> For the complete documentation index, see [llms.txt](https://docs.usefarlight.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usefarlight.com/introduction/glossary.md). # Glossary Short definitions of the platform, protocol and chain terms used throughout the Farlight documentation. Entries are arranged by the part of the system they belong to: the names the platform gives its own screens, then requests and origination, then loan health and recovery, then Robinhood Chain and its tokens, and finally eligibility. ## Names used on the platform Farlight gives a handful of its screens and records names of their own. They appear in navigation and headings across the platform and these docs. | Term | Meaning | | ----------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Observatory** | The public loan explorer at `/platform/explorer`. Every loan is visible there to anyone, signed in or not. See [The Observatory](/guides/loan-explorer.md). | | **Telemetry** | The public risk page together with the live protocol readouts: statistics, concentration by collateral token, and the parameters currently in force. | | **Flight log** | The event history of a single loan, from origination through top-ups, repayments, rollover auctions and any liquidation. Each entry links to its transaction on Blockscout. | | **Launch window** | The deadline attached to a borrow request. Offers must fill the request before the launch window closes. | | **First light** | The public launch of the platform, and afterwards the public launch of each new market. | ## Requests, offers and origination | Term | Meaning | | ------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Borrow request** | A borrower's published statement, made on-chain or through a relayer, that they want a loan. It names the collateral token and amount, the principal, the highest APR the borrower will accept, the term and a launch window. | | **Offer** | The terms a lender (or a borrower) is prepared to deal at, signed under EIP-712. Offers cost nothing to create or to cancel. | | **Standing offer** | A lender offer not tied to any specific request. It behaves like a limit order resting against a collateral token or a tier. | | **Targeted offer** | A lender offer directed at one particular borrow request. | | **Origination** | The transaction that matches offers to a request, escrows the collateral, transfers principal and mints slice tokens. `LoanDesk` performs it. Settlement is another name for the same step. | | **Syndicate** | The set of lenders whose offers together filled a single borrow request, each holding a pro-rata slice. | | **Slice** | One lender's share of one loan, represented by a slice token. | | **Slice token** | An ERC-721 (Farlight Lender Slice, symbol FSLC) minted per slice at origination. It records principal, APR and start time and carries that slice's claim on the collateral. The access registry gates transfers. | | **Market** | A configuration identified by `(collateralToken, loanToken, oracle, ltvConfig)`. Markets are isolated from one another. | | **Idle capital** | USDG a lender has approved for lending that has not yet been matched. For lenders who opt in, it is parked in a whitelisted Morpho Blue vault. | ## Loan health, maturity and recovery | Term | Meaning | | ------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **LTV** | Loan-to-value: the principal divided by the collateral's oracle-priced value. | | **Max LTV** | The highest LTV at which a loan can originate in a given tier and session. | | **Liquidation LTV** | The LTV above which a loan becomes liquidatable. | | **Health factor (HF)** | `collateralValue × liquidationLtv / debt`. Below 1.10 the borrower is warned; below 1.00 the loan can be liquidated. | | **Closed-market haircut** | A reduction to the effective LTV ceilings, in force while the Chainlink feed reports the market closed or the price stale. | | **Session** | The state of the underlying equity market as the oracle reports it: regular hours, extended hours or closed. | | **Dutch auction** | The liquidation mechanism. Collateral is offered at a starting price above oracle, the price declines linearly towards a floor, and the first buyer to accept the current price takes the collateral. | | **Refinance auction** | The rollover mechanism. As maturity approaches, the rate rises linearly from the existing rate towards a cap; the first lenders to accept take over the loan, and the outgoing lenders are paid out. | | **Grace window** | The 24 hours after maturity in which the borrower can still repay before the loan is counted as defaulted. | | **Keeper** | An automated agent that starts auctions, sends alerts, accepts refinance bids or rebalances idle capital. Anyone may run one; no permission is needed. | ## Robinhood Chain and its tokens | Term | Meaning | | ------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------- | | **Stock Token** | An ERC-20 issued by Robinhood Assets (Jersey) Ltd, representing a tokenized debt security backed 1:1 by shares held in custody in the US. | | **`uiMultiplier()`** | The ERC-8056 function that returns a Stock Token's shares-per-token ratio, reflecting reinvested dividends and splits. | | **`oraclePaused()`** | A flag on the Chainlink feed, set during corporate actions. While it is set, the protocol freezes new borrows and liquidations on that token. | | **USDG** | The Paxos Global Dollar. Every loan is denominated and settled in it. | | **PolicyController** | The timelocked contract that holds every tunable parameter. Every change it makes emits an event. | | **Sequencer Uptime Feed** | The Chainlink feed that reports whether the L2 sequencer is up. The protocol reads it to grant a liquidation grace period after an outage. | | **Delayed inbox** | The Arbitrum contract on L1 through which a transaction can be force-included after 24 hours if the sequencer is down or censoring. | ## Eligibility | Term | Meaning | | ------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Access registry** | The contract that checks attestation-backed roles and jurisdiction rules at every origination, supply, refinance and collateral transfer. | | **Attestation** | An on-chain statement, signed by a KYC provider in an Ethereum Attestation Service schema, confirming that a wallet meets a role's requirements. 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