in bps.

Cash buffer — the minimum share of NAV kept in base asset so in-kind redemption stays cheap. Rounds up, so it is never under-provisioned by a wei.

Curator — a role that can propose and activate a source account for future vaults. Cannot touch an existing depositor's funds, rewrite a snapshot, or block a withdrawal.

Divergence — the difference between a source's live balance and the vault's accepted snapshot. Not an error: the honest state of a mirror between syncs.

Dust threshold — the size below which a proportional trade is not worth its gas.

Epoch — the settlement period for base-asset redemptions. Everyone in an epoch is treated identically, so there is no advantage to being first.

High-water mark — the NAV level above which a performance fee applies. Stops the same gain being charged twice after a drawdown and recovery.

In-kind exit — burning shares for a pro-rata slice of every asset the vault holds. No pause check, no price feed, settles immediately. The guarantee the design is arranged around.

Keeper — whoever calls sync. Permissionless. Chooses when and which asset, never what the vault does about it.

Mirror vault — the contract that holds the assets and issues the shares. One per source version.

NAV — net asset value, in base-asset units. Reverts rather than omitting an unpriceable position.

Orbit chain — an Arbitrum Nitro chain settling to a parent chain. Robinhood Chain is one. On an Orbit chain block.number is an estimate of the L1 block, not a local counter, so all elapsed-time logic uses block.timestamp.

Pending expiry — how long an un-actioned divergence stays actionable before the snapshot is accepted without a trade.

Position concentration cap — the maximum share of NAV one asset may occupy.

Price impact ceiling — the maximum deviation from an independent oracle reference that an execution may cause.

Receipt — one sync outcome attributed to one transaction. Executions and skips produce receipts equally.

Risk constitution — a vault's parameter set, fixed at deployment for the life of the vault. Changing it means deploying a new vault.

Skip — a recorded decision not to mirror a change, with a reason. Emitted as an event, shown on the activity feed.

Slippage floor — the minimum acceptable output for a swap.

Soft / final — whether a row is deep enough to be treated as settled. Soft rows are shown and labelled unfinalised.

Source account — the public address a vault mirrors. A read-only signal with no permissions of any kind.

Source version — the immutable record binding a vault to the address it observes.

Tracked asset — an asset a vault currently holds or has held, and therefore evaluates on sync. Bounded so a sync stays gasable.

Virtual shares — a 10^6 offset applied to share and asset accounting, defending against the donation-inflation attack on a vault's first deposit.