# Glossary ## MIM Magic Internet Money (**MIM**) is a stablecoin backed by interest bearing tokens issued by [**abracadabra.money**](https://abracadabra.money/)**!** \ \ **MIM** is native of the Ethereum Ecosystem and bridged to Avalanche through the Anyswap Network!\ \ Find out more about MIM [**here**](https://docs.abracadabra.money/spell-token/tokenomics#the-mim-token)**.** ## APR *Annual Percentage Rate*, is the annualized interest rate without taking the effect of compounding into account. ## APY *Annual Percentage Yield*, is the normalized representation of an interest rate, based on a compounding period over one year. Note that APYs provided are rather ballpark level indicators and not so much precise future results. ## BCV *Bond Control Variable*, is the scaling factor at which bond prices change. A higher BCV means a lower discount for minters and higher inflation by the protocol. A lower BCV means a higher discount for minters and lower inflation by the protocol. ## DAO *Decentralized Autonomous Organization*, is a governance mechanism for making decisions in a more trustless and collaborative way. Voting rights are often bound to a governance token. In **PirateDAO** the governance token is **ROGERs**, and we expect the voting page to be up as soon as possible, stay tuned!. ## DCV *Deflation Control Variable*, is the scaling factor at which protocol defined buy pressure changes. A higher DCV means more buy pressure from the protocol, resulting in a higher deflation. A lower DCV means less buy pressure from the protocol, resulting in a lower deflation. ## EVM *Ethereum Virtual Machine*, is a state machine in which all Ethereum accounts and smart contracts live. At any given block in the chain, Ethereum has one and only one canonical state, and the EVM is what defines the rules for computing a new valid state from block to block. *Avalanche is an EVM Compatible Netwrok!* ## Liquidity Bonds *Liquidity bonds* are all the bonds that allows users to mint JOLLY using LP token. An Example is JOLLY-MIM LP bonds. ## PCV *Protocol Controlled Value*, is the amount of funds the treasury owns and controls. The more PCV the better for the protocol and its users. ## POL *Protocol Owned Liquidity*, is the amount of LP the treasury owns and controls. The more POL the better for the protocol and its users. ## PoR *Proof of Reserve*, is the mechanism of strengthening the reserve of PirateDAO treasury via the sales of bonds (i.e Minting new **JOLLY**). Minters provide liquidity to the treasury, thereby building its reserve. In return for their service, bonders get paid in **JOLLY**. ## Reserve Bonds Reserve bonds are all the bonds that allows users to MINT **JOLLY** using single assets. They are sometimes referred to as "naked" bonds. Examples are **MIM** bonds. ## Reward Rate Reward rate is the configured percentage of **JOLLY** distributed to all stakers on each rebase relative to the total supply. The reward rate is precisely set by the policy team. ## Reward Yield Reward yield refers to the actual amount of **JOLLY** received by each staker on each rebase. The reward yield is a rough target from a policy point of view. It can almost never be maintained precisely due to e.g. fluctuating amounts of **JOLLY** staked. ## Backing per JOLLY *Backing per JOLLY*, is the amount of funds the treasury guarantees to use for backing **JOLLY**. ## LP *Liquidity Provider token*, is the token received when providing liquidity on DEXs. For instance liquidity bonds will require require LP tokens of the JOLLY-MIM pair from [**Trader Joe**](https://traderjoexyz.com/#/pool/0x130966628846BFd36ff31a822705796e8cb8C18D/0x30ff717fc266f2dcb3adc1af4043f8c517491e66)!. ## TVL *Total Value Locked*, is the dollar amount of all JOLLY staked in the protocol. This metric is often used as growth or health indicator in DeFi projects. ## TaaS *Treasury as a Service*, is the business model of decentralized custody of partnership funds. **PirateDAO** is designed for TaaS by selling bonds and absorbing partners' liquidity into its treasury as a result. ## TWAP *Time Weighted Average Price*, is the average price of an asset over a specified time. TWAPs are used to represent the fair value of an asset as defined by the market. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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