> For the complete documentation index, see [llms.txt](https://trenchexchange.gitbook.io/trench-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://trenchexchange.gitbook.io/trench-docs/trading-basics/glossary.md). # Glossary ### Core Concepts | Term | Description | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | Alpha | Information or signals that give a trader an edge. On Trench, this comes from wallet activity, inflows, and early token discovery. | | KOL (Key Opinion Leader) | A trader or influencer whose wallet activity is tracked. Often early movers that influence narratives and liquidity. | | Smart Wallets | High-performing wallets selected based on win rate, PnL, consistency, and early entries. Updated dynamically. | | Wallet Tracking | Monitoring specific wallets to follow their trades and strategies. | | Transaction Feed | A real-time stream of on-chain trades showing buy and sell activity. | ### Trading Basics | Term | Description | | --------------------- | ------------------------------------------------------------------------------------------------------ | | Market Order | A trade executed instantly at the best available price. | | Limit Order | A trade executed only when a specified price is reached. | | PnL (Profit and Loss) | Your trading performance — whether you are in profit or loss. | | Slippage | The difference between expected and executed trade price, often caused by volatility or low liquidity. | | Volume | Total trading activity for a token. High volume suggests strong interest and activity. | | Liquidity | The ease of buying or selling a token. Low liquidity can lead to price impact and slippage. | ### Token Lifecycle & Discovery | Term | Description | | ------------------- | ------------------------------------------------------------------------------------------- | | New Pairs | Newly launched tokens with fresh liquidity. Typically early-stage and higher risk. | | Bonding Curve | A pricing mechanism where token price increases as more users buy. | | About to Graduate | Tokens nearing the completion of their bonding curve phase. | | Graduated | Tokens that have completed bonding curve and usually have higher liquidity. | | Token Concentration | Shows where capital is clustering based on wallet activity and inflows. | | Inflow | The amount of capital entering a token. Positive inflow indicates more buying than selling. | ### Rewards & Platform | Term | Description | | ---------------- | ---------------------------------------------------------------------- | | Cashback | A portion of trading fees returned to users based on activity. | | Referral Rewards | Earnings generated from users you refer to the platform. | | Non-Custodial | Users retain full control of funds; the platform does not hold assets. | ### Execution & Infrastructure | Term | Description | | --------------------------- | --------------------------------------------------------------------------------------------------------------- | | RPC (Remote Procedure Call) | The connection your wallet uses to communicate with the blockchain. Faster RPC = faster transaction processing. | | Priority Fee | An optional fee paid to speed up transaction execution. | | Bribe | An additional fee used to prioritize transaction inclusion in blocks. | ### Advanced / On-Chain Behavior | Term | Description | | ------------------------------- | -------------------------------------------------------------------------------------------------------------- | | Insiders | Early participants (often team or connected wallets) who get access before the public and may influence price. | | Bundlers | Wallets or bots that execute multiple transactions in the same block, often indicating coordinated activity. | | Snipers | Bots or traders that buy tokens instantly at launch to get the earliest possible entry. | | MEV (Maximal Extractable Value) | Profit extracted by reordering or prioritizing transactions within a block, often by bots. | --- # Agent Instructions This documentation is published with GitBook. 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