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Glossary

Glossary: the words LEXI uses, defined

Twenty terms LEXI uses, in alphabetical order, each defined in one paragraph that stands on its own. Every term maps to a field on the credential or a step in the flow. V0 runs on Base Sepolia testnet; nothing is live on mainnet.

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Definition

The one definition the other nineteen hang off.

Definition

A LEXI credential is a co-signed legal opinion committed on-chain. It records who signed, for which jurisdiction, as of which date, until when, under which governing law and for whom, and it binds the opinion's scope and text with two hashes. It is not a licence, a registration, or an approval by any regulator.

This glossary defines the words LEXI uses for that record and for the flow that produces it. Each entry is one paragraph, opens with a sentence that stands on its own, and ends with a "Used on" line pointing to the pages where the term does work. Four entries come from opinion practice (the as-of date, the reliance letter, re-issue and the named relier); they are here because each one maps to a credential field or a step in the three-step relier check.

Nothing here is legal advice. LEXI is not a law firm, and a licensed lawyer, not LEXI, gives the opinion a credential records. The field set is the V0 target schema; V0 records credentials on Base Sepolia, Base's public testnet, and mainnet is targeted post-audit, Q4 2026. The credential's anatomy is on the credential; the flow is on how LEXI works.

The terms

Twenty terms, A to Z.

Each heading carries an anchor, so any page or briefing can link straight to a term.

01As-of date#
The as-of date is the date on which a co-signed legal opinion speaks. It is recorded on-chain in the LEXI credential and shown to anyone who reads it. Opinion practice holds that a closing opinion "speaks as of its date" and that the giver has no duty to update it; LEXI makes that date machine-readable instead of leaving it in a PDF footer. A relier compares the as-of date with the events in the corridor tracker to see what changed after the opinion was given.
Used onThe credential For exchanges Corridor tracker
02Cleared jurisdiction#
A jurisdiction is "cleared" when a licensed lawyer has co-signed a scoped legal opinion covering it. On LEXI, one credential equals one cleared jurisdiction, and protocols pay per credential in USDC. "Clearing" is LEXI's word for obtaining that co-signed opinion; it is not a licence, a registration or an approval by any regulator, and no regulator takes part in it. V0 clears VARA (Dubai) on Base Sepolia testnet; the EU (MiCA) and India (FIU-IND) are V1, next up.
Used onFor protocols How it works VARA compliance (Dubai)
04Committee-adjudicated slashing#
Slashing is the loss of part of a lawyer's eligibility stake for proven misconduct, decided by a committee and capped in basis points. Reliers can flag a dispute; they cannot slash. Nobody is slashed for a regulator disagreeing with an opinion, and holders of $LEXI never vote on whether a protocol is compliant. The slashing conditions are a governance matter.
Used onFor legal professionals $LEXI documentation
05Confidential store#
The confidential store is where the opinion body lives: an encrypted, EU-hosted store that only named reliers who have accepted the reliance terms can open. On-chain holds only hashes; the store holds the document they bind. The client holds no infrastructure credentials; a self-hosted backend in the EU relays access. Reading the public on-chain metadata is free; opening the body is reliance access and carries a fixed USDC fee.
Used onHow it works The credential
06Credential id#
A credential id is the 32-byte identifier under which a credential is recorded on Base. It is not a transaction hash and not a token id, and it does not resolve on a block explorer's transaction page. The id shown on this site, 0x8df7…7747, is a V0 test credential id from Base Sepolia (testnet). Contract addresses and transaction links are published once the founding team confirms them.
Used onBuild log The credential
07Eligibility stake#
The eligibility stake is the amount a licensed lawyer locks in $LEXI to be eligible to co-sign: a USD-pegged amount of about $5,000, re-pegged so the dollar cost stays stable, with a 14-day unbonding period. Customers never need $LEXI; only co-signers stake. No $LEXI token has been issued, and nothing on this site is an offer of one.
Used onFor legal professionals $LEXI documentation
08Engine first pass#
The engine first pass is the LEXI engine's work product on a submission: a checklist, a document review and a risk read against the jurisdiction's rulebooks. It is prepared for the licensed lawyer, not for the client, and it is never the legal opinion. The engine is in development on a proprietary corpus of real regulatory work. No compliance score is published, on-chain or off.
Used onHow it works For protocols
09Expiry#
Expiry is the date after which a credential's status reads Expired. It is set when the credential is recorded and shown on-chain beside the as-of date. An expired credential still exists, with its hashes and its named reliers; it no longer says the opinion is current. A new opinion means a new credential, never an edit to the old one.
Used onThe credential For exchanges
10LEXI credential#
A LEXI credential is a co-signed legal opinion committed on-chain: the opinion's firm ID, signatory, jurisdiction, as-of date, expiry, status, reliance mode, governing law, scope hash and opinion hash are recorded on Base, the scope text, assumptions and reservations and permitted-use terms are public off-chain, and the opinion body is encrypted and gated to named reliers. It is non-transferable; the token standard is undecided. It is not a licence, a registration, or an approval by any regulator.
Used onThe credential How it works For exchanges
11Named relier#
A named relier is a party the credential lists as entitled to rely on the opinion. Opinion practice limits reliance to the addressee "and any other person expressly authorized to rely"; the credential puts that list on-chain. Being named is the third of the three-step check. A party that is not named may read the public metadata but cannot rely on the opinion and cannot open its body.
Used onFor exchanges The credential
12Opinion hash#
The opinion hash is a cryptographic commitment to the full text of the co-signed legal opinion, recorded on-chain. A relier who holds the opinion can hash it and compare; if a single character differs, the hashes do not match. This is how a relier knows the document in hand is the one the lawyer signed, without asking the firm and without the text itself touching the chain.
Used onThe credential For exchanges
13Re-issue (bring-down)#
A re-issue is a new credential recorded when an opinion is refreshed after a change in facts or law. In opinion practice a "bring-down" letter updates an earlier letter to a later date; Dubai's VARA expects a revised or supplemental opinion on material change for asset-referenced issuances. On LEXI, nothing is edited after signing: the old credential is left to expire or is revoked, and the new opinion gets its own credential and date.
Used onThe credential Crypto legal opinions Corridor tracker
14Reliance letter#
A reliance letter is the document a law firm issues to let a party other than the addressee rely on a PDF opinion, often "only as of the original date" and sometimes "delivered to, but not relied upon". A LEXI credential replaces the letter with a reliance mode, a named-relier list and an on-chain reliance record, so the question "may we rely on this?" has a recorded answer.
Used onThe credential For exchanges Crypto legal opinions
15Reliance mode#
Reliance mode is the on-chain field that says who may rely: Open or Selective. Selective means only the reliers named on the credential. Open means any party may become a relier by accepting the reliance terms on record and paying the USDC reliance fee. In both modes the reliance is recorded on-chain and the terms are accepted before reliance attaches; nobody relies by reading alone.
Used onThe credential For exchanges
16Reliance record#
A reliance record is the on-chain entry created when a named relier accepts the reliance terms and gains access to the gated opinion body. It is an on-chain transaction signed by the relier, carries a fixed USDC fee, and is the proof that reliance was granted on a given date. Reading the public metadata needs no record and costs nothing.
Used onFor exchanges The credential
17Scope hash#
The scope hash is a cryptographic commitment to the document set the opinion covers: the whitepaper version, the structure documents and the facts the lawyer relied on. It is recorded on-chain beside the opinion hash. If the project changes a document after signing, the hash no longer matches, which is the second of the three-step check and the reason the credential cannot be quietly stretched to cover new facts.
Used onThe credential For exchanges For protocols
18Signatory and firm ID#
The signatory is the licensed lawyer who co-signed the opinion; the firm ID identifies the firm through which the lawyer joined LEXI. Both are public on-chain fields. A relier can check the signatory's licence with the issuing bar or register; for a Dubai-registered lawyer, the Government of Dubai Legal Affairs Department publishes a public directory (opens in a new tab) with status and licence expiry. The specimen on this site shows "A. Signatory", a fictional placeholder.
Used onThe credential For legal professionals
19Status#
Status is the on-chain field that reads Live, Expired or Revoked. Live means the credential is unexpired and unrevoked; it does not mean the opinion is a current legal conclusion, which only the as-of date and the later events can tell you. Expired means the expiry date has passed. Revoked means the credential was withdrawn before its expiry. Status is the first of the three-step check.
Used onThe credential For exchanges
20Three-step relier check#
The three-step relier check is how a named relier verifies a LEXI credential in one call: (1) the status is Live, not Expired or Revoked; (2) the scope and opinion hashes match the documents you hold; (3) your entity is a named relier and has accepted the reliance terms. Reading the public on-chain metadata is free; reliance access (the gated body plus an on-chain reliance record) is a fixed USDC fee. V0 runs on Base Sepolia testnet.
Used onThe credential For exchanges How it works

What this glossary does not do

It defines LEXI's own vocabulary and nothing else. It does not define a regulator's terms, does not classify any token, and does not say what a jurisdiction requires. Regulator terms appear, dated and sourced, in the corridor briefings and the corridor regulation tracker, where each event is tied to what it does to an opinion's scope or date. Where an entry mentions a regulator, it does so in passing and in the narrow form the source supports.

A LEXI credential is a co-signed legal opinion committed on-chain. It is not a licence, a registration, or an approval by any regulator. LEXI is not licensed or endorsed by VARA.

Edition 1, twenty terms. New terms arrive as new entries with their own anchors; existing entries are not re-dated without a change in wording. Page last reviewed: .

The trust layer for institutional Web3.

The terms above describe one record. The credential page shows the specimen and the three-step check; the flow page shows how a submission becomes a credential.

Verify a credentialSee how it works