Docs / Concepts
Concepts Overview
The SEAT vocabulary at a glance — every term, plain English first, with links to the deep pages.
SEAT has a small, precise vocabulary. Each term below is defined in one sentence here and gets a full explanation on its own page.
#The actors
| Term | Plain meaning |
|---|
| Leader | An opted-in trader whose Stock Token fills a desk copies. One per desk, fixed at deployment. |
| Follower / Depositor | A user who deposits USDG into a desk and receives seat shares. |
| Keeper | The off-chain process that watches the leader, applies risk rules, and triggers vault copies. |
| Owner | The contract administrator (governance/operator) that configures risk, oracles, fees and keepers. |
#The structures
| Term | Plain meaning |
|---|
| Copy desk | The whole arrangement: one leader + one vault + one risk configuration. |
| DeskVault | The contract that holds USDG and Stock Tokens and issues seat shares. |
| Seat shares | The vault's internal unit of account for a depositor's pro-rata claim. Not a transferable token. |
| NAV | Net asset value: desk equity in USDG — cash plus position values minus fee liabilities. |
| High-water mark | The highest NAV-per-share a desk has reached; performance fees only apply above it. |
#The assets
| Term | Plain meaning |
|---|
| USDG | The accounting asset — a dollar stablecoin on Robinhood Chain, 6 decimals. |
| Stock Token | An official on-chain token tracking an equity (e.g. NVDA), issued on Robinhood Chain. Not a share of stock. |
| $SEAT | The protocol's fixed-supply token (Phase 2 — code shipped, not deployed). |
#The machinery
| Term | Plain meaning |
|---|
| RiskModule | The on-chain contract that decides accept / resize / skip / halt for every copy. |
| SwapAdapter | The restricted contract through which all vault swaps execute. |
| FeeModule | The contract that computes performance and AUM fees and their 70/20/10 split. |
| AUM | Assets under management — desk equity. A small annualized fee accrues on it. |
| Performance fee | A percentage of profit above the high-water mark. |
| Drawdown halt | An automatic stop: if NAV per share falls too far from its high-water mark, new copies halt. |
| Session | The US equities market phase (pre-market, regular, after-hours, closed) that scales copy size. |
| Fill tape | The keeper's public record of every observed fill and what the desk did about it. |
#Reading order
If you are new: Copy Desk → Leaders & Followers → USDG & Stock Tokens → Seat Shares & NAV → Fees & High-Water Mark. Then the machinery: Keeper, Risk Engine, Market Sessions.