TWAP (Time-Weighted Average Price) is time weighted average price between two points in time. The TWAP is calculated over a fixed period size of 15 minutes. A simple fixed period size TWAP is used as described by

TWAP=priceCumulative2priceCumulative1timestamp2timestamp1{TWAP} = \frac{priceCumulative_2 -priceCumulative_1}{timestamp_2 - timestamp_1}

TWAPs are used to reduce the risk of price manipulations (see:

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