# Glossary ## Orderbook Pye's on-chain trading layer where all Principal Token and Reward Token transactions are matched and settled. Every deposit made through Pye — whether via the Rewards Widget or directly — routes through the orderbook. Buyers set limit orders at their target discount rate; stakers fill those orders when terms match. The orderbook supports individual limit and market orders. ## Rewards Widget An [embeddable](/validators/rewards-widget.md) widget that allows stakers to sell their future rewards and receive SOL immediately — without knowing about trading or navigating the Pye Exchange. The Rewards Widget is the primary entry point for stakers and can be hosted as a standalone page or embedded directly on a validator's website. All transactions settle on Pye's orderbook. ## Discount Rate The percentage below face value at which a Principal Token or Reward Token is priced. A staker selling future rewards at a 7% discount receives SOL today in exchange for forfeiting that 7% over the maturity period. For buyers, the discount represents their return. ## Maturity The [date](/how-pye-works.md#fixed-maturities) on which [Principal](/how-pye-works.md#principal-tokens-pt) and [Reward](/how-pye-works.md#reward-tokens-rt) tokens expire and can be redeemed for SOL. Pye uses fixed quarterly maturities aligned to end-of-quarter dates. All markets on the platform share the same maturities to avoid liquidity fragmentation. ## Programmable Stake Account (PSA) Pye's underlying [primitive](/how-pye-works.md#the-core-mechanism). A time-locked stake account that accepts SOL or existing stake accounts as deposits and splits them into PT and RT tokens. When paired with the Pye CLI, validators can use PSAs to issue custom commission structures to stakers beyond what is publicly set on-chain. ## Principal Token (PT) A [token](/how-pye-works.md#principal-tokens-pt) representing the underlying SOL deposit, redeemable 1:1 at maturity. PTs earn no staking rewards — they are the "principal only" side of a split position. Because they are future assets traded today, they trade at a discount. Buying a PT is effectively locking in a fixed return on SOL. ## Reward Token (RT) A [token](/how-pye-works.md#reward-tokens-rt) representing the right to all staking rewards generated by a staked position until maturity — including inflation, MEV, and priority fees (where shared by the validator). RTs do not include the underlying SOL principal. They are the rewards-only side of a split position. ## Whitelisted Validator Validators must register with Pye before appearing on the platform. Registration gives validators access to all Pye features — the widget embed, marketplace listing, and CLI. ## Lockup The fixed period during which a staker's SOL remains delegated to a validator through Pye. When a staker deposits into a Programmable Stake Account, their position is locked until a fixed date (default is set to quarterly maturity dates to concentrate liquidity). The [lockup](/validators/validator-dashboard/create-a-lockup.md) cannot be exited early by unstaking — but the PT and RT tokens representing that position can be sold on the orderbook at any time before maturity. ## Custom Commission CLI A [command-line tool](/validators/validator-dashboard/custom-commissions-cli.md) that allows whitelisted validators to offer stakers custom commission structures outside of their public on-chain commission. Using the CLI, validators can set separate rates for inflation, MEV tips, and priority fees — specified in basis points — for specific stake accounts and lockup durations. This enables validators to offer differentiated terms to larger or longer-duration stakers without changing their public vote account commission. The CLI connects to the Validator Dashboard and handles reward calculation and distribution each epoch automatically. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.pye.fi/resources/glossary.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.