> For the complete documentation index, see [llms.txt](https://handbook.spend.market/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://handbook.spend.market/faq-and-glossary/glossary.md).

# Glossary

**ATV (Average Transaction Value).** Aggregate Spend divided by Transaction Count; the average size of one purchase.

**Aggregate Spend.** Total dollar volume across all qualifying transactions in a window.

**Complete set.** One of every outcome token; mintable and burnable for \~$1.00, which anchors order-book prices.

**Elastic Markets.** Spend Market's two-phase lifecycle: a market opens as a pool (Phase 1: Early Pool) and graduates to an order book (Phase 2: Open Market) if it hits the threshold.

**Embedded wallet.** A non-custodial wallet provisioned for you by Privy when you sign in with email or social.

**ERC-4626.** The tokenized vault standard the yield vault is built on.

**ERC-6909.** The multi-token standard Spend Market's outcome tokens use.

**Graduation.** The automatic transition of a market from Phase 1 (Early Pool) to Phase 2 (Open Market).

**Group.** A flexible set of merchants you can trade as one; can sit inside a single sector or span several.

**Implied probability.** An outcome's price read as a probability; $0.65 means a 65% chance of resolving YES.

**Invite code.** Your unique 8-character referral code. A friend who signs up with it and deposits $5 or more earns you both promo credit.

**Maker / Taker.** A maker rests an order on the book and adds liquidity (earns a rebate); a taker consumes liquidity (pays a fee).

**Non-custodial.** You hold your own keys and funds; Spend Market can't move them without a transaction you sign.

**Parimutuel pool.** Phase 1 structure: everyone contributes to a shared pot and winners split it in proportion to their stake.

**Plaid.** The infrastructure that connects your bank in a tokenized flow; Spend Market never sees your credentials.

**Privy.** Spend Market's sign-in provider; provisions the embedded wallet.

**Promo balance.** Display credit you trade with on Spend Market. Non-transferable and not directly withdrawable; winnings from it are real and withdrawable. Earned through bank connection and referrals.

**Net-profit fee.** 1% of net profit on a winning position: your payout minus your cost basis. Charged on profit only, never on stake or losing positions.

**Revere.** Spend Market's oracle; produces the verified result each market settles on.

**Sector → Group → Merchant.** The hierarchy that organizes every market. Sectors are rigid; groups are flexible and can span sectors.

**Sector.** The broadest, rigidly defined grouping of merchants.

**Transaction Count.** How many purchases were made during a window.

**Unique Purchasers.** How many distinct people made at least one purchase during a window.

**USDC.** A stablecoin pegged 1:1 to the U.S. dollar; the currency for every position on Spend Market.

***

*Spend Market is operated by* [*American Spend*](https://www.americanspend.com/)*, Inc. Truth lives in transactions.*


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## 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.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://handbook.spend.market/faq-and-glossary/glossary.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.