Glossary

Terms are grouped by topic. Where Tirio behaves in a specific way, the definition says so and links to the page with the details.

Trading

Basis point (bps). One hundredth of a percent: 1 bps = 0.01 %, 100 bps = 1 %. Tirio's swap fee on tirio.io is 3 bps.

Exact-in and exact-out. An exact-in swap sells an exact amount and receives whatever the route pays. An exact-out swap (a "buy" in the app) receives an exact amount and pays at most a maximum. Positive slippage is kept only on exact-in swaps.

Indicative price. The price Tirio shows while you type (/price in the API). It is routed like a quote but not simulated and has no transaction.

Quote. The price Tirio returns when you press Review (/quote in the API): the complete transaction, simulated on chain at the latest block, with the minimum received and the fees.

Price impact. How much your own trade moves the price against you, because it changes the balances of the pools it trades in. Large trades in shallow pools have high price impact. Tirio refuses routes that would move the price by 50 % or more.

Slippage. The difference between the quoted output and what the swap actually delivers when it is mined, caused by other trades that land first. Your slippage tolerance (0.5 % by default in the app) sets how much less than the quote you accept.

Minimum received. The quote minus your slippage tolerance. If the swap would deliver less, the whole transaction reverts and only gas is spent. For an exact-out swap the bound is the maximum paid instead.

Positive slippage. When a swap delivers more than the quote. On Tirio, for an exact-in swap whose output token has no transfer tax, the excess up to 1 % of the quoted output is kept by Tirio and anything above that reaches you. See Overview.

Gas. The network fee for a transaction, paid in BNB on BNB Chain. Tirio counts gas when it decides whether an extra pool or hop is worth it.

Deadline. The time after which a signed swap is no longer valid. A transaction mined after it reverts. Quotes in the app carry a deadline 20 minutes after they were made.

Liquidity

DEX. A decentralized exchange: contracts that swap tokens without accounts or an order desk. See What is a DEX aggregator?

AMM and liquidity pool. An automated market maker prices trades from the token balances of a pool. A constant-product pool (Uniswap V2 style) spreads its liquidity over every price.

Concentrated liquidity. A pool (Uniswap V3 style) where liquidity providers place liquidity in price ranges, so depth changes tick by tick. Tirio quotes these pools with the same tick math the pools use.

Singleton pool manager and hooks. Uniswap V4 and PancakeSwap Infinity keep every pool inside one contract. A pool may have a hook, a contract that runs custom code around a swap and can change its price. Tirio quotes hook-free pools with its own math and samples hooked pools through the venue's quoter.

Stable pool. A pool with a curve designed for assets that should trade near one price, such as two stablecoins.

On-chain market maker (prop-AMM). A venue run by a market maker that prices from its own inventory and price feeds instead of a curve. Tirio samples its quotes on chain.

Launchpad bonding curve. A contract that sells a new token along a price curve until the token "graduates" to a regular pool. Tirio routes through four.meme (buys only), Flap and Genius.fun curves before graduation.

Venue. Any liquidity source Tirio reads: a DEX, a pool family, a market maker, a launchpad or Tirio's own order book. The current list is /bsc/protocols.

Routing

Route. The set of swaps that turns your input into your output. A route can split the amount across several paths, and each path can be multi-hop (pass through other tokens).

Hub token. A token with deep pools against many others, such as WBNB, USDT and USDC on BNB Chain. Most routes pass through one.

Bridge token. A token that is not a hub but that a long-tail token is mostly traded against. Tirio finds them from recent transfers and routes through them when the token has no good hub pool.

Simulation. Running the exact transaction against the latest block with eth_call, without sending it. Tirio simulates every quote you sign; the app simulates the transaction once more before your wallet opens.

Transfer tax. A token that takes a fee whenever it is transferred. Tirio probes tokens for buy and sell taxes and includes a detected tax in the quote.

Native coin and wrapping. BNB is the native coin of BNB Chain; most pools hold WBNB, an ERC-20 token worth one BNB. Tirio wraps and unwraps inside the route, so you can swap BNB without a separate step.

Wallets and approvals

Non-custodial. You keep your tokens in your own wallet and sign every transaction yourself. Tirio's Router keeps no funds between transactions. Open orders are the exception by design: their tokens wait in the Orders contract.

Approval (allowance). Permission you give a contract to move a specific ERC-20 token from your wallet. The native coin needs no approval.

Permit (EIP-2612). A signature, made without gas, that grants an allowance for tokens that support it. The swap transaction then carries the signature.

Permit2. A shared Uniswap contract that holds a one-time approval per token and lets you authorise each swap with a signature. It is the app's default way to approve.

MEV (maximal extractable value). Profit that others take by reordering, inserting or censoring transactions in a block. A front-running or sandwich bot can trade just before and after your swap and take up to your slippage tolerance. A tight slippage setting limits what they can take.

Orders

Limit order. Sells an amount at your price or better: a minimum price when you sell, a maximum price when you buy. See Orders.

Stop-loss. Sells when the price falls to your stop price, never below a worst price you set (95 % of the stop by default).

Take-profit. An optional second leg of a stop order that sells when the price rises to your target. Whichever leg fills first closes the order (OCO, one cancels the other).

DCA (dollar-cost averaging). Buys or sells a total amount in equal slices on a schedule, each slice protected by a price bound.

Keeper. The Tirio service that watches open orders and fills them on chain. If it stops for more than 15 minutes, anyone may fill limit orders and take-profit legs.

Order book. Tirio's own book of limit orders. A listed order can be taken by any Tirio swap at exactly its limit price, as if it were a pool; stop and DCA orders are never listed.

Fees and integration

Tirio fee. 3 bps of each swap on tirio.io, charged as the Router's partner fee to the Tirio treasury. Quotes from the API carry no Tirio fee.

Partner fee. A fee of up to 10 % (1000 bps) that an integrator or a partner link adds to a swap and receives in the same transaction. The Router keeps 10 % of it (at most 20 %).

Router and Executor. Tirio's two swap contracts. The Router is the entry point you approve, takes the fees and enforces your minimum; the Executor runs the route and holds nothing between swaps. See Contracts.