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, Inc. Truth lives in transactions.