The verse is the entire realm of existence (discounting the alternate planes of existence of course). Primarily a huge void, within this void floats a potentially infinite number of spheres, each containing a disc of matter, usually organized into planets and planetoids, and most often circling around a central star.
Our tale takes place in the Dracosphere. A multitude of planetary bodies circling around a central star, known as The Sun. The planets tend to be larger and hotter closest to the sun, and smaller and colder the farther away one travels towards the rim.
Each planet, except for the very smallest, have a Thaumic Core, a core made from Thaumic Crystal from which magic radiates, soaking the entire planet in a magical aura. The size of the core corresponds to the size of the planet, and thus larger planets tend to have a stronger aura, making the use of magical abilities come easy for anyone with the least talent. Smaller planets, on the other hand, tend to be poorer in magic, and even accomplished mages may find it necessary to bring Thaumic Crystals with them, to perform anything beyond the simplest of magics.
The Dracosphere butts up to three other spheres, The Feysphere, The Boreasphere and The Gloomsphere. Spheres do move through the void of the verse, and the Gloomsphere only reached the edge of the Dracosphere some 50 years ago, while The Shattered Sphere the shattered sphere has been drifting away from the Dracosphere, cutting off the dwarves from their original home worlds.