QuiverDocs / Glossary
Glossary
Every term used across these docs, in one place.
Terms
| Term | Meaning |
|---|---|
| Vault | An isolated position: one collateral asset, one qUSD debt. Losses in one vault do not touch another. |
| Collateral | The asset you supply and lock in order to borrow against it. |
| qUSD | The USD-pegged debt token minted against collateral, and burned when you repay. |
| LTV | Loan-to-value. Debt divided by collateral value, as a percentage. |
| Max LTV | The ceiling on borrowing for a given market. Mints above it revert. |
| Liquidation threshold | The LTV at which a vault becomes liquidatable. Always above max LTV, so there is a buffer. |
| Health factor | How far a vault is from liquidation. Above 1.0 is safe; at or below 1.0 it can be liquidated. |
| Liquidation | Closing an unhealthy vault: the debt is repaid and the collateral is seized at a discount. |
| Stability Pool | A pool of qUSD that absorbs liquidated debt and receives the seized collateral at a discount. |
| Stability fee | Interest accruing on vault debt, set per market, paid in qUSD to the surplus buffer. |
| Surplus buffer | Protocol-owned reserves accumulated from stability fees, held against bad debt. |
| Oracle | The on-chain price feed the protocol uses to value collateral and decide liquidations. |
| Overcollateralized | Collateral is always worth more than the debt drawn against it. |
| Non-recourse | The collateral in the vault is the only asset at risk — no claim on anything else you hold. |
| $QUIV / veQUIV | The governance token and its vote-escrowed form, used to steer risk parameters. |
Reading a position
A vault holding $10,000 of collateral in a market with a 75% max LTV and an 82% liquidation threshold can mint up to $7,500 of qUSD. At $5,000 of debt its LTV is 50%, and its health factor is (10,000 × 0.82) / 5,000 = 1.64 — comfortably safe.