ABV (Alcohol By Volume)
The standard measure of how much alcohol is in a liquid, expressed as a percentage. A whiskey at 63% ABV is 63% pure alcohol by volume. ABV matters because it affects how a whiskey matures, how its flavour develops over time, and how a cask is priced when it comes to market.

ANGEL’S SHARE
The natural evaporation of spirit through the porous oak of a cask during maturation. In Ireland, this typically accounts for around 2 to 3 percent of the cask’s volume each year. The angel’s share is one of the reasons cask volume decreases over time and is a key factor in how casks are valued.

AUCTION
A time-limited sale where a cask goes to the highest bidder within a set window.

BID / OFFER TRANSACTION
A sale format where buyers post the price they are willing to pay and sellers post the price they want. When the two align, a legally binding transaction is completed.

BINDING TRADE
Once a bid, offer or auction is accepted, the transaction becomes binding. Ownership officially transfers once payment and settlement are confirmed.

BUY IT NOW
A fixed-price listing. No bidding required. You see the price, you want the cask, and you can purchase it immediately.

DIRECT SALE
A cask sold directly by a platform or verified seller rather than through a member-to-member listing. Direct sales on LYQD go through the same verification process as all other listings.

CASK
A wooden barrel, typically oak, in which whiskey matures under bond in a certified warehouse. Casks come in different previous-use types, including ex-bourbon, sherry and port, which shape the flavour of the whiskey inside. They also come in different sizes, such as hogshead (around 250 litres) and butt (around 500 litres), which affects the rate of maturation and the value.

CASK FILL
The process of placing freshly distilled spirit into a cask for maturation. The fill date recorded on a cask tells you when the spirit entered the wood and is one of the key data points used to verify provenance and confirm the age of the whiskey.

CASK STRENGTH
Whiskey drawn or bottled directly from the cask without dilution. Cask strength whiskey is typically higher in ABV than standard consumer bottlings. Buyers looking for the spirit in its most concentrated and unaltered state will specifically seek out cask strength releases.

EXCISE DUTIES AND VAT
Taxes that become payable when whiskey is bottled or removed from bond. These are not costs you encounter during ownership of a cask held in a bonded warehouse, but they are important to understand before you plan what to do with a cask at maturity.

GRAIN WHISKEY
Whiskey made primarily from grains such as corn or wheat, typically produced using continuous column distillation. Grain whiskey tends to be lighter in character than pot still or malt whiskey and is commonly used as a component in blended Irish whiskeys.

LEDGER
The official record of ownership and completed transactions. LYQD’s digital ledger provides transparent and legally valid proof of who owns what and when ownership changed hands.

LISTING
A cask that has been made available for sale on the exchange. A listing will show key details including distillery, fill date, ABV and cask type.

LPA (Litres of Pure Alcohol)
Calculated by multiplying the ABV (as a decimal) by the total volume of liquid in the cask. LPA is the standard benchmark used to price whiskey casks consistently across the market. It is the number that matters most when comparing value across different casks.

MATURATION
The process by which whiskey develops its character, colour and complexity inside a cask over time. During maturation, the spirit interacts with the wood, drawing out compounds that shape its flavour. Irish whiskey must mature for a minimum of three years in a wooden cask on the island of Ireland.

MEMBER
A registered and verified user of the LYQD exchange. All members complete KYC (Know Your Customer) checks before they can buy or sell. This is one of the ways LYQD keeps the exchange trustworthy for everyone on it.

NEW MAKE SPIRIT
Freshly distilled alcohol before it has spent any time in a cask. New make spirit is clear in colour and sharp in character. Once it enters a cask and begins maturing, the clock starts on the minimum three-year ageing period required for Irish whiskey under the Irish Whiskey Technical File.

POT STILL WHISKEY
A traditional and distinctly Irish style of whiskey produced in copper pot stills using a mash of both malted and unmalted barley. Pot still whiskey is unique to Ireland and is recognised for its rich, spicy and full-bodied character. It is one of the five legally defined categories of Irish whiskey.

SETTLEMENT
The point at which a transaction is legally complete. Settlement happens when payment clears, the ledger is updated, and the bonded warehouse confirms that custody records reflect the new owner.

STORAGE AGREEMENT
The contract between a cask owner and a bonded warehouse that governs how the cask is stored. It covers storage conditions, insurance and the handling rules the warehouse operates under. Understanding your storage agreement is a basic part of responsible cask ownership.

WAREHOUSE (Bonded Warehouse)
A licensed facility where whiskey casks are stored under bond. Storing under bond means excise duty has not yet been paid on the liquid. These warehouses are regulated and required to maintain accurate, up-to-date ownership records. All casks on LYQD are held in approved bonded warehouses.