撰文：TechFlow intern

两周前我们在《StarkNet + ECN 中文开发者 Meetup》向大家介绍了 StarkNet 有效性证明基本架构和生态。解答开发者诸多问题。理论和背景知识的基础打下后，我们就要开始上手了！这次我们仍旧邀请 StarkNet 开发推广大使 Henri Lieutaud 为大家在线详解 Cairo。

The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults. Most CDS contracts are maintained via an ongoing premium payment similar to the regular premiums due on an insurance policy. A lender who is worried about a borrower defaulting on a loan often uses a CDS to offset or swap that risk.

Kids In Parents' Pockets Eroding Retirement Savings (KIPPERS) is a slang term for adult children who are still living at home with their parents even after finishing school and reaching working age. Their parents face the challenges of managing their own finances and planning for retirement while dealing with the added expense of housing and feeding their adult offspring.

The hold harmless clause is a statement in a legal contract that absolves one or both parties in a contract of legal liability for any injuries or damage suffered by the party signing the contract.

The Jensen's measure, or Jensen's alpha, is a risk-adjusted performance measure that represents the average return on a portfolio or investment, above or below that predicted by the capital asset pricing model (CAPM), given the portfolio's or investment's beta and the average market return. This metric is also commonly referred to as simply alpha.

In finance, the margin is the collateral that an investor has to deposit with their broker or exchange to cover the credit risk the holder poses for the broker or the exchange. An investor can create credit risk if they borrow cash from the broker to buy financial instruments, borrow financial instruments to sell them short, or enter into a derivative contract.

Open market operations (OMO) refers to the Federal Reserve (the Fed) practice of buying and selling U.S. Treasury securities, along with other securities, on the open market in order to regulate the supply of money that is on reserve in U.S. banks. The Fed purchases Treasury securities to increase the supply of money and sells them to reduce long-term interest rates.1

The term trust fund refers to an estate planning tool that establishes a legal entity to hold property or assets for a person or organization. Trust funds can hold a variety of assets, such as money, real property, stocks and bonds, a business, or a combination of many different types of properties or assets. Three parties are required in order to establish a trust fund: the grantor, the beneficiary, and the trustee. Trusts can take many forms and can be established under different stipulations. They offer certain tax benefits as well as financial protections and support for those involved.