Key Concepts

Key terms used throughout the documentation.

Term	Definition
Perpetual Prediction Vault (PPV)	An on-chain vault that holds and trades a portfolio of prediction-market positions and keeps the strategy running over time by rolling into new markets as older markets resolve or before.
PPV share / PPV token	An ERC‑20 token that represents a pro‑rata ownership claim on a vault’s assets and PnL (i.e., on its NAV). Shares are minted/burned during roll events at the current PPS.
NAV (Net Asset Value)	The vault’s value in collateral terms (e.g., USDC): mark‑to‑market value of all open positions + idle collateral − accrued fees/obligations.
PPS (Price Per Share)	The economic value of one PPV share: PPS = NAV ÷ total PPV shares outstanding. Used as the conversion price for minting/burning shares during a roll.
Mark‑to‑market	Valuing open positions using current market prices (orderbook prices), rather than waiting for market resolution.
Roll / Epoch	A discrete processing event where the vault sets PPS, and processes queued deposits and withdrawals at that PPS.
Batching	Processing many deposits/withdrawals together in a roll (instead of instantly) to reduce per-user gas and to avoid pricing based on momentary orderbook conditions in thin markets.
High‑water mark (HWM)	The highest PPS previously reached at a fee checkpoint. Performance fees apply only to PPS above the HWM, so the same gains are not charged twice.
Fees	Two fee types: (1) Performance fee with HWM paid to the vault manager in vault shares, and (2) a small per‑trade protocol fee charged when the vault executes buys/sells (protocol revenue).
Pending deposit / pending withdrawal	A submitted deposit/withdrawal request that is queued and not yet settled in a roll (shares not yet minted for deposits; collateral not yet paid out for withdrawals).
Price impact	The difference between a “paper” price (e.g., mid) and the price achievable when actually executing size into the orderbook; higher when liquidity is thin.
Risks	Key risks include market/volatility risk, liquidity & slippage risk, resolution/oracle risk (from underlying markets), execution risk, strategy/manager risk, and smart‑contract risk.