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Glossary
Every United Reserve term, in alphabetical order.
| Term | Meaning |
|---|---|
| Auction cycle | One epoch of the auctions. Both auctions run from 00:00 to 12:00 UTC; supply and per-License limits reset at 00:00 UTC. Also called a sales cycle. See How the auctions work. |
| Auto-bid | A standing order on a License with a limit per Printer and a count. It buys on its own when the falling price reaches the limit, paid from the wallet or the License's unminted balance. |
| Base emission | 200,000 UNITED a day in year one, cut 12.5% a year. Fixed in code. See Emission and net flow. |
| Buyback and burn | 35% of every trading tax buys UNITED on the pool and destroys it. |
| Claim | The esUNITED action that sends every UNITED released so far to the wallet. |
| Contraction Vault | The vault that holds ETH, buys UNITED on sharp drops and burns it, and never sells. UNITED bought by hand may instead be paired as liquidity. See Contraction Vault. |
| Daily check-in | A once-per-epoch tap by a License holder; thirty in a row make the wallet eligible for UNITED airdrops from the Incentive Vault. |
| Daily emission | The UNITED emitted each day: the base emission times the emission rate, shared equally by every matured open Printer, a Fractional Printer counting a tenth. |
| Emission rate | The multiplier m on base emission: 0.2x to 1.25x at launch, starting at 1.0x, moved by net ETH flow. Policy range 0.2x to 2.5x. |
| Epoch | One day (24 hours). Net flow is settled once per epoch. |
| esUNITED | A per-member reward balance. Every reward collects here until the member vests or unlocks it. See esUNITED. |
| Fractional | Short for a Fractional License or Fractional Printer (plural Fractionals). |
| Fractional holder | A wallet holding Fractional Licenses or Fractional Printers. Earns network rewards on the fractional track. |
| Fractional License | A License at a tenth of the live License price, with one Fractional Printer. Never converts into a License. See Fractionals. |
| Fractional Printer | A Printer at a tenth of the live Printer price, earning a tenth of one Printer's emissions. Counts 0.1 of a Printer. |
| Full track | The network reward track that counts Licenses and Printers. |
| Fractional track | The network reward track that counts Fractional Licenses and Fractional Printers. |
| Genesis License | One of the Licenses offered in the genesis sale. |
| Governor | The team Safe, a multisig, acting behind the 48-hour onchain timelock. |
| Guardian | A role that can pause new License and Printer sales only. It cannot pause redemptions, esUNITED actions or claims, move funds, or change any parameter. |
| Guild | The network a referral code places a buyer in. |
| Guild Bonus Pool | A pool of the Guild Yield shares nobody above a Printer has reached, paid daily by tier. See Guild Bonus Pool. |
| Guild Tier | One of nine tiers, I to IX, set by your own open Printer and three network lines. See Guild Tiers. |
| Guild Yield | 50% of the rewards pool, paid by Guild Tier as a cumulative share of every Printer's pool, less what members below on that line already took. |
| Headroom | Room left under the cap: 1B minus all UNITED ever minted, burns included, and unminted claims. |
| Incentive Vault | The vault that holds 20% of every Printer price, in UNITED, for future rewards. See Incentive Vault. |
| License | A soulbound NFT: your membership, your place in the network, and the holder of up to ten Printers. See Licenses. |
| License auction | The daily Dutch auction for Licenses and Fractional Licenses, in ETH. |
| License floor | The lowest price of the License auction: 1 ETH at launch, a team setting bounded at 0.5 to 2 ETH. |
| License holder | A wallet holding one or more Licenses. Earns network rewards on the full track. |
| Lower-wall bands | Liquidity from License sales after genesis, placed below the price. |
| Net flow | ETH entering the system minus ETH leaving it, measured once per epoch. |
| Network | The people you referred and everyone below them. |
| Network line | One person you referred and everyone below them. |
| Network Yield | The Orbits stream: 45% of the rewards pool. |
| Off | A member of your network who holds nothing. You still see them; they count again when they buy back in. |
| Orbit | A level of your network, Orbit 1 to Orbit 15. Orbit 1 is the people you referred. See Orbits. |
| POL | Protocol-owned liquidity: pool liquidity the protocol owns and never removes. |
| Printer | A share of emissions held by a License. Every matured open Printer earns an equal share of the daily emission. See Printers. |
| Printer auction | The daily Dutch auction for Printers and Fractional Printers, in UNITED. |
| Printer floor | The lowest price of the Printer auction: 30 days of one Printer's emission at launch, bounded at 15 to 60 days. |
| Range-bound defence | The Contraction Vault's rescue when the price falls at least 10% against 24 hours earlier. Also called the lower wall. |
| Redemption | Closing a License's newest Printer to mint its share of the License's balance, minus the redemption fee. |
| Redemption fee | 2% to 60% for Printers and 5% to 80% for Fractional Printers, set by how much was redeemed in the trailing 7 epochs. See Redeeming printers. |
| Referral code | A code that places a buyer in a guild and sets their sponsor. Your own code appears once you hold a License or Fractional License. See Referral codes. |
| Reserve | The protocol's ETH. |
| Reserve Vault | The vault that holds tokenized assets, starting with tokenized gold. See Reserve Vault. |
| Rewards pool | A pool worth 30% of each Printer's emission, created on top of it, that pays every network reward. |
| Sponsor | The owner of the referral code you joined with. Once set, it never changes. |
| Sponsor Match | 5% of the rewards pool. A sponsor's slices are shared among everyone they referred, by Printers held. See Sponsor Match. |
| Stayers | The Printers of the same kind that stay open. They share 30% of every redemption fee. |
| Swap | The in-app ETH / UNITED swap on the protocol's Uniswap v4 pool. |
| Timelock | The 48-hour onchain delay on every change to a policy or bounded setting. Team operations on the vaults are immediate. |
| UNITED | The only currency in the system, ticker $UNITED. See UNITED. |
| Unlock | The esUNITED action that turns the whole balance into UNITED now, burning 30%. |
| User ID | A name tagged to a member's wallet, stored offchain. |
| Vest | The esUNITED action that releases the whole balance over 10 days, 10% a day, with nothing burned. |
| Warmup epoch | The epoch a Printer is opened in. It earns nothing for that epoch and joins from the next. |