Glossary

Basic

CLMM Pools (V3)

Concentrated liquidity pools with range-based positions (Uniswap V3-style). Liquidity is provided in price ranges and only earns fees while the pool price is within the position’s range.

Classic Pools (V2)

Constant-product pools that provide liquidity across the full price curve. LPs receive ERC-20 LP tokens representing a fungible share of the pool.

Concentrated Liquidity (CLMM)

A V3-style liquidity design where LPs allocate liquidity within a chosen price range instead of across the full curve. This can improve liquidity efficiency near the active price but introduces in-range / out-of-range management.

Price Range

The price interval for a V3 position defined by tickLower and tickUpper. Your liquidity is In-range (i.e., Active) only when the current pool price is inside this interval.

Tick

A discrete price step (index) used by V3 pools to represent prices on a grid. Instead of storing every possible price, V3 tracks price using tick indices, where each tick corresponds to a specific price level.

For a V3 position:

• tickLower is the lower bound tick of your range

• tickUpper is the upper bound tick of your range

Liquidity becomes In-range / Active when the current pool tick/price is between tickLower and tickUpper.

In-Range / Active Liquidity

Liquidity that is active because the current pool price is inside the position’s price range. Only active liquidity earns swap fees.

LP NFT

A V3 position token (non-fungible) representing a specific liquidity range, liquidity amount, and fee accounting. Each LP NFT is unique because it encodes a distinct range and position state.

LP Token

An ERC-20 pool share token (V2) representing a fungible share of a classic pool. V2 LP tokens can be transferred and combined because they represent proportional ownership of the same pool.

Fees & Trading

Fee Tier

The pool’s Swap Fee rate, set when the pool is created (e.g., 0.05% / 0.3% / 1.0%). For each swap, the swapper pays a fee equal to this rate, deducted as part of swap execution.

Swap Fee

The fee paid by the swapper for executing a swap in a pool, calculated using the pool’s Fee Tier. By default, swap fees are distributed to liquidity providers (pro-rata to In-Range / Active liquidity in V3, or by pool share in V2). If a Protocol Fee is enabled, a portion of swap fees is allocated to the protocol and the remainder goes to LPs.

Protocol Fee (Protocol Profit)

An optional fee mechanism that allocates a fraction of Swap Fees to the protocol (when enabled). Protocol fees (protocol profit) do not add an extra fee tier on top of the swap fee; they are taken from the swap fees according to the configured split.

In Comet’s design, 100% of the protocol fees are used for ASTR buybacks as part of the Giveback Loop.

Fee Split

How the Swap Fees collected by pools are allocated between recipients (LPs and the protocol), depending on the pool configuration. This describes where the pool’s fee revenue goes, not an extra charge to the swapper beyond the fee tier.

Comet Giveback Loop

A value loop that routes protocol-generated value back to ASTR stakers: protocol usage → protocol profit → ASTR buyback → Boost deposited to the staking vault and distributed to ASTR stakers via exchange rate (between cASTR and ASTR) increase.

See Comet Giveback Loop

Boost

ASTR distributed to stakers from buybacks funded by Protocol Profit. Boost is deposited into the staking vault, increasing total vault assets and improving the cASTR ↔ ASTR exchange rate over time.

Exchange Rate (cASTR ↔ ASTR)

The conversion rate that determines how much ASTR one unit of cASTR can redeem. The exchange rate increases as the vault receives staking rewards and Boost (value accrues via exchange rate growth, not rebasing).

Price Impact

The difference between the quoted price and the final execution price caused by the trade consuming liquidity and moving the pool price during execution. Larger trade size and thinner liquidity typically lead to higher price impact.

Slippage Tolerance

A user-set limit on how much worse the execution price may become while the transaction is pending. If the realized execution would exceed this tolerance, the transaction will revert (fail).

Minimum Received

The minimum output amount a swap must return to succeed. This value is derived from the quote and your Slippage Tolerance; if execution would return less, the swap reverts (fails).

Transaction Deadline

The latest time your swap is allowed to execute on-chain. If the transaction is mined after the deadline, it will revert (no swap). Default: 20 minutes.