BigShort DocsGlossary
Consistent terminology for amounts, reserves, capacity, positions, and permissions across product, operations, and development.
Issuance and trading
| Term | Definition | Not equivalent to |
|---|---|---|
| Curve supply | 1 billion Token, comprising internal-market sale inventory and migration pairing inventory | Total Token supply |
| Total supply | 1,199,861,071 Token, including the additional lending budget | Internal-market sale quantity |
| Virtual reserves | Virtual Token / USDC reserves used to price the curve | Actual contract balances |
| Real token inventory | Ledger inventory of Token still available for sale in the internal market | All Token not held by users |
| Migration | Establishing the external market and initializing the lending engine in the same transaction when the curve ends | Manual confirmation or a scheduled task |
| Pair | The actual reserve contract for a Token / USDC pool in V2 | A Quoter or price oracle |
| Tax Processor | Processes transaction taxes for this Token. | A protocol-wide shared tax pool |
Amounts and Prices
| Term | Definition | Business note |
|---|---|---|
| native18 | Native USDC amounts as 18-decimal integers | Solidity ether suffix denotes numerical precision only |
| external6 | ERC-20 / Pair USDC amounts as 6-decimal integers | Differs from native18 by a factor of 10¹² |
| Protocol market cap | The protocol convention of spot price × 1 billion curve-supply Token | It is not total-supply FDV |
| Ideal migration anchor | Fixed Q₀ / M₀ risk anchors | Not the actual result of every migration |
| Spot price | The price formed by the current Pair reserve ratio | Not an executable price with zero impact |
| TWAP | Average price over a cumulative observation period | Not an automatically rolling five-minute window of fixed length |
Short Selling and Settlement
| Term | Definition | Business note |
|---|---|---|
| Notional | Gross notional principal N | The key weighting basis for Funding / Legacy |
| Borrowed tokens | Quantity of Token actually lent by the Engine | The Token debt that must be bought back and repaid |
| Collateral | USDC deposited when a user opens a position / adds collateral | Distinct from the account's margin field |
| Margin | USDC balance stored in a position | Not net assets after all debts are repaid |
| Debt value | Exact-output cost of buying back the debt Token in the current Pair | Must not be approximated simply as Token quantity × spot |
| Funding | A fee charged to positions based on the utilization curve and elapsed time | Not a bidirectional rate paid by external longs to shorts |
| Short shares | A position's Funding shares, accounted for by notional principal | Not underlying Token or LP shares |
| Bad debt | Lending Token not recovered during liquidation | Not the notional principal amount |