Glossary
| Term | Definition |
|---|---|
| AirToken | ERC-20 wrapper token deployed per market. Two per pool: airToken (wraps the underlying token) and airUsd (wraps USDC). Only the pool can mint/burn. |
| Backed reserves | The portion of AirToken supply that has real underlying collateral. backedAirToken and backedAirUsd track these amounts. |
| BNPL | Buy Now, Pay Later — the trading model where you only pay the fee based on trading amount, with no additional collateral or margin. |
| Constant-product | AMM formula x * y = k used for all three swap curves. |
| EXNIHILOFactory | Permissionless, immutable factory contract that deploys new markets. |
| EXNIHILOPool | The core AMM + trading contract. One per market. Handles swaps, position opens/closes, and LP operations. |
| Force realize | LP authority to settle an underwater open position early, by paying the trading amount, burning the position NFT and release the tokens to the position owner. |
| LP NFT | ERC-721 token representing sole ownership of a pool's liquidity. One per pool, fully transferable. |
| Position NFT | ERC-721 token representing an open long or short position. Custodies locked wrapper tokens. |
| Spot price | Current price of the underlying token in USDC, derived from the pool's backed reserves ratio. |
| SWAP-1 / SWAP-2 / SWAP-3 | The three AMM curves used for different operations. See Key Concepts. |
| Synthetic mint | Minting AirTokens without depositing real collateral. Used to create leveraged exposure when opening positions. |
| totalSupply | Full supply of an AirToken, including both backed and synthetic (unbacked) tokens. |
| TVL | Total Value Locked — the combined USDC value of real collateral in a pool. |