3.5 Variable References and #%top
syntax
id
Refers to a module-level or local binding, when id is
not bound as a transformer (see Expansion). At run-time,
the reference evaluates to the value in the location associated with
the binding.
When the expander encounters an id that is not bound by a module-level or local binding, it converts the expression to (#%top . id) giving #%top the lexical context of the id; typically, that context refers to #%top. See also Expansion Steps.
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syntax
(#%top . id)
Refers to a module-level or top-level definition that could bind
id, even if id has a local binding in its context.
Within a module form, (#%top . id) expands to just
id—
See also Expansion Steps for information on how the expander introduces #%top identifiers.
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