Research Glossary
Definitions for observed price change, retained-window drawdown, liquidity percentiles, token claims and conditional scenarios.
Observed close
The recorded closing price for a stated instrument and observation date, not an executable quote.
Retained window
The observations included in a dataset. It can be shorter than an instrument's full history.
Price change
The last close divided by the first close in the chosen window, minus one, expressed as a percentage.
Maximum window drawdown
The largest decline from an earlier closing-price peak within the retained window.
Common-date rebasing
A comparison that retains dates shared by all included series and sets each first common close to 100. It does not fill absent observations.
Liquidity percentile
A relative position in a historical distribution. A percentile is not a percentage return or a forecast probability.
RWA claim
A token-linked claim concerning a real-world asset. Its rights and risk depend on the underlying asset and legal and operational arrangements, not just its technical transferability.
Conditional scenario
A proposed path that depends on stated assumptions and has explicit failure conditions.