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Glossary of key terms

• LPs: Liquidity Providers supplying USDC to the pool.
• Merchants: Card‑accepting businesses receiving same‑day payouts backed by receivables.
• Operator (Conomy_hq / PSP): Underwriting, processing, receivable custody, FX, reporting.
• Auditors (v2+): External risk reviewers who may stake AION.
• Backers (v2+): Junior/first‑loss capital enabling leverage.
• Membership / UID: Non‑transferable credential after KYC/KYB.
• Unique‑Entity Check: One user/org = one UID NFT.
• Leverage Ratio: Senior:Junior multiple.
• Reserve (10%): Immediate‑liquidity buffer supporting redemptions and timing gaps.
• Utilization (u): Fraction of time capital is deployed.
• Cycle: Two business days (T+2 cadence)