> ## Documentation Index
> Fetch the complete documentation index at: https://docs.denar.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> The terms used throughout the Denar documentation, defined once and used consistently.

<ResponseField name="LLTV — liquidation loan-to-value">
  The maximum debt a position may carry as a fraction of its collateral's oracle value. Crossing it makes the position liquidatable. Fixed per market, forever: 62.5% on single stocks, 77% on ETFs.
</ResponseField>

<ResponseField name="Health factor">
  Maximum allowed debt divided by actual debt. Above 1.0 the position is safe; below 1.0 anyone may liquidate it.
</ResponseField>

<ResponseField name="Liquidation price">
  The collateral price at which a position's health factor reaches 1.0 — the number to compare with the chart.
</ResponseField>

<ResponseField name="Liquidation bonus">
  The discount a liquidator earns for repaying an unhealthy position's debt: ≈12.7% on stock markets, ≈7.4% on ETF markets, paid from the borrower's collateral.
</ResponseField>

<ResponseField name="Utilization">
  The share of a market's supplied USDG currently lent out. Drives both the adaptive interest rate and what lenders actually earn.
</ResponseField>

<ResponseField name="Supply APR">
  What lenders actually earn: borrow APR × utilization × (1 − protocol fee). Zero when nobody borrows, regardless of the headline rate.
</ResponseField>

<ResponseField name="Isolated market">
  A sealed lending compartment defined by five immutable parameters: collateral asset, loan asset, oracle, interest model, LLTV. Markets share no accounting.
</ResponseField>

<ResponseField name="dnUSDG">
  The share token of the Denar USDG Vault. Its value grows as the vault collects borrower interest; redeemable for USDG directly from the contract.
</ResponseField>

<ResponseField name="Cap">
  The maximum USDG the vault will allocate to one market. Raising a cap takes a 1-day timelock; lowering is instant. Currently 2,500 USDG per market (seed phase).
</ResponseField>

<ResponseField name="Supply queue">
  The ordered list of markets the vault fills with deposits — each to its cap, then overflowing to the next.
</ResponseField>

<ResponseField name="Multiplier (uiMultiplier)">
  The shares-per-token ratio of a stock token. Corporate actions move the multiplier instead of rebasing balances; Chainlink feeds already price it in.
</ResponseField>

<ResponseField name="Corporate action">
  A dividend, split, or similar event on the underlying stock. Processed by the token issuer under an oracle pause; the affected market pauses rather than misprice.
</ResponseField>

<ResponseField name="Oracle pause">
  Any state in which a market's oracle refuses to answer — stale feed, corporate action, sequencer outage. Borrowing, collateral withdrawal, and liquidations wait; repayment never does.
</ResponseField>

<ResponseField name="Bad debt">
  The shortfall when a position's collateral is worth less than its debt. Written off transparently against the lenders of that market only, bounded by its cap.
</ResponseField>

<ResponseField name="USDG">
  Global Dollar — the stablecoin of Robinhood Chain and Denar's sole loan asset, priced by its own independent Chainlink feed.
</ResponseField>

<ResponseField name="Timelock">
  The 1-day public delay on every vault action that increases lender risk. De-risking actions execute instantly.
</ResponseField>