> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hyro.network/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Key terms used across Hyro Protocol.

<ResponseField name="Direct Vault">
  LP-funded vault for verified senior traders without an evaluation step.
</ResponseField>

<ResponseField name="Challenge Vault">
  LP-funded vault that requires the trader to pass an on-chain evaluation.
</ResponseField>

<ResponseField name="Hyro Pool">
  Diversified LP pool with auto-allocation across verified vaults.
</ResponseField>

<ResponseField name="Dual-track">
  The funded model — at +15% on the funded demo, a real vault opens while the demo continues at a reduced 50/50 split.
</ResponseField>

<ResponseField name="Tier 1 / Tier 2">
  The two profit-split phases of the funded demo. Tier 1 = 0 to +15% at 80/20. Tier 2 = +15% onward at 50/50 on incremental.
</ResponseField>

<ResponseField name="HWM (High-Water Mark)">
  Performance fees apply only on profits above the prior peak.
</ResponseField>

<ResponseField name="NAV (Net Asset Value)">
  Current value of vault holdings per share.
</ResponseField>

<ResponseField name="PDA (Program-Derived Address)">
  Deterministic Solana address derived from a program + seed.
</ResponseField>

<ResponseField name="Anchor manager">
  Hand-selected HyroTrader graduate launching a vault during Phase 1.
</ResponseField>

<ResponseField name="Per-LP cost basis">
  Performance fees calculated against each LP's individual entry NAV.
</ResponseField>

<ResponseField name="Squads">
  Solana multi-sig protocol; used for the operator wallet and treasury transfers.
</ResponseField>

<ResponseField name="CCXT">
  JavaScript/Python library for unified cryptocurrency exchange APIs.
</ResponseField>

<ResponseField name="JetStream">
  NATS message-streaming layer providing persistence and delivery guarantees.
</ResponseField>

<ResponseField name="Codama">
  Code generation tool that produces TypeScript clients from Anchor IDLs.
</ResponseField>

<ResponseField name="zkTLS">
  Zero-knowledge proof of a TLS session — a research-grade primitive for proving CEX balances on-chain.
</ResponseField>

<ResponseField name="Funded demo">
  Simulated trading account where profits are paid in real USDC. Continues in parallel with the real vault after +15%.
</ResponseField>

<ResponseField name="Policy program">
  Pluggable Solana program that validates vault transactions against a rule set before execution.
</ResponseField>

<ResponseField name="Sub-account">
  Bybit-side isolated account holding a single trader's capital; provisioned per vault.
</ResponseField>

<ResponseField name="Crystallization">
  The moment a performance fee is calculated and locked in; triggered by LP withdrawal or monthly snapshot.
</ResponseField>

<ResponseField name="HyroAPI">
  Phase 4 B2B product — funded trading infrastructure rented to third-party prop firms via API.
</ResponseField>

<ResponseField name="Drift / Phoenix">
  Solana perpetuals DEX and on-chain order book, planned Phase 4 integrations for on-chain execution.
</ResponseField>