Glossary

Corridor. A currency pair you can swap, like cNGN ↔ USDT.

Effective rate. The all-in exchange rate for a specific swap, with the taker fee and the filler's spread already included. What you compare against an OTC or P2P quote.

Filler, also maker. An operator, usually a bot, who answers RFQ solicitations on a corridor and earns the spread when traders execute their quotes.

RFQ. Request for quote. You name an exact size, Textile asks the market makers online on that corridor to price it, and you get one firm quote or a clear no-quote. Preferred or restricted wallets narrow who is asked.

Swap. A trade that solicits a firm maker quote for the exact size you typed, then settles it in one transaction. The default mode of the Swap interface.

Limit order. A signed commitment to trade a specific amount at a specific price, valid until it expires, is cancelled, or is replaced. Gasless to post, fills exactly once. Use one to name your own price and wait. See How to place a limit order.

Operator Vault. A vault that lets liquidity providers fund a filler without giving up custody. LPs deposit USDT or the corridor asset and hold shares, and the operator quotes the corridor with that inventory and can never withdraw it. Private alpha, not live yet. See Operator Vault.

Settlement contract. The on-chain reactor (UniswapX LimitOrderReactor) that verifies a quote's signatures and executes the swap in one transaction.

Taker fee. The protocol fee on a swap, included in the quoted rate. Set per chain by the on-chain SellFirstFeeController. 1 bps (0.01%) on BSC and Celo, 5 bps (0.05%) on Ethereum.

Trader. A user swapping one stablecoin for the other through the Swap interface.