# Glossary

<table><thead><tr><th width="286">Term</th><th>Definition</th></tr></thead><tbody><tr><td><a href="/pages/rvWfOPh7a4RfoOL7jRvB"><strong>SLF</strong></a></td><td>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</td></tr><tr><td><a href="/pages/4maF8DiwZURCVs9cUCVN"><strong>Looping</strong></a></td><td>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 <mark style="color:green;">interest-bearing</mark> asset, creating looping positions that multiply returns while serving as the Looping protecting SLF providers</td></tr><tr><td><a href="/pages/ntlWi9SSriybeB68XO4K"><strong>Yield Tranche</strong></a></td><td>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</td></tr><tr><td><strong>JR Token</strong></td><td>Standardized fungible representation of a leveraged looping position maintaining constant target LTV</td></tr><tr><td><strong>YT</strong></td><td>Yield Token — rights to gross yield of 1 unit of staked collateral from purchase to maturity</td></tr><tr><td><strong>YT-O</strong></td><td>Organic Yield Token — rights to the staking APY component of aYT</td></tr><tr><td><strong>YT-P</strong></td><td>Points Yield Token — rights to 1 sat-day of protocol incentive points</td></tr><tr><td><strong>Looper / Minter</strong></td><td>The user who creates the leveraged looping position and issues YT</td></tr><tr><td><strong>YT Buyer</strong></td><td>The user who buys the YT from Yield Tranche</td></tr><tr><td><strong>PSV</strong></td><td>Per-Share Value (sUSDe/JR) — reference metric for JR pool accounting; not the user-facing PnL indicator</td></tr><tr><td><strong>USDC/JR</strong></td><td>The correct user-facing PnL metric for JR token holders</td></tr><tr><td><strong>perShareValue</strong></td><td>Pool NAV in base token / firstPositionIssueAmount — determines how many JR tokens a new entrant receives</td></tr><tr><td><strong>FIFO</strong></td><td>First-In, First-Out queue — all YT supply sources clear in time-priority order</td></tr><tr><td><strong>AON - All or Nothing</strong></td><td>Orders must be fully executed or not at all, preventing partial fills.</td></tr><tr><td><strong>LTV</strong></td><td>Loan-to-Value ratio — the primary risk metric for looping positions</td></tr><tr><td><strong>Liquidation Price</strong></td><td>The collateral price threshold below which the underlying looping position is triggered for liquidation</td></tr><tr><td><strong>Staple VTP</strong></td><td>Oracle-anchored AMM used as the secondary market for JR token trading</td></tr></tbody></table>

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