Earlier Likwid drafts used y′ or x′ to describe the mirrored side of a leveraged position. In the current v2.2 implementation, that notation does not correspond to a separate user-facing ERC-20 token. Instead, the protocol tracks synthetic exposure through internal vault and position-manager state.

When this page refers to y′ or x′, it should be read as shorthand for the following v2.2 mechanisms:

• Mirror reserves: the vault maintains mirror-side accounting that represents borrowed or mirrored exposure alongside real reserves and lend reserves.
• Margin position state: LikwidMarginPosition stores each position's collateral, debt, and cumulative accounting values.
• Position NFT ownership: the user's claim over an open margin position is represented by an NFT rather than by a freely circulating synthetic token.
• Balance-delta settlement: opening, repaying, closing, and liquidating a position updates pool state through explicit balance deltas instead of by minting an external accounting token.

This keeps the conceptual value of y′ useful for explaining protocol math, but it avoids suggesting that Likwid v2.2 depends on a separate external execution module or an externally circulating synthetic token contract.

From a user perspective, the important consequence is simple: the protocol still records leveraged debt and mirrored exposure, but that record lives inside the vault and manager contracts rather than in a standalone token.