Glossary

Authority: the wallet that controls a basket’s settings, such as fees, pauses, keeper and composition changes. It can’t withdraw from the vaults. See Security and trust.
Basket (also index): a token backed by a set of other tokens held in program-owned vaults.
BASKET: Basket’s protocol token. Stake it to earn a share of fees in USDC.
Component: one of the tokens a basket holds.
Composition change: a change to a fixed-weight basket’s tokens or target weights, which takes effect only after three days’ notice.
Drift: how far a token’s current weight is from its target, in percentage points.
Fixed units: a basket that holds a set quantity of each token and never rebalances.
Fixed weights: a basket that targets set percentages and is rebalanced back to them.
In kind: minting or redeeming with the component tokens themselves instead of USDC. The program supports it, but the app interface doesn’t expose this feature.
Intent: the on-chain record of a mint, redeem or rebalance while it runs over several transactions.
Keeper: the wallet a basket’s authority appoints to run rebalances, within the program’s limits.
Leg: one component’s part of a mint, redeem or rebalance, usually one swap.
NAV (net asset value): what one basket token’s share of the vaults is worth at current prices.
Oracle: Basket’s price service, which signs the prices rebalances use.
Rebalance: trading a fixed-weight basket back to its target weights.
Refund escrow: a program account that holds tokens returned from an expired operation until their owner claims them.
Supply era: a count of how many times a basket has emptied and been refilled. It keeps a mint from settling against a basket that has emptied since the mint opened.
TVL (total value locked): NAV times supply, the total value a basket holds.
Units per basket token: how much of each token one basket token stood for when the basket was created. It’s used for the first mint into an empty basket.
Vault: a program-owned token account holding one of a basket’s components.