Glossary

Underlying Asset

The specific asset price feed (e.g. ETH/USDC) from which price movements determine the value and outcome of the option.

Downside Protection

The percentage in which the price of the underlying asset/s can fall before the vault experiences a knock-in event. Downside protection is a buffer feature of the fixed-coupon note, protecting users downward swings in the underlying asset. For example, Cruise Control has 90% downside protection, meaning the prices of ETH or BTC can fall up to 90% before the vault knocks-in.

Deposit Asset

The asset (e.g. USDC or ETH) used as collateral for your vault position.

Settlement Asset

The asset (e.g. USDC or ETH) you will receive at the conclusion of your vault position.

Knock-In Observation

The frequency in which underlying asset prices are observed for a potential knock-in event.

Knock-In Observation Time

The time of day in which the Knock-In Observation occurs.

Knock-In Logic

The method used to observe the price movements of a basket of underlying assets to track for a knock-in event. A 'worst-of-basket' approach means that throughout the product's tenor, the price of the worst-performing asset is tracked and determines the outcome of the vault

Auto-Rollover

Enabled when user funds are automatically rolled over into the next vault following expiry. This saves users having to manually redeposit into the next vault.

Tenor

The length of time before the vault expires. All Cega vaults trade a 27-day tenor.

Deposit Closing Time

The time in which deposits for the upcoming vault close. Deposits made after this time will be queued into the following week's vault.

Trading Time

The time in which the vault begins trading and begins generating yield for users.

Expiration Date

The date and time the vault expires and withdrawals are processed.

Minimum Deposit

The minimum amount of collateral that can be deposited into the vault.

Minimum Withdrawal

The minimum amount of vault tokens that can be withdrawn from the vault.

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