Glossary
2 min read
All key terms used in Raven Market documentation.
| Term | Definition |
|---|---|
| AMM | Automated Market Maker — prices assets algorithmically without an order book. |
| Complete Set | One CALL token + one PUT token backed by exactly 1 unit of settlement currency. The fundamental building block of Raven's pricing model. |
| Coupled Pricing | Raven's AMM model where a single variable (call_reserve) governs both CALL and PUT prices simultaneously. CALL price + PUT price = 1.0 at all times. |
| ATM | At-the-Money — strike set at or near the current market price. |
| Cadence | Contract duration rhythm — Daily (24H) or Weekly (7 days). |
| CALL | Option paying out if underlying settles above strike at expiry. |
| Canton Coin (CC) | Canton Network's native digital asset. Settlement currency for CC digital options markets on Raven. |
| CBTC | Wrapped Bitcoin on Canton Network. The underlying asset for Raven's Bitcoin digital options markets, settled in ONE. |
| Canton Network | The privacy-preserving enterprise distributed ledger on which Raven is built. |
| Chainlink | Raven's settlement oracle provider — decentralized, tamper-resistant price feeds. |
| Closing Soon | Contract state indicating the trading window is ending. No new positions accepted. |
| Console Wallet | Canton-native developer wallet supported by Raven Market. |
| Digital Option | A derivative paying a fixed amount if a price condition is met at expiry, or zero if not. |
| Expiry | The fixed time a contract settles and outcomes are determined. |
| Fixed Payout | The predetermined amount (in the market's settlement currency) received for an ITM digital option. Always known before entry. |
| Gamma Risk | High outcome sensitivity to small price moves near the strike, especially close to expiry. |
| Implied Probability | Probability of ITM expiry as implied by current payout odds. |
| ITM | In-the-Money — CALL ITM when settlement price > strike. PUT ITM when settlement price < strike. |
| Loop Wallet | Primary consumer wallet for Canton Network. Recommended for most Raven users. |
| OI | Open Interest — total notional value of outstanding positions in a strike/expiry. |
| Invalidated | Contract state when settlement cannot be completed. All stakes returned to traders in full. |
| OTM | Out-of-the-Money — the option expires worthless. Stake is lost. |
| Partial Close | Exiting a portion of an open position before expiry. Remainder continues to settlement. |
| ONE | Alpend's settlement token on Canton. Used as stake and payout currency for Bitcoin (CBTC) digital options markets on Raven. |
| Payout Odds | Settlement currency stake per unit of payout. Equal to implied probability. Shown live in the digital options chain. |
| Protocol Pool | On-chain vault acting as counterparty to all trades. Protocol-seeded at launch. |
| PUT | Option paying out if underlying settles below strike at expiry. |
| Settlement | Determining and distributing outcomes at expiry using the Chainlink oracle. |
| Settlement Pending | Post-expiry state while awaiting Chainlink oracle confirmation. |
| Settled | Final contract state. All outcomes resolved and payouts distributed. |
| Stake | Amount committed (in ONE or CC) to buy a digital option. Maximum possible loss for the buyer. |
| Strike Price | Reference price determining the option's outcome at expiry. |
| USDCx | USDC on Canton Network — planned collateral currency for future Raven markets. |