# Terminology

## Proof of Trade Mechanics

| Term                         | Definition                                                                                                                                                                                                                                                                                                                                                |
| ---------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **24 Hour Volume Window**    | The specific bin over the past 24 hours will count toward the Minting Rate. The time is counted in UTC.                                                                                                                                                                                                                                                   |
| **Approved Vault Token**     | A token that can be deposited for Dexible trades.                                                                                                                                                                                                                                                                                                         |
| **Community Vault**          | A network specific pot of approved vault tokens that accrues value the more trades that happen and loses value the more DXBL is burned.                                                                                                                                                                                                                   |
| **Earn Dashboard**           | <p>See the total volume traded through Proof of Trade, the volume broken out per each network, the status of the Community Vault and supplies of approved vault tokens. </p><p></p><p>Most importantly, see the Dexible NAV per each network here.</p><p></p><p>Explore for yourself at <a href="https://app.dexible.io/earn">app.dexible.io/earn</a></p> |
| **Execution Type**           | How Dexible defines various primitives that can be modeled for submission in the protocol.                                                                                                                                                                                                                                                                |
| **Fixed Range**              | When Dexible orders execute, 0.04% - 0.08% will then be split and sent to the Community Vault and the Treasury. The discount applied in this range is based on the number of Dexible tokens held.                                                                                                                                                         |
| **Hour Bin**                 | A sum of all the trade volume on a particular chain. 24 bins will sum together to equal the 24-hour's volume. The first in that series of 24 bins will be replaced at the turn of the hour for the next bin's volume.                                                                                                                                     |
| **Minting Rate**             | Rate means how much volume is required to mint a single DXBL token. A higher rate means it's more difficult to mint DXBL the higher and higher trade volumes go. Conversely, if DXBL trade volumes decrease, it gets easier and easier to mint.                                                                                                           |
| **Net Asset Value**          | The value of each individual token outstanding in circulation                                                                                                                                                                                                                                                                                             |
| **Nominal Executed**         | A standard term referring to the amount the price sources validate how much the trader has successfully swapped through the Proof of Trade Protocol at a given time.                                                                                                                                                                                      |
| **Outstanding Token Supply** | The total circulating supply.                                                                                                                                                                                                                                                                                                                             |
| **Price Feed**               | The protocol relies on a Chainlink price feed for the specific chain and token to look up the current USD price.                                                                                                                                                                                                                                          |
| **Principal Executed**       | The total amount of input tokens to be swapped prior to transaction fees. Only the Nominal Executed counts towards the Minting Rate.                                                                                                                                                                                                                      |
| **Protocol**                 | The set of rules and logic around minting rates, burning, and discounts.                                                                                                                                                                                                                                                                                  |
| **Pure Utility**             | The vast amount of "utility" tokens have team or stakeholder allocations. DXBL is a pure utility because it can only be created through the act of trading.                                                                                                                                                                                               |
| **Rebate**                   | A partial refund to someone who has paid for a utility.                                                                                                                                                                                                                                                                                                   |
| **Rolling 24 Hour Basis**    | The bins that volume on a particular network is being calculated.                                                                                                                                                                                                                                                                                         |
| **Softcap**                  | There's no fixed cap on Dexible, but the [total circulating supply of tokens](https://dexible.gitbook.io/dexible/dxbl/dxbl-and-proof-of-trade-litepaper/supply-mechanism) is encouraged toward a Volume Goal.                                                                                                                                             |
| **Swap Request**             | The model that the Dexible contracts are designed for today are based around the swap primitive. It's feasible these contracts could be designed for other primitives.                                                                                                                                                                                    |
| **Total Supply**             | the total outstanding tokens in circulation                                                                                                                                                                                                                                                                                                               |
| **Treasury**                 | The Dexible Treasury gets 1/2 of the minted DXBL. This is imperative for expanding the protocol's potential, improving routing for DeFi overall, and pushing new products. The value of DXBL is not tied to the performance of the team or the size of the treasury.                                                                                      |
