Resources
Glossary
The words these docs use, defined once.
| Term | Meaning |
|---|---|
| Allowance | An SPL token approval from your token account to the settlement address, letting the program take up to that amount to fill orders you sign. |
| Auctioneer | The collector’s signing key. It opens batches and co-signs commits. |
| Batch | One round of trading in one pair: a collection window, a solve window, a committed price and its fills. |
| Bond | SOL a solver locks per committed batch. Slashed if the batch isn’t finished. |
| Bridge | In the app and on the site, the line at the clearing price. Orders that reach past it fill. |
| Budget | The total a committed quote must sell in each token. Fixed at commit. |
| Chain domain | SHA-256 of a cluster’s genesis hash, bound into every signature so it can’t be used on another cluster. |
| CHORD | Chord’s token, fair-launched in full. Staked, it votes and backs a solver’s registration. |
| Clearing price | The one price every fill in a batch uses. |
| Collector | Chord’s off-chain service: it collects orders and quotes, picks the winner, and sends transactions. |
| Commit | The transaction that writes the price, escrows reserves and locks a bond. |
| Fill | One order’s swap: input in, output out, in one instruction. |
| Intent | A signed order. |
| Minimum | The least output an order accepts, computed from its amount and limit. Called minBuyAmount in code. |
| Nonce | A number unique per owner that identifies an order and can be used once. |
| Nonce floor | The lowest nonce an owner still accepts. Raising it cancels every order below it. |
| Receipt | The permanent on-chain record of a nonce’s fills or cancellation. |
| Reference price | A fixed price each market uses to compare quotes in one unit. Never used for fills. |
| Reserves | The tokens a solver escrows at commit, covering every output it owes. |
| Settlement address | The program address your allowance names. It has no private key. |
| Slash | Sending a defaulted solver’s locked bond to the treasury, and burning 10% of its CHORD stake. |
| Solver | A participant that quotes batches and fills the net imbalance from its own inventory. |
| String | In the app and on the site, one order: rising from below to its limit if it buys, hanging from above if it sells. |
| Surplus | What an order receives above its minimum. Quotes are ranked by total surplus. |
| Treasury | The governance-controlled account that receives slashed bonds. |