Concepts

#Vault

A contract that belongs to one coin. It receives the coin's Pons creator fees, splits them, and sends the pieces where they go. It never holds another coin's money.

#Desk

A coin's whole strategy: its book, its preset, and the way it handles profit. Every coin has exactly one.

#Book

The one market a coin trades, with a side (long or short) and a leverage (2x, 3x or 5x).

#Perp

A perpetual future: a leveraged position on a price that has no expiry. A long gains when the price rises, a short gains when it falls. Perpy only opens perps through a venue on Robinhood Chain.

#Isolated margin

The margin of a position is its own. If the position is liquidated, the loss stops at that margin. It cannot pull in the reserve, the buyback or another coin.

#Liquidation price

The price at which the position's equity falls to the maintenance margin and the venue closes it. For a long it sits below the entry, for a short above it. At 2x it is about half way to zero, at 5x about a fifth.

#Preset

Steady, Balanced or Degen. A preset sets the fee split, the take-profit rule and the number of dip buys together.

#Take profit

A rule that sells a slice of the position each time its profit on margin climbs by a fixed step. The step is on margin, not on price.

#Dip buys

Resting limit buys, funded by the reserve, placed between the entry and the liquidation price. Each one that fills adds margin and moves the entry price.

#Loss book

A running total of every realised loss. A later win pays the book down first. Only what is left counts as profit.

#Buyback

The part of the fees that buys the coin. It is either burned or pooled for holders.