> ## Documentation Index
> Fetch the complete documentation index at: https://docs.tiltprotocol.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Key terms and definitions used across Tilt Protocol

# Glossary

| Term                      | Definition                                                                                                                                       |
| ------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------ |
| **AUM**                   | Assets Under Mirroring. The total value of all assets held in a vault, expressed in tiltUSDC.                                                    |
| **Base Asset**            | The denomination currency for all vaults: tiltUSDC (a stablecoin pegged to USD).                                                                 |
| **Basis Points (BPS)**    | A unit of measurement where 1 BPS = 0.01%. Weights and fees are stored in BPS (10,000 BPS = 100%).                                               |
| **BeaconProxy**           | A proxy pattern where multiple vault instances share a single implementation contract via an UpgradeableBeacon.                                  |
| **Curator**               | The fund manager who creates and manages a vault's strategy. Sets target weights and earns a share of fees.                                      |
| **Dead Shares**           | 1,000 shares permanently minted to `address(1)` on vault creation. Prevents inflation attacks.                                                   |
| **ERC-4626**              | The Ethereum standard for tokenized vaults. Defines deposit, withdraw, and accounting interfaces.                                                |
| **ERC-20**                | The Ethereum standard for fungible tokens. All tilt-tokens and vault shares are ERC-20.                                                          |
| **High-Water Mark (HWM)** | The highest share price ever achieved by a vault. Performance fees are only charged on gains above this level.                                   |
| **Idle Cash**             | tiltUSDC held in a vault that is not allocated to any target position. Occurs when target weights sum to less than 100%.                         |
| **NAV**                   | Net Asset Value. The total value of a vault's holdings, calculated as base asset balance plus the sum of all held token values at oracle prices. |
| **Oracle**                | A system that provides off-chain data on-chain. Tilt uses oracles for price feeds and portfolio weights.                                         |
| **Rebalancing**           | The process of selling over-weight tokens and buying under-weight tokens to align the portfolio with target weights.                             |
| **RWA**                   | Real-World Assets. Stocks, bonds, commodities, and other traditional financial instruments tokenized on-chain.                                   |
| **Share Price**           | NAV per share. Calculated as `totalAssets / totalSupply`. Expressed in 18-decimal precision.                                                     |
| **Shares**                | ERC-20 tokens representing proportional ownership of a vault's assets. Minted on deposit, burned on withdrawal.                                  |
| **Slippage**              | The difference between expected and actual execution price of a trade. Protected by `minAmountOut` parameters.                                   |
| **Time-Lock**             | A mandatory delay between proposing and executing weight changes in curator vaults. Protects investors.                                          |
| **tiltUSDC**              | The base stablecoin on Robinhood L2, equivalent to USDC. Used for all deposits, withdrawals, and fee accounting.                                 |
| **tilt-Token**            | An ERC-20 token representing a real-world asset on Robinhood L2 (e.g., tiltAAPL, tiltNVDA, tiltETH).                                             |
| **TokenRouter**           | The swap execution and price oracle contract. Routes trades between tilt-tokens and tiltUSDC.                                                    |
| **Vault**                 | A smart contract that holds a basket of assets, accepts deposits, processes withdrawals, and manages a portfolio strategy.                       |
| **Weight**                | A target allocation for a token in a vault's portfolio, expressed in basis points.                                                               |