Reference
Glossary
- Tender: POC's options engine, the Solana programs POC runs on (
tender,tender_vault,tender_backstop,tender_market,tender_puts). Tender is part of POC, not a separate project. See What is Tender?. - Stake: the tokens the vault buys at launch (5% to 10% of supply); collateral for calls.
- Vault / launch vault: the program account that holds a coin's stake and sells its calls.
- Creator PDA: the program address set as the coin's pump.fun creator.
- Graduation / migration: the bonding curve completes and the coin moves to PumpSwap.
- Opening calls: right after launch the vault's call collection is created and calls go on sale, before bonding.
- Activation: after pump.fun's post-migration boost is spent, the vault switches to pool prices (and can buy cover and the premium's token share on the pool).
- Per-wallet limit: at most 2M tokens of open calls per wallet per coin.
- Strike market cap: the strike expressed as the coin's market cap at that price.
- Rung / ladder: the ten strikes on sale, $100K apart.
- Reference: max(spot, H), where H is a held price that decays over hours.
- Y0: 206.9M tokens, a new pool's token reserve; the unit for size limits.
- Premium: what you pay for an option.
- Intrinsic value: size x (price - strike) for a call, if positive.
- Exercise: pay the strike, receive the tokens.
- Cash out: sell the tokens, keep the strike, receive the rest in one step.
- Put spread: pays min(max(K - S, 0), W) per token in USDC at expiry.
- Width (W): the most a put spread pays per token.
- S: the put vault's settlement price, the median of the day's pool reads.
- Backer pool: SOL that backers lend a vault for cover shortfalls, for a fee share.