> For the complete documentation index, see [llms.txt](https://docs.apyx.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.apyx.fi/technical-overview/glossary.md).

# Glossary

{% hint style="info" %}
This glossary may be updated and expanded on an ongoing basis.
{% endhint %}

#### Assets <a href="#assets" id="assets"></a>

**apxUSD**

A semi-stable token backed by a basket of dividend yielding preferred shares and US treasury bonds held offchain and other stablecoins held onchain.

**apyUSD**

An ERC-4626 compliant tokenized vault that locks apxUSD and earns yield on the underlying assets.

**APYX**

A future governance token that will be used to vote on parameters on the Apyx Protocol.

**Redemption Value**

The price at which all minting and redemption of apxUSD occurs, with a small spread for liquidity. Tracks the underlying basket of preferred shares and cash, dampened by the cash portion of the reserve.

**Total Collateral Value**

The full value of the reserve backing apxUSD, including the overcollateralization buffer. Replaces "NAV" on the transparency dashboard.

**Overcollateralization Buffer**

The gap between Total Collateral Value and Redemption Value. Held in preferred equity, not consumed during routine redemptions, and distributed pro-rata to holders in catastrophic wind-down scenarios.

**RFQ Redemption**

A Request for Quote redemption system that connects redemption requests with approved counterparties for competitive execution against the reserve, supplementing the automated primary-market redemption at Redemption Value.

#### Contracts & Components <a href="#contracts-and-components" id="contracts-and-components"></a>

**CommitToken**

An asynchronous tokenized vault used for locking tokens in exchange for points. The CommitToken extends ERC-4626 with ERC-7540 inspired asynchronous redemption functionality, enforcing a delayed unlocking period.

For example, users could deposit apxUSD into an apxUSD/USDC Curve pool, then deposit their Curve pool LP token into a CommitToken contract to lock their LP position and increase their points yield.

Commit tokens are always redeemable 1-1 for their underlying asset after the commit period.

**UnlockToken**

A special instance of the CommitToken contract that allows the apyUSD vault to initiate redemption requests on behalf of users. It acts as an operator for any user, enabling it to initiate redemption requests automatically when a user unlocks their apyUSD. The apyUSD contract uses the UnlockToken to enforce an unlocking delay by depositing the users apxUSD into the UnlockToken contract when the user redeems apyUSD for apxUSD. The user receives apxUSD\_unlock that is redeemable 1-1 for apxUSD after the unlocking period.

There is only one instance of an UnlockToken and it is used by the apyUSD contract.

**LinearVestV0**

A contract that receives yield deposits and vests them linearly over a configurable period. Only the vault contract can transfer (pull) vested yield. The apyUSD vault pulls yield on withdrawal.

**YieldDistributor**

A contract that receives yield from MinterV0 minting operations and deposits it to the Vesting contract. Acts as an intermediary between MinterV0 and LinearVestV0 to decouple minting and vesting, and allows for an operator role to trigger yield to be deposited into the LinearVestV0 contract.

**MinterV0**

V0 of the minting contract used to enforce minting controls, like max mint size, max mint per period, etc.

#### Standards <a href="#standards" id="standards"></a>

* **ERC-7540:** Ethereum standard for asynchronous tokenized vaults, extending ERC-4626 with request/claim flows for operations requiring delays or offchain processing.


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