Glossary

Terms are split the same way the Protocol section is. Live terms describe the protocol operating today under the Nirvana and Samsara brands. Spec terms come from the Mayflower specification, which is not built yet.

The two tracks use different words for related ideas, and in a few cases the same word for different ones. Check which table a term is in before relying on it.

Live today

Term	Meaning	Defined in
Assured Value Machine (AVM)	The protocol primitive that sets a market’s pricing curve, holds its reserve, and maintains solvency as a system invariant. Always all caps.	The AVM
Assured Value Asset (AVA)	Any asset issued by an AVM against a reserve, carrying a floor price. ANA and navTokens are both AVAs.	The Floor
Floor	The guaranteed minimum protocol redemption price of a position, denominated in the market’s reserve asset. Denominated in that asset only: see Risk.	The Floor
Reserve	The capital a market holds that backs redemption at the floor.	The AVM
ANA	The foundational token of the Nirvana market.	ANA
NIRV	Credit drawn against the floor value of a held position.	NIRV
prANA	The stake that shares in protocol revenue and carries governance weight.	prANA
navToken	The assured-value asset a Samsara market issues against a listed treasury asset.	navTokens
Nirvana	The flagship AVM market, live on Solana.	What is Nirvana?
Samsara	The extension of the AVM to third-party treasury assets.	What is Samsara?

Mayflower specification

Everything below is specification rather than deployed behaviour. It covers the Assured Value Machine only; the asset, distribution and governance layer is not published yet.

Term	Meaning	Defined in
Floor segment	The flat first segment of the pricing function, where price equals the floor across supply from zero to x1.	The AVM
Ramp	The steep middle segment on the open interval between x1 and x2. It is the transition that makes area-preserving floor raises possible.	The AVM
Main	The gentle long-run pricing schedule from x2 upward.	The AVM
Reserve identity	Reserve equals the area under the price curve, so solvency is an identity rather than a condition someone monitors.	The AVM
Guaranteed region	The part of the reserve equal to floor times supply. Unconditional.	The AVM
Discovery region	The volatile part of the reserve above the guaranteed region.	The AVM
Contraction	The permanent downward shift of the main schedule caused by selling below x2.	The AVM
Floor raising	Reshaping the ramp to lift the floor while holding reserve and spot price constant.	Floor Raising
Cash advance	A non-recourse, zero-interest draw against the floor value of a pledged position. Paid in the market’s reserve asset. Not a loan, and closest in shape to a repo.	Cash Advance
Automatic deleveraging	Collateral unlocking on its own as the floor rises, with no action from the holder.	Cash Advance
Call option	A perpetual option struck at the floor. Enabled per market rather than universally.	Call Options

Terms that differ across tracks

Word	Live	Design
Credit	NIRV, a token minted against the floor	Cash advance, a disbursement of the reserve asset
Third-party markets	Samsara, issuing navTokens	MayflowerOS, issuing full markets
Floor raising	Funded from protocol fees and recalibration	Area-preserving, funded from the geometry of the curve