Risks & security
What is actually guaranteed, what is not, and what can still go wrong. Written as we would want to read it.
What cannot happen
The liquidity cannot be withdrawn. Not by the creator, not by us, not by a compromised key. The locker has no function that moves the position — see Locked liquidity.
The supply cannot grow. Minted once, in the constructor. There is no mint function.
Your sells cannot be blocked. No branch of the token contract gates a transfer out of a wallet, in any block, under any condition. The anti-snipe window restricts buying only, and expires on a block number.
Your fees cannot be redirected. The creator address is written when the coin is locked and has no setter.
A bond cannot strand liquidity. The migration reverts unless essentially everything withdrawn is redeposited.
What you are exposed to
The tracker is leveraged, and leverage decays. A bonded coin's floor is a 5× position. It loses ground on a round trip in the underlying, it pays funding, and it can be liquidated. See NAV, decay & funding. This is the single most important thing on this page.
The venue. The perpetual position backing a tracker lives on Lighter. If that venue halts, restricts withdrawals, or misprices a market, the backing behind every coin on that tracker is affected. We do not control it and cannot insure it.
The oracle and the keeper. NAV is posted on chain by a keeper. If it stalls, quotes that depend on NAV go stale; the contracts reject a stale post rather than acting on it, which fails closed but still means a coin can be temporarily unquotable.
Concentration. Many coins can bond onto the same tracker, and they share one position. A bad day on one stock is a bad day for every coin behind it. The hedge book publishes exactly how concentrated the book is, because you should be able to see it.
Price impact on a thin coin. A fresh launch has very little behind it. Early buys move the price hard, and selling into that pool moves it hard the other way. This is not a hidden cost — the backing figure on every coin page is exactly how much is there.
What the protocol owner can do
Point the site at a different launcher, and choose which markets the launch form offers. Neither touches a coin that already exists: its pool, its lock, its split and its creator are fixed at launch and no owner action reaches them.
Verify rather than trust
Every claim here is a public call or a bytecode inspection. The addresses are in Architecture. If a statement on this page and the chain disagree, the chain is right and we want to hear about it.
Audit status
The contracts have not been audited by a third party. They are tested, deployed unproxied, and the bytecode is what runs.