Glossary
Canonical definitions for every PairStreet term. Each term has one meaning across the documentation, the application and the API, and each links to the chapter that explains it in full.
A to Z
Every dotted term in the documentation opens its definition here. Terms are grouped below by the part of the system they belong to; this index lists them alphabetically.
Each entry gives the definition, the term it is most often confused with, and the chapter that covers it. Links of the form /glossary#pair-value resolve directly to an entry.
Pair objects
The five objects that describe a Pair Market and what it is paired with. Most misunderstandings about PairStreet come from blending two of these; the boundary notes keep them apart.
- Pair Market
The canonical pairing of an internet asset with a financial Pair: TOKEN × PAIR INSTRUMENT, plus the Pair Vault, configuration and accounting that connect them.
Not the token. The token is one side of the Pair Market; the Pair Market is the record that joins it to a Pair Instrument.
Chapter Pair Markets
- Pair Instrument
The financial exposure a Pair Market is paired with, such as Tokyo Residential or Swiss Government Debt. A catalog object with a provider, an eligibility policy and a status.
Not the Pair Asset. The instrument is the exposure; the Pair Asset is the transferable token acquired for it.
Chapter Pair Instruments
- Pair Asset
The transferable onchain asset the implementation acquires and distributes for a Pair Instrument. Holders receive the Pair Asset, not the reference market itself.
Not the reference market. A holder receives the Pair Asset, governed by its issuer’s terms.
Chapter Pair Instruments
- Reference Market
The real-world market a Pair Instrument describes, for example Tokyo residential property. Used for identity and pricing context; not something a wallet holds.
Not a holding. Price data from a reference market describes value; ownership requires a transferable asset and an acquisition path.
Chapter Pair Instruments
- Pair Value
The current tracked value of Pair Assets associated with a Pair Market according to PairStreet accounting: Σ quantity × reference price. Independent of the token's market cap.
Not market cap. Market cap measures the token market; Pair Value measures acquired Pair Assets.
Chapter Pair Value
Settlement infrastructure
The components that move value from a Pair Market’s economics into its Pair Asset: the vault that holds it, the router that converts it, and the providers that deliver it.
- Pair Vault
The account that receives settlement value allocated to one Pair Market, holds it until conversion, and holds the acquired Pair Asset until it is allocated to holders.
Not the treasury. Each Pair Market has its own vault; the treasury is protocol-wide.
Chapter Pair Vault
- Settlement asset
The asset a Pair Vault accumulates before conversion. USDC by default.
Not the Pair Asset. The settlement asset is what the vault converts from; the Pair Asset is what it converts into.
Chapter Pair Vault
- Pair Router
The execution layer that converts a Pair Vault's settlement balance into an acquisition plan for the Pair Asset and hands it to the right executor.
Not a provider. The router plans and executes; providers quote and deliver.
Chapter Pair Router
- Route mode
How the Pair Router acquires a Pair Asset: ONCHAIN_SWAP, PROVIDER_API, RFQ, ISSUER_MINT or BROKER_ROUTE.
Not a provider. The mode describes how execution happens; a provider supports one or more modes.
Chapter Pair Router
- Provider
A source of a Pair Instrument behind the common provider interface: an onchain venue, a tokenized-asset issuer, an RFQ desk or a broker route.
Not necessarily the issuer. A provider can be an issuer, an onchain venue, an RFQ desk or a broker route.
Chapter Providers
- Settlement
One turn of a Pair Market's flywheel: the Pair Vault balance is routed, the Pair Asset acquired, accounting finalized and a reward epoch funded.
Not a trade. Trades happen continuously on Pump; settlement runs on the market’s cadence, hourly by default.
Chapter Settlement
Rewards and access
How acquired Pair Asset is divided among holders, who may claim it, and how demand for new instruments is recorded.
- Reward Epoch
A window over which acquired Pair Asset is allocated to eligible holders by their holder weight. Produces exact integer allocations and a Merkle root.
Not a snapshot. Under the time-weighted method, weight accrues across the whole window.
Chapter Holder Rewards
- Holder Weight
A holder's share basis inside a reward epoch. Under the time-weighted method: the integral of balance over time held inside the epoch (token-seconds).
Not a balance. Two holders with equal balances carry different weights if they held for different durations.
Chapter Holder Rewards
- Eligibility Engine
Evaluates a viewer's region and verification state against a Pair Instrument's rules and returns allow or restrict before any Pair interaction.
Not a trading gate. The token trades openly; eligibility governs Pair interactions such as launching into an instrument and claiming its rewards.
Chapter Eligibility
- Pair Request
A user's request for a Pair Instrument the catalog does not list yet. Requests aggregate into measurable demand that drives provider integration.
Not a listing. A request records demand; an instrument is listed when its provider route is integrated.
Chapter Pair Requests
Protocol
The fee model and the ledger conventions that hold across every Pair Market.
- Creator-fee split
Every PairStreet launch locks its Pump creator fees on-chain: 50% creator, 25% PairStreet protocol, 25% Pair Vault reserve. Pump allows the split to be set once.
Not the trading fee. The split divides Pump creator fees; the 0.5% trading fee is a separate PairStreet fee on the trades it builds.
Chapter Protocol Economics
- Pair Vault reserve
The 25% share of a Pair Market's creator fees earmarked for its Pair Vault. Held by the PairStreet treasury until the market's settlement route activates.
Not protocol revenue. The reserve is earmarked per market for its Pair Vault, including while the treasury holds it.
Chapter Protocol Economics
- PairStreet treasury
The protocol wallet that receives the protocol share and Pair Vault reserve of creator fees plus the 0.5% trading fee.
Not a Pair Vault. The treasury is one PairStreet-controlled wallet today; a multisig is planned.
Chapter Protocol Economics
- Ledger mode
Every financial ledger row carries live or development. Production reads and writes live rows only.
Not a network. Both modes describe rows in the same schema; production reads and writes live rows only.
Chapter Accounting and Reconciliation
Vocabulary discipline
Seven relationship phrases carry the precision of the whole system: paired with, rewards paid in, acquired by, tracks, issued by, redeemable for and custodied by. Each describes one relationship. Using one in place of another changes what is being claimed.
| Say | Not | Why |
|---|---|---|
| $TOKYO is paired with Tokyo Residential. | $TOKYO is backed by Tokyo real estate. | Pairing is a configured relationship. Backing implies a redemption claim the token does not carry. |
| Tokyo Residential is a Pair Instrument representing the target financial exposure configured for the Pair Market. | PairStreet buys Tokyo real estate. | The Pair Router acquires a Pair Asset through a provider route. It does not acquire the reference market. |
| Rewards are paid in the Pair Asset. | Holders earn yield. | Allocations depend on settlements and holder weight. No amount or rate is promised. |
| The Pair Asset is acquired by the Pair Router. | PairStreet invests on your behalf. | Acquisition is a protocol step into the Pair Vault, not a service to individual holders. |
| Tokyo Residential tracks Tokyo residential property. | Tokyo Residential holds Tokyo property. | Tracking describes pricing and identity. Ownership requires a transferable asset. |
| PAXG is issued by Paxos Trust Company. | PairStreet partners with Paxos. | Issuer is a fact about the asset. PairStreet references issuer tokens without commercial relationships. |
| Unallocated Pair Asset is custodied by the Pair Vault. | Your Pair Asset is in the vault. | Custody and entitlement differ. A holder is entitled to an allocation once an epoch is allocated. |
| Pair Value is $X. | The token is worth $X of assets. | Pair Value measures acquired Pair Assets for the market. It is not a per-token value or a floor. |
| Settlement pending. | Settlement is unavailable. | The market is configured; its instrument route activates on its own schedule. |
The same discipline applies to status words. Live means running on Solana mainnet. Route ready means a provider route quotes today and executes once vault custody activates. Activates per route means implemented and switched on per instrument. Planned means designed and scheduled. Status applies these words to every component, and Why Pair Markets works through the seven phrases with examples.