Glossary

Accrued yield : Yield generated by the underlying position up to a given point in time.

Fixed rate : A rate locked in for a specific maturity, typically by holding PT bought (or kept) below its maturity value. Predictable if held to maturity, but still subject to underlying asset and protocol risk.

Floating (variable) rate : Yield that follows whatever the underlying yield-bearing gold actually produces over the term. Held through YT.

Gold Term Curve : The set of market-implied gold rates across Aureus maturities, plotted against time to maturity. See The Gold Term Curve.

Implied rate : The annualised rate implied by the market price of PT for a given maturity.

Bootstrap liquidity : Protocol-seeded or LP-seeded pools that start PT and YT trading on testnet. Not deep production liquidity. See Liquidity and pools.

Liquidity pool : A pool of two assets (PT / PAXGy or YT / PAXGy) that traders buy from and sell to.

Liquidity provider (LP) : Someone who adds capital to a pool and earns a share of trading fees. No token rewards are promised.

Market maker : A professional counterparty that quotes prices in the planned RFQ (Phase 4).

Maturity (tenor) : The date at which a principal/yield split ends and settles. Aureus uses tenors such as 30D, 90D, 180D and 1Y.

Notional : The size of a position, expressed in the underlying asset (for example 1,000 PAXGy).

PAXG : Tokenized gold. PT redeems into PAXG at maturity.

PAXGy : Yield-bearing tokenized gold: gold principal plus future gold yield. On testnet, Aureus uses Mock PAXGy, a test asset that reproduces the behaviour needed to test the protocol. It is not an official Paxos deployment.

PT — Principal Token : The principal component of a maturity-specific gold position. Gold-denominated, zero-coupon-like exposure: 1 PT redeems for 1 PAXG at maturity under Aureus settlement rules. Not legally a bond and not risk-free.

RFQ — Request for quote : A planned institutional flow (Phase 4) where a user requests a price for an outcome and maturity, and market makers compete to quote it.

YT — Yield Token : Exposure to the future yield generated by the underlying yield-bearing gold until maturity.

Vault : The Aureus contract that holds deposited PAXGy and issues PT and YT against it.