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Glossary
Every term the app and these docs use, in one place.
| Term | Meaning |
|---|---|
| Epoch | Solana's unit of time for staking. On mainnet it is 432,000 slots, about two days. Every Crest payment is per epoch. |
| Base | The inflation part of staking yield, minted on a published schedule. Crest doesn't trade it. |
| Crest | The Jito tips part of staking yield. Crest's index measures it across a named cohort of validators. |
| Cohort | The one to eight validators the index follows, fixed when Crest is configured. |
| Checkpoint | The on-chain record of one epoch's crest: the cohort's tips, its stake, the rate, and where its challenge stands. |
| ppb | Parts per billion. Rates are ppb per epoch: 10,000,000 ppb is 1%, and 1,000 ppb is 0.0001%. |
| Fixed rate | The rate the fixed side of a swap pays each epoch. The maker sets it, in steps of the market's tick. |
| Notional | The SOL amount the rates apply to. 1,000 SOL at 0.0010% is 0.01 SOL per epoch. |
| Long crest | Receives the crest, pays the fixed rate. |
| Short crest | Receives the fixed rate, pays the crest. |
| Maker | The wallet that places an order. It pays the order account's rent and gets it back at close. |
| Taker | The wallet that takes a whole order, on the opposite side. |
| Position | An order once taken: one account holding both deposits, settled epoch by epoch. |
| Leg | One epoch of a swap. A five-epoch market has five legs. |
| Market | A run of one to ten epochs with its own tick and cap. Orders are made and taken until it starts. |
| Tick | The step size for fixed rates in a market. |
| Cap | The highest crest a market settles at. Above it, the epoch settles at the cap. |
| Deposit | What a side puts in: two worst epochs plus the liquidation reserve. |
| Worst epoch | The most one side can lose in one epoch: the crest at zero for long crest, the crest at the cap for short crest. |
| Liquidation reserve | A fixed amount in every deposit. It is paid to whoever settles a position that can no longer cover the next epoch. |
| Settlement | Moving one epoch's payment from one balance to the other. |
| Maturity | A market's last epoch. A position closes when it settles. |
| Payout | Sending both remaining balances back to their wallets after a position closes. |
| Oracle | The key that attests the cohort's stake when a checkpoint is posted. |
| Reviewer | A second, distinct key that must also sign each posted checkpoint. |
| Challenge window | The slots after a checkpoint is posted in which anyone else can challenge it. |
| Dispute authority | The key that rules on challenges. |
| Delay limit | How many epochs after an epoch its checkpoint can still be posted, ruled on or finalized. |
| Keeper | Any wallet that sends the permissionless transactions: finalize, settle, end and pay out. Crest runs one. |
| Proposal stake | The CREST a proposer locks behind each posted checkpoint, set for each configuration. |
| CREST | Crest's token, in capitals to tell it from the crest. Holders decide which markets open and how Crest is configured, and checkpoint proposers stake it. Swaps never use it. See The CREST token. |