Reference
Glossary
Definitions for share pricing, net NAV, queue liabilities, fees, and automation.
| Term | Definition |
|---|---|
| EVE | Transferable ERC-20 protocol shares minted on entry and burned on redemption. Holding EVE grants no governance role. |
| Gross assets | Strategy NAV plus ETH on StrategyManager and Controller, free AMM ETH, and supported ERC-20 balances valued in ETH. |
| NAV (net asset value) | Gross assets minus in-window priced, unprocessed queued redemption liabilities. Reserved claim ETH is already excluded from free AMM ETH. |
| Live supply | Total EVE supply minus escrowed EVE corresponding to the live priced redemption liability. Unpriced queued EVE is not excluded. |
| Base price | ETH redemption price per EVE: NAV / liveSupply. |
| Premium price | ETH entry price per EVE: NAV / (liveSupply × connectorWeight). It exceeds base price when weight is below 1 and equals it at weight 1. |
| Connector weight | ADMIN-configurable fraction greater than 0 and at most 1. The dated mainnet snapshot has 0.9. |
| Bonding curve | Protocol pricing relationship between net NAV, live EVE supply, and connector weight. |
| Batch | Group of queued requests assigned one final base price by Controller. Processing still depends on tolerance and liquidity. |
| Exit queue | Request metadata and batch lifecycle in ExitQueue; EVE escrow is held in AMM. |
| Escape hatch | Cancellation of an unprocessed request strictly more than three days after batch pricing, returning EVE. Unpriced requests can be cancelled without that delay. |
| Performance fee | Configurable share of eligible accrued Uniswap V3 LP fees, settled by treasury EVE minting. The snapshot rate is 15%, with a 20% code cap. Mint amount uses feeETH × liveSupply / (NAV − feeETH). |
| Fee dilution | Treasury fee EVE reduces existing holders' share of NAV. Premium-priced deposits follow a different mint formula and are not the same fee mechanism. |
| Keeper executor | On-chain contract holding KEEPER that validates an allowlisted Mimic caller and coordinates routine Controller work. |
| Immediate redemption | EVE burn and ETH payment in the same transaction when free AMM ETH suffices. |
| Queued redemption | EVE escrow followed by batch pricing, processing, claimable ETH credit, and a separate user claim. |
| Claim | User withdrawal of already credited AMM ETH. It can combine several processed redemptions. |
| priceTolerance | Maximum accepted downside from request-time base price to final batch price. Out-of-tolerance processing returns EVE. |
| minTokensToMint | User's minimum EVE output for a mint transaction. |
| maxTokensToBurn | User's maximum EVE input for either an immediate burn or queued escrow at exit submission. |
For dated values, see Current deployments.
Last updated on