Glossary

Term	Definition
AUM	Assets Under Management. The total market value of assets that a vault or protocol manages on behalf of its depositors.
CAGR	Compound Annual Growth Rate. The mean annual growth rate of an investment over a specified period of time longer than one year.
Cooldown	A vesting period during which a user's withdrawn assets are locked in an aging pool before they can be claimed, protecting the vault from sudden bank runs.
Curator	The entity responsible for managing strategy allocation and executing settlements within a vault.
ERC-4626	A standard interface for tokenized yield-bearing vaults on Ethereum, ensuring composability across DeFi protocols.
High-Water Mark	The highest price per share a vault has ever reached. Performance fees are only charged on gains above this level.
NaaS	Neofinance-as-a-Service. The infrastructure layer providing yield, swap, payment, and vault functionalities to projects.
NAV	Net Asset Value. The total value of a vault's assets minus its liabilities, used to determine the price per share at settlement.
Pending Silo	A utility contract deployed at vault creation to hold assets or shares awaiting settlement.
UGC	User-Generated Content. Content created by users rather than brands, heavily utilized in the Attention Layer.
Valuation Provider	The entity that proposes NAV inputs used to set the settlement price per share in a vault.