The words, in plain language.

Glossary

Stock Token

A token on Robinhood Chain that tracks the price of a US share or ETF, such as AAPL or SPY. Stock Tokens are debt securities issued by Robinhood Assets (Jersey) Limited. They give economic exposure to the underlying security but no shareholder rights, such as voting. They work like any other token in your wallet.

Test assets

Orlo test USDG and test Stock Tokens mirroring TSLA, AAPL, NVDA, AMZN, MSFT, GOOGL, META and COIN on Robinhood Chain testnet. You claim them from the Orlo faucet. They're priced from Robinhood's live mainnet reference bid and have no cash value.

USDG

A US dollar stablecoin on Robinhood Chain. Orlo counts 1 USDG as $1.00 when it adds up totals. A stablecoin's market price can still differ slightly from $1.

Morpho vault

A pool you can deposit USDG into. The vault lends it to borrowers on Morpho lending markets chosen by a curator, and you receive vault shares that track your deposit plus any interest. Vaults carry smart contract, lending and liquidity risk.

Orlo test vault

The vault Earn uses on testnet. It's an ERC-4626 vault for test USDG that pays a fixed rate, so you can see how vault shares and interest work before using a Morpho vault.

Variable APY

The yearly rate a Morpho vault pays, including compounding, at the moment it's shown. It changes as borrowing demand changes. A rate shown today isn't a promise of what you'll earn. The Orlo test vault pays a fixed rate instead.

Market order

An order to sell or buy at the best price available right now. It fills quickly but the final price can differ from the price you saw.

Fee

A cost of making a transaction. On Robinhood Chain you pay a small network fee in ETH. On testnet that's testnet ETH from the Robinhood Chain faucet. Sales and vaults can add their own fees. Orlo shows the fees it can estimate before you sign.

Slippage

The difference between the price you expect and the price you get, often because the market moved or the trade was large. A slippage limit stops the action if the price moves further than you allow.

Rule

Your instruction for one holding in Orlo: which Stock Token, when to act, the most that can move in one action, what to keep, and where the USDG goes. When you turn a rule on, it becomes an onchain policy that the Orlo Rules contract enforces.

Keeper

The Orlo service that watches your conditions and triggers a policy when one is met. It holds only a gas key and can only trigger what you authorized. You can pause or revoke a policy at any time.

Approval

Permission you give a contract to move a set amount of one token from your wallet. Orlo asks for exact amounts, never unlimited ones.

Cost basis

What you paid for a holding. A wallet doesn't record this, so Orlo doesn't know it and won't call a sale a profit. It shows sale proceeds and value moved instead.

Liquidation

When a loan's collateral falls in value too far, a lending market can sell some of it to repay the debt. Borrowing creates debt, and liquidation can mean losing part of what you put up.

Multiplier

A number that adjusts how many underlying shares one Stock Token represents after dividends or splits. Your token balance stays the same, and the token's price already includes the multiplier. That's why a Stock Token's price can drift above the share price over time.

Sources: Robinhood Chain Stock Tokens, Oracles and price feeds, Morpho vault flows.