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Use this page as a quick reference for Ratio-specific terms. Each concept links to the relevant documentation section for deeper detail.
Ratio’s complete middleware stack. The SOL abstracts stablecoin FX, liquidity management, and cross-border settlement into a single API integration. It consists of six components: On-Ramp, FX Engine, Liquidity Hub, Yield Engine, Off-Ramp, and Communication Layer.See How It Works for the full architecture.
A currency pair that Ratio supports for FX conversion. Each corridor connects two stablecoins — for example, the USDT-IDRX corridor converts between USDT and IDRX. Corridors are configured independently with their own oracle feeds, fee schedules, and liquidity pools.See Corridors for available corridors.
The core execution component of Ratio. Ratio’s pricing service builds each quote from real-time oracle prices and the appropriate spread, and the FxEngine contract executes the signed quote as an atomic swap on-chain. It mirrors how institutional FX dealer desks operate — using real market data and rules-based pricing rather than AMM bonding curves.See Oracle-based pricing for how pricing works.
An external price feed that provides real-time FX rates to the protocol. Ratio uses Pyth Network as its primary source, RedStone as a fallback and OANDA as an independent cross-check. Oracle prices anchor every quote to real market rates, and quoted prices are verified on-chain against Orakl Network feeds at execution.
A single-sided, per-currency pool of stablecoins that provides depth for FX execution. Each supported stablecoin (USDT, IDRX, IDRP, JPYC) has its own dedicated pool. Pools are funded by Liquidity Providers (LPs) and managed by the Liquidity Hub.See Liquidity and pools for pool architecture.
An entity that deposits stablecoins into Ratio’s liquidity pools. LPs earn a share of FX swap fees proportional to their deposit. Ratio supports both institutional LPs (stablecoin issuers, market makers) and strategic capital providers.See LP participation for details on becoming an LP.
A share token issued to LPs when they deposit stablecoins — one per asset and LP class (e.g., kIDRX-fx, kIDRX-full). kTokens represent the LP’s share of the pool and are redeemable for the underlying stablecoin on withdrawal. Swap fees accrue separately and are claimed in USDT.
The difference between the buy and sell price on a quote. Ratio’s spread is constructed dynamically based on market conditions. It reflects the cost of providing instant execution while maintaining pool health, and every component is shown in the quote response.See Fee Structure for fee and spread details.
Every FX swap on Ratio settles in a single on-chain transaction on the Kaia blockchain. There is no counterparty risk, no T+ delay, and no possibility of partial settlement — either the full swap executes or nothing happens.See Atomic settlement for technical details.
An automated safety mechanism that adjusts or restricts trading when market conditions deteriorate. Circuit breakers widen spreads, limit trade direction, or pause trading entirely based on oracle health and pool conditions — protecting both LP capital and partner execution quality.See Risk management for how circuit breakers work.
The process by which Ratio maintains healthy inventory levels across its pools. When FX flows create imbalances (e.g., too many sells of USDT deplete the USDT pool), the protocol coordinates rebalancing via external market makers and OTC partners to restore target levels.See Risk Management for how rebalancing works.
A business entity integrated with Ratio’s API. Partners include PSPs, banks, remittance operators, stablecoin issuers, exchanges, and e-wallet providers. Each partner goes through a structured onboarding process including KYB verification, sandbox testing, and production certification.See Partner types for the partner ecosystem.
A price offer returned by the FX Engine for a swap request. Ratio supports two quote types:
  • Indicative quote — A reference price for display or planning. No commitment, no reservation.
  • Firm quote — A binding, executable price with a short expiry window. Accepting a firm quote triggers the atomic swap.
See Integration guide for the quote-to-execution flow.