> For the complete documentation index, see [llms.txt](https://docs.bextree.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bextree.com/resources/glossary.md).

# Glossary

**Asset vault** — Bextree's on-chain custody program. Holds pre-custodied assets (LP positions) from listing time until settlement or seller withdrawal.

**Custody model** — Whether Bextree can take custody of an asset before its auction begins. *Pre-custodied* assets (LP positions) are vaulted at listing time; *post-custodied* assets (Streamflow) stay with the seller until settlement, secured by a bond.

**Discovery** — Scanning a connected wallet to find assets eligible for listing.

**Escrow** — The program-governed account holding the winning buyer's USDC during settlement. Two exits only: seller payment on verified settlement, or buyer refund.

**Face value** — The estimated unlocked/current value of a position, derived from on-chain data. The reference point for discount displays.

**Lifecycle state** — A listing's derived state: `DRAFT`, `LIVE`, `AWAITING_SETTLEMENT`, or `ENDED_NO_SALE`.

**Nonce** — A one-time random challenge your wallet signs to authorize an action. Consumed on use; expires quickly; can never be replayed.

**Position NFT** — An NFT representing ownership of an LP position (Orca Whirlpool, Raydium CLMM, Meteora DAMM v2). Transferring the NFT transfers the position.

**Recipient** — The wallet a Streamflow contract currently vests to. Selling a Streamflow position means reassigning its recipient to the buyer.

**Reserve price** — The seller's minimum acceptable price. Auctions ending below reserve don't sell.

**Settlement** — The exchange of a specific asset for a specific payment between a specific seller and buyer, after an auction ends.

**Settlement bond** — A refundable deposit (5% of reserve) posted by sellers of post-custodied assets. Refunded on delivery; forfeited 70% to platform / 30% to buyer on failure.

**Settlement window** — How long a post-custodied seller has to deliver after buyer escrow (24 hours for Streamflow).

**Verified transfer** — On-chain confirmation that the buyer received the asset — the release condition for escrow.