# Glossary

<table><thead><tr><th width="172.703125">Term</th><th>Definition</th></tr></thead><tbody><tr><td>AUM</td><td>Assets Under Management. The total market value of assets that a vault or protocol manages on behalf of its depositors.</td></tr><tr><td>CAGR</td><td>Compound Annual Growth Rate. The mean annual growth rate of an investment over a specified period of time longer than one year.</td></tr><tr><td>Cooldown</td><td>A vesting period during which a user's withdrawn assets are locked in an aging pool before they can be claimed, protecting the vault from sudden bank runs.</td></tr><tr><td>Curator</td><td>The entity responsible for managing strategy allocation and executing settlements within a vault.</td></tr><tr><td>ERC-4626</td><td>A standard interface for tokenized yield-bearing vaults on Ethereum, ensuring composability across DeFi protocols.</td></tr><tr><td>High-Water Mark</td><td>The highest price per share a vault has ever reached. Performance fees are only charged on gains above this level.</td></tr><tr><td>NaaS</td><td>Neofinance-as-a-Service. The infrastructure layer providing yield, swap, payment, and vault functionalities to projects.</td></tr><tr><td>NAV</td><td>Net Asset Value. The total value of a vault's assets minus its liabilities, used to determine the price per share at settlement.</td></tr><tr><td>Pending Silo</td><td>A utility contract deployed at vault creation to hold assets or shares awaiting settlement.</td></tr><tr><td>UGC</td><td>User-Generated Content. Content created by users rather than brands, heavily utilized in the Attention Layer.</td></tr><tr><td>Valuation Provider</td><td>The entity that proposes NAV inputs used to set the settlement price per share in a vault.</td></tr></tbody></table>


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