Reference
Glossary
The words Bell uses, in one place.
| Term | Meaning |
|---|---|
| Market | One company before it lists, with a ladder of bands, an end date and a Pyth feed. |
| Ladder | A market's contiguous price bands. |
| Band | One price range on the ladder, from a low edge to a high edge. |
| UP | A band's token that pays the opening price minus the low edge, up to the band's width. |
| DOWN | A band's token that pays the high edge minus the opening price, up to the band's width. |
| Pair | One UP and one DOWN of the same band, always worth the band's width together. |
| Mint | Lock a band's width in USDC per pair, plus the mint fee, for one UP and one DOWN each. |
| Merge | Burn one UP and one DOWN for the band's width in USDC. |
| Redeem | Burn a settled token for its payout, less the settlement fee. |
| Implied open | The ladder's lowest edge plus every band's UP midpoint: the opening price the market expects. |
| First trade | The company's first official trade, whose time the market authority records. |
| Market authority | The account that sets up a market and its bands, records the first trade's time with the hash of its evidence, and collects the market's fees. |
| Opening price | The 30-minute time-weighted average of the Pyth price from the first trade. |
| End date | The date by which the first trade must be recorded. |
| Midpoint | Half a band's width: what each UP and DOWN pays when a market settles at midpoints. |
| Bid | A resting offer to buy tokens, with its USDC locked. |
| Ask | A resting offer to sell tokens, with the tokens locked. |
| Fill | One trade against one order, sent as one transaction. |
| Slippage | How far above the best ask a quote may reach into a book. |
| Keeper | Bell's service that settles markets and matches crossing orders on chain. |
| Finalized | Confirmed by Solana beyond reversal; the app marks a step done at this point. |