In the example SUSHI/ETH, SUSHI is the base asset and ETH is the quote asset.
Tokemak deploys liquidity on Cycles, which will be set to weekly upon live liquidity deployment. Assets deposited or TOKE staked mid-Cycle only become 'active' when a new Cycle begins. Assets requested to be withdrawn cannot be fully withdrawn until a new Cycle begins. TOKE rewards only begin for newly deposited assets or staked TOKE at the start of a new Cycle. See Cycles for more info.
Liquidity Directors (or LDs) are users that stake their TOKE and allocate votes to a specific Token Reactor, in order to direct the inventory of a specific asset as liquidity to a preferred exchange. LDs can acquire TOKE through providing liquidity in the form of rewards, or traded on the open market.
LDs also earn % APR rewards in the form of TOKE for directing liquidity. This APR is a variable rate which is dependent upon a number of factors, discussed more in depth in the Reactor Balance & Rewards Logic section.
TOKE votes for liquidity direction is queued to be deployed on the next Cycle. LD TOKE reward emissions don't begin until the beginning of the following Cycle.
Liquidity Providers (or LPs) are participants that deposit (single asset stake) assets into a specific Token Reactor, in order to contribute to the inventory that will then be paired and deployed as liquidity.
LPs earn % APR rewards in the form of TOKE. This APR is a variable rate which is dependent upon a number of factors, discussed more in depth in the Reactor Balance & Rewards Logic section.
LPs assets are then queued to be deployed on the next Cycle. LP TOKE reward emissions don't begin until the beginning of the following Cycle.
Pair Reactors are pooled deposits (by LPs) of ETH and other stablecoins that can then be paired with assets from Token Reactors (see below). LDs can stake TOKE to the Pair Reactors, to balance and determine the depth of pooled Pair Reactor assets needed for optimal liquidity deployment, while also acting as Pair Reactor collateralization.
PCA (Protocol Controlled Assets)
The PCA, or Protocol Controlled Assets, is in reference to: Tokemak's treasury, the assets within the protocol that are utilized for liquidity deployment, asset reserves utilized for IL mitigation, and trading fees accrued from providing liquidity.
For any non-AMM exchange (order book or RFQ venue) where a third party participant is required to provide real time pricing, Tokemak sources Pricers (otherwise known as traditional market makers) in order to set the bid/offer prices. More information will be announced soon regarding this Pricer network.
A Token Reactor is simply another name for a specific asset's Tokemak reactor. Tokemak is the name for the protocol at-large, and an individual "Tokemak" is known as a Token Reactor.
LPs deposit their assets into Token Reactors, and LDs allocate their staked TOKE to specific Token Reactors in order to direct liquidity of that asset, earning specified Token Reactor APR.