Reference
Glossary
The terms used across Assay.
| Term | Meaning |
|---|---|
| Assay, d | P_wrapper / (P_stock × RR) − 1: how far a wrapper trades from its redemption value. |
| Confidence box | The range of d across the confidence intervals of all three prices. Its edges are d_lo and d_hi. |
Conservative edge, d_hi | The least depegged point of the confidence box. The trigger uses it, so noise alone cannot make a pool pay. |
| Wrapper | A token that stands for a share, such as AAPLx or AAPLon. |
| Issuer | The company that issues and redeems a wrapper: xStocks, Ondo. |
| Redemption ratio, RR | Shares of the stock that one raw token stands for. |
| Scaled UI multiplier | A Token-2022 mint setting that scales displayed balances; for these wrappers it is the redemption ratio. |
| Regular session | The stock’s main trading hours, 09:30 to 16:00 New York time on trading days. |
| Observation | A transaction that posts one signed Pyth update to a pool. |
| Fail, pass, inconclusive | The three classes of an observation against −X. |
| Streak | A run of failing observations with no gap longer than G. |
| X | The trigger depeg. The trigger level is d = −X. |
| T | How long a streak must last to trigger. |
| G | The longest allowed gap between failing observations. |
| Notional | The amount of cover bought, in USDC. |
| Premium | What a buyer pays up front for cover. |
| Payout cap | The most a pool pays per unit of notional. |
| Utilization | Cover sold × payout cap ÷ deposits. |
| Credit curve | The premium rate against utilization; across issuers, the market’s price of issuer risk. |
| Epoch | A pool’s coverage window. For weekly pools, Monday 00:00 UTC to the next Monday 00:00 UTC. |
| TEST pool | A pool whose parameters let healthy data trigger it, to show a full cycle. |
| ppb | Parts per billion; 10,000,000 ppb is 1%. |