🔖Glossary of Terms

Auctioneer: Smart contract that enables users to create and manage bond markets.

Bond market: Created by Issuer for a given Base & Quote Token pair

Bond Token: Representation of Base Token to be received by User once the bond vesting period ends. Redeemable for Base Token

Callback: Smart contract that enables Issuers to apply custom logic on receipt and payout of tokens (optional feature)

Sequential Dutch Auction: a pricing mechanism whereby the initial price starts high (as opposed to English auction whereby the price starts low) and falls until there is a buyer. Once a sale is executed, the price reverts to a level higher than the sale price and continues to fall until there is a buyer

DeFi: Decentralized Finance

Fixed-expiry: bonds that vest at a specific timestamp, tokenized as ERC20

Fixed-term: each bond vests at a set amount of time after purchase, tokenize as ERC1155

Issuer: One who creates a bond market by defining the Base Token to provide and Quote Token to receive

OIP: Olympus Improvement Proposal

OP: Olympus Pro

Payout Token: Token offered by Issuer in the bond market

Quote Token: Token provided by User and received by Issuer

TBV: Total Bond Value

Teller: Smart contract responsible for issuing Bond Tokens to Users after Quote Tokens have been deposited

User: One who provides Quote Token in exchange for future-dated Payout Token in the bond market