| SLF | Senior Lending Facility — Bondify's custom lending pool; provides borrowing liquidity for looping positions (max LTV 80%, 4× leverage) and serves as the last-resort GYT liquidity provider |
| Looping | Looping allows sophisticated investors to amplify their yield exposure by providing first-loss capital to access high leverage. Loopers automatically borrow from SLF against their collateral to buy more of the same RWAs and interest-bearing asset, creating looping positions that multiply returns while serving as the Looping protecting SLF providers |
| Yield Tranche | Yield Tranche represents the right to excess future yield from a large RWA and interesting-bearing position over a specific time period. YT buyers pay a fixed upfront cost to gain leveraged exposure to variable yields, capturing unlimited upside if actual yields exceed the fixed cost, with capped downside limited to the upfront payment |
| JR Token | Standardized fungible representation of a leveraged looping position maintaining constant target LTV |
| YT | Yield Token — rights to gross yield of 1 unit of staked collateral from purchase to maturity |
| YT-O | Organic Yield Token — rights to the staking APY component of aYT |
| YT-P | Points Yield Token — rights to 1 sat-day of protocol incentive points |
| Looper / Minter | The user who creates the leveraged looping position and issues YT |
| YT Buyer | The user who buys the YT from Yield Tranche |
| PSV | Per-Share Value (sUSDe/JR) — reference metric for JR pool accounting; not the user-facing PnL indicator |
| USDC/JR | The correct user-facing PnL metric for JR token holders |
| perShareValue | Pool NAV in base token / firstPositionIssueAmount — determines how many JR tokens a new entrant receives |
| FIFO | First-In, First-Out queue — all YT supply sources clear in time-priority order |
| AON - All or Nothing | Orders must be fully executed or not at all, preventing partial fills. |
| LTV | Loan-to-Value ratio — the primary risk metric for looping positions |
| Liquidation Price | The collateral price threshold below which the underlying looping position is triggered for liquidation |
| Staple VTP | Oracle-anchored AMM used as the secondary market for JR token trading |