Glossary

Key terms and definitions used throughout the Soda platform.

Term	Definition
Base Currency	The currency being traded in a market pair. In PEPE/SOL, PEPE is the base currency.
Quote Currency	The currency used to trade for the base currency. In PEPE/SOL, SOL is the quote currency.
Insider	A wallet that traded the token in block 0 (bundle) or received tokens from another insider.
Liquidity	Total value of base and quote currencies available for trading in a market pool.
Slippage	The difference between the expected trade price and the actual execution price, caused by low liquidity or token taxes.
Token Tax	A percentage of each trade charged as a fee by the token developer.
Tip	SOL paid directly to block builders to prioritize transaction inclusion, often signaling organic (non-botted) volume.
MEV	Maximal Extractable Value — additional profits validators can extract through transaction reordering (sandwiching).
FDV	Fully Diluted Valuation — the total market value if all tokens were in circulation at the current price.
Bonding Curve	A mathematical curve that determines token pricing on platforms like Pump.fun, where price increases as more tokens are bought.
Migration	The process of a token moving from a bonding curve platform (e.g., Pump.fun) to a DEX (e.g., Raydium) for open trading.
Bundle	A collection of trades in the same direction (buy or sell) that occurred in the same block slot.
PnL	Profit and Loss — the net gain or loss from your trading activity.
PWA	Progressive Web App — a web application that can be installed on your device and used like a native app.
DEX	Decentralized Exchange — a platform for trading tokens directly on-chain without intermediaries.
Rug Pull	A scam where token developers drain liquidity and abandon the project after attracting buyers.