Annual Percentage Rate, is the annualized interest rate without taking the effect of compounding into account.


Annual Percentage Yield, is the normalized representation of an interest rate, based on a compounding period over 1 year. Compound interest is the interest on a deposit that accrues on both the initial principal and the accumulated interest from previous epochs. In this case, each epoch is 8 hours and the deposit is compounded 3 times per day, thus 1095 per year. Note that APYs provided are rather ballpark level indicators and not so much precise future results.

APY = (1+R)^T

R = the reward rate for each rebase

T = the number of rebases per year


Bond Control Variable, is the scaling factor at which bond prices change. A higher BCV means a lower discount for bonders and higher inflation by the protocol. A lower BCV means a higher discount for bonders and lower inflation by the protocol.


Decentralized Autonomous Organization, is a governance mechanism for making decisions in a more trustless and collaborative way. Voting rights are often bound to a governance token. In Immortal DAO the governance token is sIMMO.


Deflation Control Variable, is the scaling factor at which protocol defined buy pressure changes. A higher DCV means more buy pressure from the protocol, resulting in a higher deflation. A lower DCV means less buy pressure from the protocol, resulting in a lower deflation.


Ethereum Virtual Machine, is a state machine in which all Ethereum accounts and smart contracts live. At any given block in the chain, Ethereum has one and only one canonical state, and the EVM is what defines the rules for computing a new valid state from block to block.

Liquidity Bonds

Liquidity bonds are LP token bonds. Examples are IMMO-cUSD LP bonds.


Protocol Controlled Value, is the amount of funds the treasury owns and controls. The more PCV the better for the protocol and its users.


Protocol Owned Liquidity, is the amount of LP the treasury owns and controls. The more POL the better for the protocol and its users.


Proof of Reserve, is the mechanism of strengthening the reserve of Immortal DAO treasury via the sales of bonds. Bonders provide liquidity to the treasury, thereby building its reserve. In return for their service, bonders get paid in IMMO.

Reserve Bonds

Reserve bonds are single asset bonds. They are sometimes referred to as "naked" bonds. Examples are cUSD bonds.

Reward Rate

Reward rate is the configured percentage of IMMO distributed to all stakers on each rebase relative to the total supply. The reward rate is precisely set by the policy team.

Reward Yield

Reward yield refers to the actual amount of IMMO received by each staker on each rebase. The reward yield is a rough target from a policy point of view. It can almost never be maintained precisely due to e.g. fluctuating amounts of IMMO staked.


Risk Free Value, is the amount of funds the treasury guarantees to use for backing IMMO.


Total Value Locked, is the dollar amount of all IMMO staked in the protocol. This metric is often used as growth or health indicator in DeFi projects.


Treasury as a Service, is the business model of decentralized custody of partnership funds. Immortal DAO is designed for TaaS by selling bonds and absorbing partners' liquidity into its treasury as a result.


Time Weighted Average Price, is the average price of an asset over a specified time. TWAPs are used to represent the fair value of an asset as defined by the market.

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