> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pariprotocol.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> The words used across these docs, in one line each.

## What it is

The words these docs use, in one line each.

## When to use it

Come here when a word on another page is not clear.

## Terms

| Word | What it means |
| - | - |
| **Bonding curve** | The price curve a token trades on from its first buy. The price rises as people buy and falls as they sell. |
| **Preset** | The set of launch rules a dev picks: Light, Standard or Strict. It cannot be changed after launch. |
| **Sniper fee** | The high fee at the start of a launch. It starts at 99% and falls to the 1% base fee. |
| **Max wallet** | The most one wallet may hold while a token opens, as a share of total supply. |
| **Buys per slot** | The most that can be bought in one slot, as a share of total supply. |
| **Dev launch buy** | What the dev buys at launch. It stays locked in a program vault until the unlock time. |
| **Partner share** | What is left of a trade fee after Meteora's part. |
| **Holder window** | The preset's decay time plus 5 minutes. In it, the whole partner share of the fees goes to the token's holders. |
| **Receipt** | A record on the token page of a sniper fee paid to holders. |
| **Migration** | The move from the bonding curve to a Meteora DAMM v2 pool, at about US\$ 45k market cap. |
| **Liquidity lock** | At migration, all of the liquidity is locked for good. Nobody can pull it. |
| **Integrator** | A site, bot or terminal that launches tokens through the SDK and receives a share of the fees. |
| **Crank** | The service that runs the routine on-chain steps, such as collecting fees, splitting them and publishing rewards. |

## Next

> [card] [How Pari works](https://docs.pariprotocol.xyz/guides/how-pari-works.md)
>
> See these words in order, from launch to lock.

> [card] [FAQ](https://docs.pariprotocol.xyz/guides/faq.md)
>
> Short answers to what people ask first.


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