> For the complete documentation index, see [llms.txt](https://docs.takapu.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.takapu.org/resources/glossary.md).

# Glossary

The key terms used in Takapu Protocol documentation.

| Term                          | Meaning                                                                                                                 |
| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------- |
| Takapu Protocol               | The PropAMM aggregation protocol, standardizing quote distribution and execution across independent Market Makers.      |
| PropAMM                       | An independent Maker-operated source of proprietary, executable on-chain liquidity.                                     |
| Market Maker                  | The participant responsible for prices, depth, inventory, risk, and settlement funds.                                   |
| Execution Router              | The participant that subscribes to quotes, selects and simulates trades, and submits execution transactions.            |
| Market Frame                  | A signed, two-sided price and depth snapshot for one Maker and one trading pair, with version and validity information. |
| Market Stream                 | The versioned sequence of Market Frames for one Maker and one trading pair.                                             |
| Market Maker Signer           | The authority permitted to sign a Maker's Market Frames.                                                                |
| Market Maker Vault / Contract | The Maker's contract that holds settlement funds and participates in the settlement handshake.                          |
| Atomic direct settlement      | Required transfers complete within one transaction, directly between participants, or the transaction reverts.          |


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