| Term | Definition |
|---|---|
| Yield Vault Framework | The platform-wide standard every vault must meet before it’s listed: permissioned access, transaction screening, vetted curators, and custody-ready integration. Eligibility and KYC requirements are set per vault. See Vault framework. |
| Vault Curator | The manager who designs and operates a vault’s strategy — sourcing loans, running market-making, or executing trading — inside Maestro’s compliance requirements. Curators are extensively vetted before a vault is listed; today the curator is Maestro itself, though qualified third parties can curate. See the vault directory. |
| Liquidity Provider (LP) | The depositor whose Bitcoin funds a vault or myBTC pool, earning yield in return for allocating capital to a curator’s strategy. Depending on the vault, an LP deposits directly into the vault contracts or through a qualified custodian — see Custody options. |
| myBTC | Yield-bearing Bitcoin — a token blending mining credit and Bitcoin liquid vault yield into one BTC-denominated position, accruing value through mNAV appreciation. Not a stablecoin, and never USD-pegged. See myBTC overview. |
| mNAV | Mining Net Asset Value — the exchange rate tracking the net asset value of the pool backing myBTC. mNAV appreciates each epoch as the pool earns yield; deposits mint and redemptions burn at the prevailing mNAV. See How myBTC works. |
| Currency-Aligned Debt | Loans denominated and repaid in Bitcoin rather than fiat, so a loan and the collateral backing it are denominated in the same asset. That alignment removes the FX-driven liquidation risk of financing a Bitcoin asset with USD debt. |
| Collateral Coverage Ratio | The ratio of pledged collateral value to loan principal on a secured loan. A higher ratio gives lenders a larger buffer before a decline in collateral value threatens principal. |
| First-lien / Overcollateralization | First-lien means a loan holds the senior claim on a borrower’s pledged collateral — reserves, hardware, hashrate, and contracts — ahead of any other creditor. Overcollateralization means that collateral is worth more than the loan itself, so a decline in value doesn’t immediately impair principal. |
| ASIC-as-Call-Option | A hedging framework that treats mining hardware as a call option on Bitcoin: mining profitability and hedge value move together as the Bitcoin price moves. It’s the conceptual basis for how Mezzamine protects lender principal without relying on overcollateralization alone. |
| Delta-Neutral Hedging | A hedging strategy that offsets a loan book’s Bitcoin price exposure using options and perpetual contracts. The hedge is sized to loan principal and rebalanced as prices move — designed so lender outcomes don’t hinge on the direction of the BTC price. |
| Counter-Cyclical Design | A structural property: a Bitcoin drawdown activates hedge proceeds at the same moment other yield products come under stress, so protection is built into the structure rather than dependent on market timing or manager discretion. See Dynamic hedging for the full framework. |
| Custody Options | Per vault, investors choose how to deposit: directly into the vault contracts on-chain, or through a qualified custodian Maestro has integrated with — Anchorage Digital. Which options are available depends on the vault strategy, and Maestro executes approved instructions only. See Custody options. |
| Real Economic Yield | Yield sourced from productive Bitcoin-denominated activity — mining credit and liquid market strategies — rather than token emissions or protocol subsidies. Earned, not emitted. See How yield is generated. |
| Intent Solver | A strategy that fills users’ cross-chain BTC swap intents and earns the settlement spread; the yield engine of the Bitcoin Solver vault. |
| BTC-Native Access | Deposits, withdrawals, and yield distributions settle at a native-Bitcoin boundary — no EVM wallet required. Under the hood, Maestro’s contracts run on EVM and strategies execute in bluechip wrapped BTC; the swap from native BTC happens inside the app’s transaction flow. Holders who prefer wrapped BTC can deposit and withdraw it directly. See Why BTC-denominated. |
Concepts
Key concepts & glossary
The vocabulary of Maestro Institutional.
These are the terms used throughout Maestro Institutional documentation. Definitions are precise, not exhaustive — follow the links for full mechanics.