Automated Market Maker
An automated market maker is a smart contract on a supported EVM network that holds liquidity reserves. Users trade against those reserves at prices determined by the pool’s rules. Depending on pool configuration, liquidity providers may receive swap fees, emissions, or both.Asset
While a digital asset can take many forms, Ramses pools pair ERC20 tokens. Concentrated-liquidity positions are represented as ERC721 NFTs, while DLMM positions are represented as fungible balances for individual bin IDs.Active Bin
The DLMM bin at the current pool price. It may contain both token X and token Y. A swap changes the active bin when it exhausts available liquidity and crosses to another non-empty bin.Bin
A discrete DLMM price point with its own token reserves and fungible LP share supply.Bin Step
The geometric price difference between adjacent DLMM bins, expressed in basis points.binStep = 1 means 0.01%.
Concentrated Liquidity
Liquidity that is allocated within a determined price range.Constant Product Formula
A reserve relationship used by volatile Ramses Legacy pools:x * y = k. Ramses stable pools, concentrated-liquidity pools, and DLMM bins use different mathematics.
Composition Fee
A DLMM fee charged when liquidity is added to the active bin in a ratio that differs from the bin’s current composition. The deposit performs an implicit composition swap.Core
Smart contracts that are considered foundational, and are essential for Ramses to exist. Upgrading to a new version of core would require deploying an entirely new set of smart contracts on supported networks and would be considered a new version of the Ramses Protocol.DLMM
Discrete Liquidity Market Maker. A pool model that divides a geometric price grid into fixed-price bins and tracks LP ownership separately for each bin.DLMM Token
The ERC1155-like per-bin share accounting embedded in aDLMMPool. It supports batched balances, transfers, and approvals but intentionally omits ERC1155 receiver callbacks and token URIs.
ERC20
ERC20 tokens are fungible tokens on supported blockchain networks. Ramses expects standard transfer semantics; fee-on-transfer, rebasing, and other non-standard behavior requires separate integration review.Factory
A smart contract that deploys pool contracts. The same ERC20 pair can have multiple pools distinguished by tick spacing, fee configuration, or DLMM bin step.Flash Swap
A trade that uses the tokens purchased before paying for them.Invariant
A mathematical relationship or state constraint preserved by a pool. Legacy volatile pools use the constant-product relationshipx * y = k; concentrated-liquidity and DLMM pools use different model-specific accounting.
Liquidity Provider / “LP”
A liquidity provider is someone who deposits ERC20 tokens into a given liquidity pool. LPs take on price and smart-contract risk and may earn LP-retained fees, emissions, or both according to active liquidity and pool configuration.Liquidity
Digital assets that are stored in a Ramses pool contract, and are able to be traded against by traders.Mid Price
The price between the available buy and sell prices. In Ramses Legacy pools, it is derived from reserves; in concentrated-liquidity pools, from the current square-root price and tick; in DLMM pools, from the active bin ID and bin step.Observation
An instance of historical price and liquidity data of a given pair.Pair
A smart contract deployed from a Ramses v1 or v2 factory contract that enables trading between two ERC20 tokens. Pair contracts are now called Pools in v3.Periphery
External smart contracts that are useful, but not required for Ramses to exist. New periphery contracts can always be deployed without migrating liquidity.Pool
A contract that pairs two ERC20 assets. Concentrated-liquidity pools may differ by tick spacing, while DLMM pools may differ by bin step, even for the same token pair.Position
An owner’s liquidity in a pool. A concentrated-liquidity position is defined by lower and upper ticks and represented as an NFT. A DLMM position is the collection of the owner’s per-bin share balances.Price Impact
The difference between the mid-price and the execution price caused by trade size relative to available liquidity. Its mechanics depend on the pool’s curve, active ranges, or discrete bin grid.Protocol Fees
The configured portion of fees routed out of LP accounting to the protocol fee collector. The collector sends them to treasury or, for a live gauged pool, to its voter distribution path.Range
An interval over which liquidity is allocated. Concentrated-liquidity ranges use lower and upper ticks; DLMM ranges use selected bin IDs.Range Order
An approximation of a limit order, in which a single asset is provided as liquidity across a specified range, and is continuously swapped to the destination address as the spot price crosses the range.Reserves
The liquidity available within a pair. This was more commonly referenced before concentrated liquidity was introduced.Slippage
The total difference between the expected price at the time of submitting a transaction and the actual execution price, which may include price impact and other market movements that occur before the transaction is mined.Spot Price
The current price of a token relative to another within a given pair.Swap Fees
Fees charged during swaps. Their destination depends on pool type and configuration: they may remain with LPs, route to protocol treasury, or route to voters.Tick Interval
The price space between two nearest ticks.Tick
The boundaries between discrete areas in price space.x(3,3)
A governance model built around converting RAM into xRAM, staking that xRAM inVoteModule, and using the resulting balance to direct weekly emissions. The current Ramses contracts are address-based and do not use veNFT voting.
xRAM
The transfer-restricted ERC20 governance token minted byXRam.sol. Users convert RAM into xRAM, then stake xRAM in VoteModule to obtain voting power for Voter.
HyperRAM
The ERC4626 liquid governance wrapper minted byR33.sol. The contract source is named R33, while the token it mints is hyperRAM, backed by xRAM staked in VoteModule.
HyperEVM
The EVM-compatible execution layer of Hyperliquid. Ramses contracts are deployed here. Note: HyperEVM is separate from HyperCore (the L1 for Hyperliquid Perps).Governance-Adjustable Fees
Ramses concentrated-liquidity pools allow governance to adjust swap fees per pool viafactory.setFee(pool, fee). DLMM pools use separate static and variable fee parameters; their variable component responds on-chain as swaps move across bins.
Variable Fee
The dynamic component of a DLMM swap fee. It rises with the pool’s on-chain volatility accumulator and bin step, then decays according to configured filter, decay, and reduction parameters.MEV (Maximal Extractable Value)
Value extracted by transaction ordering. Ramses captures MEV through arbitrage mechanisms that execute during swaps, returning value to the protocol rather than external searchers.Gauge
A reward contract associated with a pool. For CL pools, Ramses uses non-custodial gauges: the pool position remains an NFT, while emissions and reward eligibility are coordinated through the gauge, voter, and position-manager stack.Emissions
RAM tokens minted byMinter, routed into Voter, and then distributed to gauges according to the vote weights recorded for that weekly period.