Term	Definition
Stock token	The ERC-20 collateral asset a series is built on (mock versions on testnet, e.g. mNVDA).
Series	The full state for one (market, epoch, cap) triple: vault, two position tokens and one auction.
Epoch	A monthly cycle settling on the third Friday; numbered from 000.
Cap	The percentage above open at which Upside gains begin: 0%, 2%, 5% or 10%.
P0	Opening price — a 30-minute TWAP at the open window; the prior epoch's S by continuity.
K	Cap price, K = P0 × (1 + cap). The protocol's central variable.
S	Settlement price — a 30-minute TWAP in the settlement window.
Income	The leg that keeps min(S, K) per unit plus premium earned.
Upside	The leg that pays max(S − K, 0) per unit.
Split	Deposit n stock tokens, mint n Income + n Upside.
Subscribe	Split with the Upside consigned to the auction.
Unsubscribe	Redeem a consigned lot before the auction starts.
Merge / Recompose	Burn n Income + n Upside for n stock tokens — always available, always free.
Premium	The mUSDG the auction raises, shared by subscribers net of the 5% fee.
Descending clock	The 240-step × 30 s falling-price sale mechanism.
Clearing price	The single price at which all auction fills execute.
Reserve step	A subscriber's minimum acceptable step (≤ 239); stricter lots don't sell.
TWAP	Time-weighted average price, used for P0 and S.
Gross band	Settlement sanity range [P0/4, 4·P0].
Pool band	3% maximum disagreement between oracle and pool prices.
Collateral ratio (p)	Vault balance ÷ issued units at snapshot; 1.0 when whole.
Shortfall	The recorded underpayment when the vault cannot cover obligations.
Terminate	The 30-day-deadline fallback that settles at an anchored price (or S = P0).
Guardian	An emergency role that can pause only splits and subscriptions.
Keeper	Any unpermissioned actor advancing open / settle / finalize / reschedule.
mUSDG	The testnet quote stablecoin (6 decimals).