Glossary

A quick reference for the terms used throughout these docs.

• Token (jetton) — a fungible asset on TON. TON itself is the native coin; everything else is a jetton.
• Liquidity pool — a smart contract holding a reserve of two tokens that traders swap against. Each trading pair has its own pool.
• AMM (automated market maker) — the mechanism that prices swaps from the pool’s reserves instead of an order book.
• Swap — exchanging one token for another against a pool’s liquidity.
• Pair — the two tokens a pool holds, e.g. TON / USD₮.
• LP tokens — tokens you receive when you provide liquidity; they represent your share of a pool and are redeemable for the underlying tokens plus accrued fees.
• Reserves — the amounts of each token currently held in a pool.
• TVL (total value locked) — the total value of all assets deposited in a pool (or across the DEX).
• Volume — the value traded through a pool over a period (e.g. 24h).
• Price impact — how much your own trade moves the pool price; larger trades against shallow liquidity have higher impact.
• Slippage tolerance — the maximum price change you accept between submitting and executing a swap; the transaction reverts if the price moves beyond it.
• Impermanent loss — the difference in value between holding tokens in a pool versus holding them in your wallet, caused by price divergence between the pair.
• Explorer — an on-chain explorer (e.g. Tonviewer) where you can verify any contract, pool or transaction.
• Non-custodial — you always control your own keys and funds; the protocol never holds them.