diff --git a/auto-qa/tests/flm-config.test.mjs b/auto-qa/tests/flm-config.test.mjs
index 0929ce4..4ea06e7 100644
--- a/auto-qa/tests/flm-config.test.mjs
+++ b/auto-qa/tests/flm-config.test.mjs
@@ -12,7 +12,7 @@ const ADDRESS_RE = /^0x[a-fA-F0-9]{40}$/;
 const optionalAddress = (value) => value === '' || ADDRESS_RE.test(value);
 const bySlug = Object.fromEntries(flmConfig.map((config) => [config.slug, config]));
 
-test('FLM config pins Kleros and Gnosis organization routes', () => {
+test('liquidity manager config pins Kleros and Gnosis organization routes', () => {
     assert.deepEqual(Object.keys(bySlug).sort(), ['gnosis', 'kleros']);
 
     assert.equal(bySlug.kleros.path, '/flm/kleros');
@@ -24,7 +24,7 @@ test('FLM config pins Kleros and Gnosis organization routes', () => {
     assert.equal(bySlug.gnosis.companyId, 9);
 });
 
-test('FLM proposal metadata keeps the current official markets discoverable', () => {
+test('liquidity manager proposal metadata keeps the current official markets discoverable', () => {
     assert.equal(bySlug.kleros.activeProposal.label, 'KIP-90');
     assert.equal(bySlug.kleros.activeProposal.marketAddress, '0x84412Fe9D088C1D8Dd676a7be9a3d5d0291Ab1Cf');
     assert.equal(
@@ -42,7 +42,7 @@ test('FLM proposal metadata keeps the current official markets discoverable', ()
     assert.equal(bySlug.gnosis.activeProposal.marketUrl, '/markets/0xeCe80208CB8376Be311cE0f5Ea4eF73850a0dcF0');
 });
 
-test('FLM token and contract fields use valid address shapes', () => {
+test('liquidity manager token and contract fields use valid address shapes', () => {
     for (const config of flmConfig) {
         assert.equal(config.chainId, 100);
         assert.match(config.token.address, ADDRESS_RE);
@@ -53,7 +53,7 @@ test('FLM token and contract fields use valid address shapes', () => {
     }
 });
 
-test('FLM helpers pin Swapr adapter calldata and manager overloads', async () => {
+test('liquidity manager helpers pin Swapr adapter calldata and manager overloads', async () => {
     const utilsSource = await readFile(resolve(root, 'src/utils/flm.js'), 'utf8');
     const pageSource = await readFile(resolve(root, 'src/pages/flm/[org].jsx'), 'utf8');
 
@@ -69,7 +69,7 @@ test('FLM helpers pin Swapr adapter calldata and manager overloads', async () =>
     assert.match(pageSource, /encodeDualExitParams\(yesExitData, noExitData\)/);
 });
 
-test('companies table links configured organizations to their FLM page', async () => {
+test('companies table links configured organizations to their liquidity page', async () => {
     const hookSource = await readFile(resolve(root, 'src/hooks/useAggregatorCompanies.js'), 'utf8');
     const rowSource = await readFile(resolve(root, 'src/components/futarchyFi/companyList/table/OrgRow.jsx'), 'utf8');
 
diff --git a/auto-qa/tests/market-creation-workflow.test.mjs b/auto-qa/tests/market-creation-workflow.test.mjs
index aeb5375..dd218ec 100644
--- a/auto-qa/tests/market-creation-workflow.test.mjs
+++ b/auto-qa/tests/market-creation-workflow.test.mjs
@@ -23,7 +23,7 @@ const {
 
 const NOW = 1_782_777_600;
 
-test('Kleros defaults use KIP, PNK, sDAI, and FLM liquidity', () => {
+test('Kleros defaults use KIP, PNK, sDAI, and liquidity manager liquidity', () => {
   const defaults = createMarketWizardDefaults({ organizationId: 'kleros', nowSeconds: NOW });
 
   assert.equal(defaults.organizationName, 'Kleros DAO');
@@ -81,7 +81,7 @@ test('metadata draft includes registry fields needed by market pages and proposa
   );
 });
 
-test('permissionless stack plan includes org listing, owner proposals, and default FLM', () => {
+test('permissionless stack plan includes org listing, owner proposals, and default liquidity manager', () => {
   const plan = buildPermissionlessStackPlan();
   const stageIds = plan.stages.map((stage) => stage.id);
 
@@ -94,7 +94,7 @@ test('permissionless stack plan includes org listing, owner proposals, and defau
   assert.equal(plan.values.chainId, 10200);
 });
 
-test('permissionless contract actions create FLM before default organization wiring', () => {
+test('permissionless contract actions create liquidity manager before default organization wiring', () => {
   const plan = buildPermissionlessStackPlan();
   const actions = plan.contractActions;
   const actionIds = actions.map((action) => action.id);
@@ -110,7 +110,7 @@ test('permissionless contract actions create FLM before default organization wir
   assert.ok(actionIds.indexOf('create-default-flm-bundle') < actionIds.indexOf('create-and-list-organization'));
 });
 
-test('one-step market contract actions order market, FLM, official proposal, liquidity, and Snapshot', () => {
+test('one-step market contract actions order market, liquidity manager, official proposal, liquidity, and Snapshot', () => {
   const plan = buildOneStepMarketPlan({ organizationId: 'kleros', nowSeconds: NOW });
   const actions = plan.contractActions;
   const actionIds = actions.map((action) => action.id);
diff --git a/src/components/futarchyFi/companyList/table/OrgRow.jsx b/src/components/futarchyFi/companyList/table/OrgRow.jsx
index 1a0df2a..763d3f8 100644
--- a/src/components/futarchyFi/companyList/table/OrgRow.jsx
+++ b/src/components/futarchyFi/companyList/table/OrgRow.jsx
@@ -7,7 +7,7 @@ import ChainBadge from '../components/ChainBadge';
 
 /**
  * Single row in the Organizations table
- * Displays: Logo | Name + Active Badge | Active | Proposals | Chain
+ * Displays: Logo | Name + Active Badge | Active | Proposals | Chain | Liquidity
  */
 const OrgRow = ({
     companyID,
@@ -76,7 +76,7 @@ const OrgRow = ({
                 <ChainBadge chainId={chainId} size="sm" />
             </td>
 
-            {/* FLM */}
+            {/* Liquidity */}
             <td className="py-4 px-4">
                 {flmPath ? (
                     <Link
@@ -84,7 +84,7 @@ const OrgRow = ({
                         onClick={(event) => event.stopPropagation()}
                         className="inline-flex h-9 items-center gap-1 rounded-lg border border-futarchyGray5 bg-white px-3 text-sm font-semibold text-futarchyGray12 hover:bg-futarchyGray3"
                     >
-                        <span>FLM</span>
+                        <span>Liquidity</span>
                         <ArrowTopRightOnSquareIcon className="h-4 w-4" />
                     </Link>
                 ) : (
diff --git a/src/components/futarchyFi/companyList/table/OrganizationsTable.jsx b/src/components/futarchyFi/companyList/table/OrganizationsTable.jsx
index ec6a49a..a779677 100644
--- a/src/components/futarchyFi/companyList/table/OrganizationsTable.jsx
+++ b/src/components/futarchyFi/companyList/table/OrganizationsTable.jsx
@@ -136,7 +136,7 @@ const OrganizationsTable = ({
                                 Chain
                             </th>
                             <th className="py-3 px-4 text-xs font-medium text-futarchyGray11 dark:text-futarchyGray112 uppercase tracking-wider">
-                                FLM
+                                Liquidity
                             </th>
                         </tr>
                     </thead>
diff --git a/src/components/futarchyFi/createMarket/CreateMarketFlow.jsx b/src/components/futarchyFi/createMarket/CreateMarketFlow.jsx
index fd3bb04..4cca299 100644
--- a/src/components/futarchyFi/createMarket/CreateMarketFlow.jsx
+++ b/src/components/futarchyFi/createMarket/CreateMarketFlow.jsx
@@ -18,6 +18,10 @@ function formatDate(timestamp) {
   return new Date(Number(timestamp) * 1000).toISOString().replace('T', ' ').slice(0, 16) + ' UTC';
 }
 
+function formatLiquidityMode(mode) {
+  return mode === 'flm' ? 'Liquidity manager' : String(mode || '').toUpperCase();
+}
+
 function StageList({ stages }) {
   return (
     <ol className="divide-y divide-futarchyGray5 dark:divide-futarchyGray7">
@@ -120,7 +124,7 @@ export default function CreateMarketFlow() {
               <h1 className="text-2xl font-semibold text-futarchyGray12 dark:text-white">Create Market</h1>
               <p className="mt-2 max-w-3xl text-sm text-futarchyGray11 dark:text-futarchyGray11">
                 A single operational flow for organization setup, proposal metadata, market creation,
-                FLM liquidity, Snapshot linking, candle readiness, arbitrage setup, and publishing.
+                liquidity manager setup, Snapshot linking, candle readiness, arbitrage setup, and publishing.
               </p>
             </div>
             <Link
@@ -136,7 +140,7 @@ export default function CreateMarketFlow() {
               <h2 className="text-lg font-semibold text-futarchyGray12 dark:text-white">Permissionless Chiado Stack</h2>
               <p className="mt-1 text-sm text-futarchyGray11">
                 This is the target testnet lifecycle: any wallet creates an organization, it is listed
-                automatically, and the organization receives a default FLM for proposal liquidity.
+                automatically, and the organization receives a default liquidity manager for proposal liquidity.
               </p>
             </div>
             <StageList stages={permissionlessPlan.stages} />
@@ -248,7 +252,7 @@ export default function CreateMarketFlow() {
                 <div className="mt-2 grid gap-2 text-xs text-futarchyGray10 md:grid-cols-3">
                   <span>Org: {marketPlan.values.organizationName}</span>
                   <span>Close: {formatDate(marketPlan.values.closeTimestamp)}</span>
-                  <span>Liquidity: {marketPlan.values.initialLiquidityMode.toUpperCase()}</span>
+                  <span>Liquidity: {formatLiquidityMode(marketPlan.values.initialLiquidityMode)}</span>
                 </div>
               </div>
               <StageList stages={marketPlan.stages} />
diff --git a/src/features/marketCreation/marketCreationWorkflow.js b/src/features/marketCreation/marketCreationWorkflow.js
index b33de98..d700176 100644
--- a/src/features/marketCreation/marketCreationWorkflow.js
+++ b/src/features/marketCreation/marketCreationWorkflow.js
@@ -86,9 +86,9 @@ export const MARKET_CREATION_STAGES = [
   },
   {
     id: 'liquidity',
-    title: 'Liquidity and FLM',
-    summary: 'Create or reuse the organization FLM, add initial liquidity, and set the official proposal.',
-    requiredEvidence: ['flmAddress', 'liquidityTxHash', 'officialProposalSet'],
+    title: 'Liquidity Manager',
+    summary: 'Create or reuse the organization liquidity manager, add initial liquidity, and set the official proposal.',
+    requiredEvidence: ['liquidityManagerAddress', 'liquidityTxHash', 'officialProposalSet'],
   },
   {
     id: 'snapshot',
@@ -114,8 +114,8 @@ export const MARKET_CREATION_STAGES = [
   {
     id: 'publish',
     title: 'Publish',
-    summary: 'Expose the market and FLM links on the company page after all checks pass.',
-    requiredEvidence: ['companyPageLink', 'marketUrl', 'flmUrl'],
+    summary: 'Expose the market and liquidity manager links on the company page after all checks pass.',
+    requiredEvidence: ['companyPageLink', 'marketUrl', 'liquidityManagerUrl'],
     dependsOn: ['snapshot', 'indexing'],
   },
 ];
@@ -124,18 +124,18 @@ export const PERMISSIONLESS_STACK_STAGES = [
   {
     id: 'deploy-stack',
     title: 'Deploy permissionless stack',
-    summary: 'Deploy metadata implementations, public aggregator, market factory, Snapshot linker, indexer hooks, and FLM factory on Chiado.',
+    summary: 'Deploy metadata implementations, public aggregator, market factory, Snapshot linker, indexer hooks, and liquidity manager factory on Chiado.',
   },
   {
     id: 'default-flm',
-    title: 'Create default FLM bundle',
-    summary: 'Create the proposal source, pool adapters, and default FLM bundle that will be attached to the organization.',
+    title: 'Create default liquidity manager',
+    summary: 'Create the proposal source, pool adapters, and default liquidity manager that will be attached to the organization.',
     dependsOn: ['deploy-stack'],
   },
   {
     id: 'create-organization',
     title: 'Create organization',
-    summary: 'Any wallet can create organization metadata with default FLM wiring; the creator becomes organization owner.',
+    summary: 'Any wallet can create organization metadata with default liquidity manager wiring; the creator becomes organization owner.',
     dependsOn: ['default-flm'],
   },
   {
@@ -147,7 +147,7 @@ export const PERMISSIONLESS_STACK_STAGES = [
   {
     id: 'owner-proposal',
     title: 'Owner creates proposal',
-    summary: 'The organization owner can create proposals and point the FLM at the official proposal.',
+    summary: 'The organization owner can create proposals and point the liquidity manager at the official proposal.',
     dependsOn: ['list-organization'],
   },
 ];
@@ -190,7 +190,7 @@ export const PERMISSIONLESS_STACK_CONTRACT_ACTIONS = [
     source: 'futarchy-liquidity-manager/src/factories/FutarchyLiquidityManagerFactory.sol',
     contract: 'FutarchyLiquidityManagerFactory',
     method: 'createLiquidityManager',
-    summary: 'Deploy proposal source, spot adapter, conditional adapter, and default organization FLM.',
+    summary: 'Deploy proposal source, spot adapter, conditional adapter, and default organization liquidity manager.',
     produces: ['proposalSource', 'spotAdapter', 'conditionalAdapter', 'manager'],
     inputs: ['CreateParams.owner', 'CreateParams.proposalManager', 'CreateParams.companyToken', 'CreateParams.officialProposer'],
     dependsOn: ['deploy-permissionless-registry'],
@@ -202,7 +202,7 @@ export const PERMISSIONLESS_STACK_CONTRACT_ACTIONS = [
     source: 'futarchy/src/registry/FutarchyAggregatorsMetadata.sol',
     contract: 'FutarchyAggregatorsMetadata',
     method: 'createAndAddOrganizationMetadataWithDefaultLiquidityManager',
-    summary: 'Create organization metadata, attach the FLM/proposal source, and add it to the aggregator in one call.',
+    summary: 'Create organization metadata, attach the liquidity manager/proposal source, and add it to the aggregator in one call.',
     produces: ['organizationMetadata'],
     inputs: ['companyName', 'description', 'metadata', 'metadataURI', 'manager', 'proposalSource', 'liquidityManagerMetadataURI'],
     dependsOn: ['create-default-flm-bundle'],
@@ -237,7 +237,7 @@ export const PERMISSIONLESS_STACK_CONTRACT_ACTIONS = [
     source: 'futarchy-liquidity-manager/src/sources/FutarchyOfficialProposalSource.sol',
     contract: 'FutarchyOfficialProposalSource',
     method: 'setOfficialProposal',
-    summary: 'Point the default FLM proposal source at the active proposal once the proposal address is known.',
+    summary: 'Point the default liquidity manager proposal source at the active proposal once the proposal address is known.',
     produces: ['officialProposal'],
     inputs: ['proposalId', 'proposalAddress', 'creator'],
     dependsOn: ['owner-create-proposal-metadata', 'create-default-flm-bundle'],
@@ -286,7 +286,7 @@ export const ONE_STEP_MARKET_CONTRACT_ACTIONS = [
     source: 'futarchy-liquidity-manager/src/factories/FutarchyLiquidityManagerFactory.sol',
     contract: 'FutarchyLiquidityManagerFactory',
     method: 'createLiquidityManager',
-    summary: 'Create or reuse the organization FLM bundle for this token pair.',
+    summary: 'Create or reuse the organization liquidity manager bundle for this token pair.',
     produces: ['proposalSource', 'spotAdapter', 'conditionalAdapter', 'manager'],
     inputs: ['CreateParams.organization', 'CreateParams.owner', 'CreateParams.companyToken', 'CreateParams.officialProposer'],
     dependsOn: ['create-futarchy-proposal'],
@@ -298,7 +298,7 @@ export const ONE_STEP_MARKET_CONTRACT_ACTIONS = [
     source: 'futarchy/src/registry/FutarchyOrganizationMetadata.sol',
     contract: 'FutarchyOrganizationMetadata',
     method: 'setDefaultLiquidityManager',
-    summary: 'Store the FLM and proposal source as the organization default used by market pages.',
+    summary: 'Store the liquidity manager and proposal source as the organization default used by market pages.',
     produces: ['defaultLiquidityManager'],
     inputs: ['manager', 'proposalSource', 'liquidityManagerMetadataURI'],
     dependsOn: ['create-flm-bundle'],
@@ -310,7 +310,7 @@ export const ONE_STEP_MARKET_CONTRACT_ACTIONS = [
     source: 'futarchy-liquidity-manager/src/sources/FutarchyOfficialProposalSource.sol',
     contract: 'FutarchyOfficialProposalSource',
     method: 'setOfficialProposal',
-    summary: 'Point the FLM proposal source at the newly created proposal before public Snapshot routing.',
+    summary: 'Point the liquidity manager proposal source at the newly created proposal before public Snapshot routing.',
     produces: ['officialProposal'],
     inputs: ['proposalId', 'proposalAddress', 'creator'],
     dependsOn: ['create-futarchy-proposal', 'create-flm-bundle'],
@@ -322,8 +322,8 @@ export const ONE_STEP_MARKET_CONTRACT_ACTIONS = [
     source: 'futarchy-liquidity-manager/src/core/FutarchyLiquidityManager.sol',
     contract: 'FutarchyLiquidityManager',
     method: 'initializeFromBootstrap',
-    summary: 'Seed spot liquidity through the FLM before Snapshot sends users to the market.',
-    produces: ['flmAddress', 'liquidityTxHash'],
+    summary: 'Seed spot liquidity through the liquidity manager before Snapshot sends users to the market.',
+    produces: ['liquidityManagerAddress', 'liquidityTxHash'],
     inputs: ['companyAmount', 'spotAddData'],
     dependsOn: ['store-default-flm', 'set-official-proposal'],
   },
@@ -369,7 +369,7 @@ export const ONE_STEP_MARKET_CONTRACT_ACTIONS = [
     contract: 'CompanyMarketRegistry',
     method: 'publish',
     summary: 'Expose the market on the company page once Snapshot, candles, metadata, and liquidity are ready.',
-    produces: ['companyPageLink', 'marketUrl', 'flmUrl'],
+    produces: ['companyPageLink', 'marketUrl', 'liquidityManagerUrl'],
     dependsOn: ['link-snapshot-proposal', 'verify-registry-and-candles', 'configure-arbitrage'],
   },
 ];
diff --git a/src/pages/flm/[org].jsx b/src/pages/flm/[org].jsx
index 41dfde2..03641ac 100644
--- a/src/pages/flm/[org].jsx
+++ b/src/pages/flm/[org].jsx
@@ -44,6 +44,10 @@ function formatUtcTime(timestamp) {
   return `${new Date(timestamp * 1000).toISOString().slice(0, 16).replace('T', ' ')} UTC`;
 }
 
+function formatLpShares(value, decimals) {
+  return `${formatTokenAmount(value, decimals)} LP shares`;
+}
+
 async function readOr(contractCall, fallback) {
   try {
     return await contractCall();
@@ -362,7 +366,7 @@ export default function FlmPage({ config }) {
       setReadState((current) => ({
         ...current,
         loading: false,
-        error: error.message || 'Unable to read FLM position state.',
+        error: error.message || 'Unable to read liquidity manager position state.',
       }));
     }
   }, [address, config, managerConfigured]);
@@ -423,7 +427,7 @@ export default function FlmPage({ config }) {
     const amount = kind === 'company' ? amountChecks.companyAmount : amountChecks.collateralAmount;
 
     return runWalletAction(`approve-${kind}`, async (signer) => {
-      if (!managerConfigured) throw new Error('FLM manager is not configured.');
+      if (!managerConfigured) throw new Error('Liquidity manager is not configured.');
       if (amount.lte(0)) throw new Error('Enter an approval amount first.');
 
       const token = new ethers.Contract(tokenConfig.address, ERC20_ABI, signer);
@@ -433,7 +437,7 @@ export default function FlmPage({ config }) {
 
   const depositToSpot = () => {
     return runWalletAction('deposit', async (signer) => {
-      if (!managerConfigured) throw new Error('FLM manager is not configured.');
+      if (!managerConfigured) throw new Error('Liquidity manager is not configured.');
       if (!amountChecks.hasDepositAmount) throw new Error('Enter a deposit amount first.');
       if (amountChecks.needsCompanyApproval || amountChecks.needsCollateralApproval) {
         throw new Error('Approve the deposit tokens first.');
@@ -459,7 +463,7 @@ export default function FlmPage({ config }) {
 
   const redeemShares = () => {
     return runWalletAction('redeem', async (signer) => {
-      if (!managerConfigured) throw new Error('FLM manager is not configured.');
+      if (!managerConfigured) throw new Error('Liquidity manager is not configured.');
       if (!amountChecks.hasShares) throw new Error('Enter a share amount first.');
       if (!isConfiguredAddress(redeem.recipient)) throw new Error('Enter a valid recipient address.');
 
@@ -496,10 +500,10 @@ export default function FlmPage({ config }) {
   return (
     <>
       <Head>
-        <title>{config.organizationName} FLM | Futarchy</title>
+        <title>{config.organizationName} Liquidity Manager | Futarchy</title>
         <meta
           name="description"
-          content={`${config.organizationName} futarchy liquidity manager for ${config.pair}.`}
+          content={`${config.organizationName} liquidity manager for the ${config.pair} futarchy market pair.`}
         />
         <meta name="robots" content="noindex,nofollow" />
       </Head>
@@ -511,11 +515,17 @@ export default function FlmPage({ config }) {
           <section className="flex flex-col gap-4 md:flex-row md:items-start md:justify-between">
             <div>
               <p className="text-sm font-semibold uppercase tracking-wide text-futarchyGray11">
-                {config.organizationName} FLM
+                {config.organizationName} Liquidity Manager
               </p>
               <h1 className="mt-2 text-3xl font-semibold tracking-normal text-futarchyGray12 md:text-4xl">
-                {config.pair}
+                {config.pair} Liquidity
               </h1>
+              <p className="mt-3 max-w-3xl text-sm leading-6 text-futarchyGray11">
+                FLM means Futarchy Liquidity Manager. It is the LP tool for this pair:
+                deposit liquidity, receive LP shares, and let the manager keep liquidity
+                available for the spot market or the YES/NO markets when an official
+                proposal is active.
+              </p>
               <div className="mt-3 flex flex-wrap items-center gap-2 text-sm">
                 <span className="rounded-lg border border-futarchyGray5 bg-white px-3 py-1 font-medium text-futarchyGray11">
                   Gnosis Chain
@@ -604,16 +614,16 @@ export default function FlmPage({ config }) {
             </div>
           </Section>
 
-          <Section title="Position">
+          <Section title="LP Position">
             <div className="grid gap-3 sm:grid-cols-2 lg:grid-cols-4">
               <Metric
-                label="Wallet shares"
-                value={`${formatTokenAmount(readState.manager.walletShares, readState.manager.shareDecimals)} ${readState.manager.symbol}`}
+                label="Your LP shares"
+                value={formatLpShares(readState.manager.walletShares, readState.manager.shareDecimals)}
                 tone="accent"
               />
               <Metric
-                label="Total shares"
-                value={`${formatTokenAmount(readState.manager.totalSupply, readState.manager.shareDecimals)} ${readState.manager.symbol}`}
+                label="Total LP shares"
+                value={formatLpShares(readState.manager.totalSupply, readState.manager.shareDecimals)}
               />
               <Metric
                 label="Total liquidity"