> For the complete documentation index, see [llms.txt](https://docs.usegimbal.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usegimbal.app/orientation/vocabulary.md). # Vocabulary The terms these docs and the platform rely on, each defined once, grouped by where in the system it belongs. Financial terms below carry their ordinary industry meanings and their exact names. Five product names sit on top of them for the platform's own screens and records; they are listed last so the mechanics come first. Contract names are given where a term maps to one. ## Offers and the book | Term | What it means | | ------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Borrow request** | A borrower's statement that they want a loan, published on-chain or handed to a relayer. It names which collateral token and how much of it, how much principal is sought, an APR ceiling the borrower will not go above, a launch window, and the term. | | **Offer** | What one side is willing to trade at, signed under EIP-712. Lenders sign lend offers; a borrower's side is the borrow request. Creating an offer is free, and so is cancelling one. | | **Standing offer** | A lend offer that names no particular request. It rests on a single collateral token or on a whole tier, the way a limit order rests on a book. | | **Targeted offer** | A lend offer aimed at one specific borrow request and nothing else. | | **Origination** | The single transaction in which TermDesk matches offers to a request, takes the collateral into escrow, moves principal from each lender to the borrower, and mints the slice tokens. Some pages call this settlement; it is the same step. | | **Market** | The unit of isolation: one collateral token paired with one loan token, valued by that token's oracle and bounded by its tier's LTV settings. What happens in one market has no effect on another. | ## The loan and the people in it | Term | What it means | | ------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Syndicate** | All the lenders whose offers together filled one borrow request. Each holds a pro-rata slice of the loan. | | **Slice** | One lender's portion of one loan. A slice token stands for it. | | **Slice token** | The ERC-721 minted for each slice at origination. The collection is named Gimbal Lender Slice with the symbol GSLC, and the contract is LenderSlice. Principal, APR and start time are recorded on it, and it carries the slice's claim on the collateral. A transfer only succeeds if the role registry recognises the recipient as a lender. | | **Parked capital** | Also called idle capital. USDG that a lender has approved but that no request has yet matched. Lenders who opt in have it deposited into a whitelisted Morpho Blue vault while it waits, through ParkingAdapter. | | **Keeper** | A bot that opens auctions, sends alerts, takes rollover bids or moves parked capital about. Running one needs no permission from anyone. | ## Prices, sessions and health | Term | What it means | | ------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **LTV** | Loan-to-value, the ratio of principal to the oracle-priced value of the collateral. | | **Max LTV** | The ceiling on LTV at which a new loan may originate, per tier and per session. | | **Liquidation LTV** | The LTV a loan must cross before it can be liquidated. | | **Health factor (HF)** | `value × liqLtv / debt`, in the contract's own terms: collateral value times the liquidation LTV, over the debt. The platform warns the borrower once it drops under 1.10; under 1.00 anyone may open a liquidation. | | **Session** | Whether the underlying equity market is in regular hours, in extended hours, or closed, as reported by the oracle. | | **Closed-market haircut** | Points taken off the effective LTV ceilings for as long as the Chainlink feed says the market is closed or the price is stale. | ## Ending a loan | Term | What it means | | -------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Grace window** | The 24 hours following maturity. Repayment is still accepted throughout, and only after it closes is the loan treated as defaulted. | | **Rollover auction** | How a loan moves into a new term. Near maturity the rate on offer climbs linearly from the current rate up to a cap; whichever lenders accept first take the loan over, and the lenders leaving are paid out. The contract is RolloverAuction and the call that starts it is `openRefinance`. | | **Dutch auction** | How defaulted or unhealthy collateral is sold. The price opens above the oracle quote, falls in a straight line to a floor, and whoever first takes the current price gets the collateral. The contract is CollateralAuction. | ## Chain, tokens and governance | Term | What it means | | ------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Stock Token** | An ERC-20 from Robinhood Assets (Jersey) Ltd. Each is a tokenized debt security backed one to one by shares in US custody. | | **`uiMultiplier()`** | The ERC-8056 view that gives a Stock Token's shares-per-token ratio. Reinvested dividends and stock splits show up here. | | **`oraclePaused()`** | A flag raised around corporate actions, exposed by the token itself or by a wrapper over its Chainlink feed. While it is up, the protocol allows no new borrows and no liquidations on that token. | | **USDG** | Paxos Global Dollar. All loans are denominated in it and settle in it. | | **PolicyBoard** | The timelocked contract in which every tunable parameter lives. No change passes through it without an event. | | **Sequencer Uptime Feed** | Chainlink's feed on whether the L2 sequencer is running. The protocol consults it so that liquidations get a grace period once an outage ends. | | **Delayed inbox** | An L1 contract in the Arbitrum stack that force-includes a transaction once 24 hours have passed, for use when the sequencer is down or is censoring. | ## Eligibility | Term | What it means | | ----------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Role registry** | RoleRegistry, which verifies attestation-backed roles wherever eligibility matters: at origination, when a rollover offer is accepted, and when a slice token changes hands. | | **Attestation** | An on-chain record, modelled on an Ethereum Attestation Service attestation and written by an approved KYC issuer, stating that a wallet satisfies a role's requirements, with a jurisdiction class and an expiry. Nothing in it identifies a person. | ## The platform's own names Gimbal names a few of its screens and records. These five appear in navigation and headings on the platform and across these docs, and they are the only such names. | Term | What it means | | ----------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Explorer** | The public record of every loan, served at `/platform/explorer`. It lists every loan, and no sign-in is needed to look. See [Reading the Explorer](/guides/explorer.md). | | **Telemetry** | The public risk page and the live readouts that go with it: protocol-wide statistics, how exposure concentrates per collateral token, and the parameters in force right now. | | **Flight log** | One loan's history of events, from origination through top-ups, repayments and rollover auctions to any liquidation. Each entry is linked to its Blockscout transaction. | | **Launch window** | The fill deadline on a borrow request. Once it closes, no offer can fill that request. | | **First light** | The platform's public launch, and after it the public opening of each new market. | --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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