GLOSSARY

Words before risk.

Available market depth for exchanging assets. Displayed liquidity is not identical to guaranteed execution.

Fully diluted valuation: price multiplied by the assumed fully issued supply. It is not the same as cash in the project.

Difference between expected and executed price as a trade moves through available liquidity.

A permission that may allow additional token supply. Its meaning differs by chain and contract design.

Lowest current NFT listing, not necessarily the price at which meaningful size can be sold.

Value extractable through transaction ordering or inclusion decisions; important to execution-risk analysis.