All definitions

General terms:

Bet - professionally referred to as a position or option. This term may relate to both an active and an inactive bet.

Awaiting bet - also called a ticket. It is an offer to make a bet that waits for a taker (or the second side), to become active.

Bet taker - also referred to as a taker, someone that takes an awaiting bet.

Bet issuer - someone that creates an awaiting bet and waits for a taker.

Bets history - all bets that were taken and resolved in either the taker's or issuer's favor.

Available bets - the list of all awaiting bets for a given token.

Token - every bet is made against the price of some token available on Uniswap. Its price will decide who will be the winner.

Period - a timeframe during which the bet is active until it is settled and a winner is decided. Available periods: 1h, 6h, 24h, 7d, 30d.

Strike price - the price that the underlying token must equal or exceed for the holder of the UP bet to profit. It is set by the issuer. It is shown as a horizontal line on the graph when you inspect a bet in the web UI.

Multiplier - Also known as leverage. A multiplier shows how much you can win relative to your deposit (bet size). The higher the multiplier, the more you can win, and the riskier the bet.

Ends in - The amount of time left to settle a bet. When the bet is settled, a winner is decided.

P&L - Profit and loss. How much you would profit or lose if an active bet was resolved right now.

Validity - Expiration time. How long the bet will be available to other traders before it expires and disappears.

Execution window - a timeframe at the end of a bet period during which the bet can be exercised. It lasts between 5 min and 15 min depending on the period.

Invalidate - when you invalidate an awaiting bet, you remove it from the market. You can only invalidate awaiting bets that you issued yourself.

Up bet - a long position. A person who makes an Up bet will profit if the token's price surpasses the strike price at the end of the period.

Down bet - a short position. A person who makes a Down bet will profit if the token's price is below the strike price at the end of the period.

Bet size - The amount of money a user is risking in a bet.

Deposit - a transaction that transfers USDC from a user’s wallet to Logium's smart contract in order to increase the user's collateral balance.

Withdrawal - a transaction that transfers USDC from Logium's smart contract to a user's wallet.

Balance - total USDC deposited in the contract by the user.

Collateral - USDC that backs every bet that a user has issued.

Collateral in use - collateral currently used to back active bets, both issued and taken.

Free collateral - Calculated as (Balance - Collateral in use).

Required collateral - the minimum amount of free collateral to create an awaiting bet (issue a position with a set size).

Current price - the latest price of the token in USDC.

Claim profit - when a bet is won by its issuer, winnings have to be transferred from the bet's contract into the core Logium contract to be available for withdrawal. "Claim profit" refers to this process.

Unclaimed bets - bets won by their issuer which profit has not been claimed yet.

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