Market Glossary
Canonical definitions used across the PVERSE market documentation set.
Overview
The market layer uses specialized vocabulary for trading posture, liquidity, routing, execution, and risk. This glossary exists to make those terms stable across the documentation set so that market policy, architecture, and live status can be read consistently.
The goal is not maximum verbosity. The goal is precision. Each term is defined narrowly enough to reduce ambiguity and prevent imported assumptions from other projects from distorting how PVERSE markets should be understood.
Scope
This glossary covers core terminology used across the Market section.
- Core market structure and state terminology.
- Liquidity, routing, and execution vocabulary.
- Activation and control-surface language.
- Risk, dependency, and non-guarantee terms.
Core Model
Terms in this glossary are written to match the state-based and forward-only design of the PVERSE market layer. Definitions prefer operational meaning over informal shorthand.
- Canonical usage: glossary wording overrides casual synonyms elsewhere.
- Boundary-first definitions: each entry avoids implying more than the term actually means.
- Market-specific scope: words here apply to the market layer unless explicitly broadened.
- Forward-only terminology: deprecated meanings should be superseded by new records, not silently replaced.
Quick Index
Core Market Terms
Market Layer
Definition: The trading environment where PVR can be exchanged through liquidity pools, routing infrastructure, and declared market states.
Not: Not the same as tokenomics, treasury policy, or gameplay economy.
Related: Market Architecture, Market Policy.
Market State
Definition: The current operational posture of trading, such as whether the market is pre-launch, active, restricted, or halted.
Not: Not a price forecast or liquidity guarantee.
Related: Trading State, Status.
Listing
Definition: The creation or recognition of a tradable pool or venue structure that makes trading technically possible.
Not: Not identical to public trading being open.
Related: Trading Activation, Listings & Activation.
Market Venue
Definition: A location where PVR trades can execute, typically a DEX path or pool on the supported network.
Not: Not necessarily the canonical or preferred route.
Related: Router, Liquidity Pool.
Liquidity Terms
Liquidity Pool
Definition: A smart contract reserve pool used by an automated market maker to execute swaps between paired assets.
Not: Not the same thing as treasury reserves or off-chain liquidity.
Related: Liquidity, Liquidity Depth.
Liquidity Depth
Definition: The practical amount of reserves available for trading before price impact becomes severe for a given order size.
Not: Not a promise that large orders can execute cheaply.
Related: Slippage, Price Impact.
Liquidity Provision
Definition: The act of supplying paired assets into a liquidity pool so trading can occur or deepen.
Not: Not identical to “market making” in the broader strategic sense.
Related: Market Making, Liquidity.
Liquidity Bootstrap
Definition: The early-stage preparation and seeding period in which initial liquidity posture is established before or around activation.
Not: Not necessarily open public trading.
Related: Trading State, Listings & Activation.
Trading Terms
Buy
Definition: A swap in which another asset is exchanged for PVR.
Not: Not automatically a favorable trade or price signal.
Sell
Definition: A swap in which PVR is exchanged for another asset.
Not: Not automatically a bearish market judgment at the system level.
Swap
Definition: A token exchange executed through a liquidity pool or routed venue.
Not: Not the same as a direct wallet transfer.
Related: Wallet Transfer, Order Flow.
Wallet Transfer
Definition: A direct token movement between wallets that is not executed as a market swap.
Not: Not identical to DEX trading activity.
Related: Trading Controls, Trading State.
Open Market
Definition: The state in which public trading is intentionally enabled and ordinary market routing is permitted under current policy.
Not: Not immunity from restrictions, volatility, or emergency control use.
Related: Market State, Trading State.
Activation & Control Terms
Trading Activation
Definition: The deliberate operator action or declared state change that makes trading permitted under protocol policy and operational controls.
Not: Not something assumed from mere deployment or pool visibility.
Related: Listings & Activation, Trading Controls.
Trading Enable
Definition: The control action that moves the market into a tradable state.
Not: Not a guarantee of stable price or deep liquidity.
Related: Trading Disable, Trading Activation.
Trading Disable
Definition: The control action or state posture that prevents public trading.
Not: Not necessarily a permanent state.
Related: Restricted State, Halted State.
Restricted State
Definition: A defensive market posture in which some permissions remain available but routing, trading, or transfers may be narrowed.
Not: Not equivalent to full emergency halt.
Related: Halted State, Trading State.
Halted State
Definition: The emergency posture used to stop or sharply limit market activity during severe failure or exploit risk.
Not: Not a normal operating state.
Related: Restricted State, Market Policy.
Routing & Execution Terms
Router
Definition: A contract or routing surface that executes swaps using one or more liquidity pools.
Not: Not the same as the pool itself.
Related: Aggregator, DEX Integration.
Aggregator
Definition: A service or routing layer that searches across multiple liquidity paths to improve execution.
Not: Not a guarantee of the best possible fill under all conditions.
Related: Router, Order Flow.
Order Flow
Definition: The end-to-end execution path from user intent to routing, pool interaction, settlement, and confirmation.
Not: Not a profitability analysis or price forecast.
Related: Order Flow, Settlement.
Settlement
Definition: The point at which reserve updates, balance transfers, and on-chain state changes finalize after execution.
Not: Not the same as the earlier quoted route preview.
Related: Atomic Execution, Confirmation.
Atomic Execution
Definition: A swap property where the transaction either completes in full under valid conditions or reverts entirely.
Not: Not a promise of favorable price.
Related: Settlement, Slippage.
Confirmation
Definition: The chain-level acknowledgment that an executed transaction has been included and is part of accepted state.
Not: Not identical to economic safety under every finality horizon.
Related: Settlement, External Dependency Risk.
Risk Terms
Volatility
Definition: Price variability over time caused by liquidity depth, order flow, arbitrage, and broader market conditions.
Not: Not always a sign of malfunction.
Related: Price Impact, Liquidity Risk.
Liquidity Risk
Definition: The risk that insufficient pool depth causes sharp price movement, failed execution, or poor fills for a given trade size.
Not: Not fully removable by controls alone.
Related: Liquidity Depth, Risks & Constraints.
Slippage
Definition: The difference between an expected quoted execution result and the actual execution result at settlement time.
Not: Not always an error; it is a normal execution property of live markets.
Related: Price Impact, Atomic Execution.
Price Impact
Definition: The movement in pool price caused by the size of a trade relative to available liquidity.
Not: Not identical to general market volatility.
Related: Liquidity Depth, Slippage.
MEV
Definition: Value extracted through transaction ordering or inclusion behavior around public execution flow.
Not: Not unique to PVERSE; it is a broader chain-execution phenomenon.
Related: Order Flow, Risks & Constraints.
External Dependency Risk
Definition: Risk arising from public RPCs, chain congestion, routers, aggregators, or other external infrastructure required for execution.
Not: Not fully controlled by market policy alone.
Related: Aggregator, Confirmation.
Constraints
- No glossary entry should be read as an economic promise.
- Terminology here does not override live on-chain execution reality.
- This page does not define token supply, allocation, vesting, or treasury accounting.
- When state, controls, and live posture differ, users should verify against Status and the relevant canonical market pages.
Integrity Considerations
A glossary only helps if it prevents category confusion. This page therefore favors operational precision over loose market slang, especially for words like listing, activation, liquidity, routing, and restriction.
- Canonical consistency: market pages should reuse these meanings instead of drifting into casual synonyms.
- Boundary discipline: definitions must not silently import tokenomics, gameplay, or treasury assumptions.
- Forward-only terminology: if a meaning changes, the change should be recorded rather than silently replacing older wording.
Future Expansion
As the market layer matures, this glossary can expand with more precise routing, venue, and execution terms. Any additions should preserve the same discipline: short definitions, clear boundaries, and market-specific meaning that stays consistent across the documentation set.
Summary
- This page is the canonical terminology source for the PVERSE market layer.
- It defines core words for states, liquidity, routing, execution, and market risk.
- Definitions are narrow on purpose so policy and live status remain readable.
- When wording conflicts elsewhere, this glossary takes precedence.