Guarantees

What Is Guaranteed

These properties are enforced by on-chain mechanics, not by policy or team promises.

Perpetual exit right

Every investor position carries a perpetual PUTPerpetual PUTA perpetual exit right attached to every investor position. No expiry, no approval required, no dependency on the project team. Exercised via redeem. right. There is no expiry, no approval flow, and no dependency on the project team being active. The exit path is user-callable on-chain at any time.

Permissionless redemption

exits via redeemRedeemExercise principal protection and exit to collateral. Implemented by the divest contract function. Permissionless and on-chain. (divestDivestContract function (divest / divestUnderlying) that implements exits via redeem. Returns collateral (or strategy position tokens) to the investor.) are always available. Even if the raise is paused, even if the project token price is zero, even if the project team disappears. RedemptionRedeemExercise principal protection and exit to collateral. Implemented by the divest contract function. Permissionless and on-chain. is permissionless.

Proportional settlement

Each investor receives their proportionalProportional SettlementEach investor receives their proportional share of the reserve pool. Under normal conditions this equals the original deposit; in a shortfall it equals the proportional share of what remains. The last redeemer gets the same rate as the first. share of the reserveReserveThe pool of collateral backing investor positions in a raise. Under normal conditions, each investor's proportional share equals their original deposit. In a shortfall, proportional settlement distributes what remains fairly. Reserve accounting is per-raise (isolated). pool. In normal operation, this equals the original depositDepositThe action of investing collateral into a raise. The raise contract receives collateral, routes it to the yield strategy, and mints a pFT position NFT. A live oracle price feed determines USD notional for FT allocation via deposit-time conversion. amount. The system uses deterministic conversion rules, the last person to redeemRedeemExercise principal protection and exit to collateral. Implemented by the divest contract function. Permissionless and on-chain. gets the same rate as the first.

Raise isolation

Each raise is isolatedRaise IsolationEach raise operates with independent reserve collateral accounting, position state, yield strategy routing, and admin controls. A failure in one raise cannot affect other raises. with its own reserveReserveThe pool of collateral backing investor positions in a raise. Under normal conditions, each investor's proportional share equals their original deposit. In a shortfall, proportional settlement distributes what remains fairly. Reserve accounting is per-raise (isolated). collateralCollateralThe asset an investor deposits into a raise (e.g., USDC, WETH). Each accepted collateral type runs in an isolated pool with independent reserve accounting. Active collateral routes to the yield strategy and backs investor principal protection. accounting, position state, yield strategyYield StrategyProtocol used to generate yield on deposited capital. Aave V3 is the only supported strategy at launch. Yield funds the platform fee and the project ecosystem budget. If buyback is enabled, yield surplus can also fund buyback and burn. routing, and admin controls. A failure in one raise does not contaminate unrelated raises.

No fee on deposits or redeems

No direct fee is charged on depositsDepositThe action of investing collateral into a raise. The raise contract receives collateral, routes it to the yield strategy, and mints a pFT position NFT. A live oracle price feed determines USD notional for FT allocation via deposit-time conversion. or exits via redeemRedeemExercise principal protection and exit to collateral. Implemented by the divest contract function. Permissionless and on-chain.. The platform earns only from the platform feePlatform FeePercentage of yield taken by the platform (10% at launch), allocated to the DAO. No fee on core user actions (deposit, redeem, withdraw). on yieldYieldReturns generated by the yield strategy on deposited collateral. Variable, not guaranteed. Distributed via the yield waterfall: platform fee (10%) to DAO, then net yield (90%) to the project. generated by active reservesReserveThe pool of collateral backing investor positions in a raise. Under normal conditions, each investor's proportional share equals their original deposit. In a shortfall, proportional settlement distributes what remains fairly. Reserve accounting is per-raise (isolated). and a success fee on exits via withdrawWithdrawClaim project tokens and forfeit principal protection on the withdrawn amount. Implemented by withdrawFT. Requires transferable to be enabled. Released capital moves to capitalDivesting for optional buyback and burn (if configured)..

What Is Not Guaranteed

These are boundaries of the protection model.

Fixed dollar amount per position

The guarantee is proportional settlementProportional SettlementEach investor receives their proportional share of the reserve pool. Under normal conditions this equals the original deposit; in a shortfall it equals the proportional share of what remains. The last redeemer gets the same rate as the first., not a fixed dollar amount. In a reserveReserveThe pool of collateral backing investor positions in a raise. Under normal conditions, each investor's proportional share equals their original deposit. In a shortfall, proportional settlement distributes what remains fairly. Reserve accounting is per-raise (isolated). shortfall (e.g., strategy exploit), each investor receives their proportionalProportional SettlementEach investor receives their proportional share of the reserve pool. Under normal conditions this equals the original deposit; in a shortfall it equals the proportional share of what remains. The last redeemer gets the same rate as the first. share of what remains.

Minimum yield

There is no guaranteed minimum yieldYieldReturns generated by the yield strategy on deposited collateral. Variable, not guaranteed. Distributed via the yield waterfall: platform fee (10%) to DAO, then net yield (90%) to the project.. If yieldYieldReturns generated by the yield strategy on deposited collateral. Variable, not guaranteed. Distributed via the yield waterfall: platform fee (10%) to DAO, then net yield (90%) to the project. drops to zero, principal redemptionRedeemExercise principal protection and exit to collateral. Implemented by the divest contract function. Permissionless and on-chain. still works, but any configured buybackBuyback and BurnOptional mechanism where released capital from withdraws and yield surplus can be used to buy back and burn project tokens, reducing circulating supply. Enabled by the raise creator at raise creation. and ecosystem budget inflow stop.

Protection against upstream exploits

Principal protectionPrincipal ProtectionStructural guarantee that investors can always redeem their deposited collateral via the perpetual PUT. Proportional to reserve backing, not a fixed dollar guarantee. covers project-token downside, not upstream protocol exploits (e.g., an Aave vulnerability) that reduce reserveReserveThe pool of collateral backing investor positions in a raise. Under normal conditions, each investor's proportional share equals their original deposit. In a shortfall, proportional settlement distributes what remains fairly. Reserve accounting is per-raise (isolated). collateralCollateralThe asset an investor deposits into a raise (e.g., USDC, WETH). Each accepted collateral type runs in an isolated pool with independent reserve accounting. Active collateral routes to the yield strategy and backs investor principal protection.. See Risk Model for detailed failure scenarios and recovery expectations.

Immediate liquidity in all conditions

If strategy liquidity is temporarily constrained (e.g., high Aave utilization), withdrawalsWithdrawClaim project tokens and forfeit principal protection on the withdrawn amount. Implemented by withdrawFT. Requires transferable to be enabled. Released capital moves to capitalDivesting for optional buyback and burn (if configured). may need retries. Circuit breakersCircuit BreakerVelocity control on outflows that limits how fast capital can leave through wrapper withdraw paths. Uses a dual-buffer model to protect against exploit-velocity drains while keeping exits available over time. may also throttle outflow velocity. This is a temporary delay, not a loss — the capital exists, it is lent out.

Collateral value stability (volatile assets)

RedemptionRedeemExercise principal protection and exit to collateral. Implemented by the divest contract function. Permissionless and on-chain. is proportionalProportional SettlementEach investor receives their proportional share of the reserve pool. Under normal conditions this equals the original deposit; in a shortfall it equals the proportional share of what remains. The last redeemer gets the same rate as the first. in depositDepositThe action of investing collateral into a raise. The raise contract receives collateral, routes it to the yield strategy, and mints a pFT position NFT. A live oracle price feed determines USD notional for FT allocation via deposit-time conversion.-asset terms. For stablecoin raises (USDC), this is identical to getting dollars back. For volatile-asset raises (WETH), the investor receives WETH, which may be worth more or less in USD than at depositDepositThe action of investing collateral into a raise. The raise contract receives collateral, routes it to the yield strategy, and mints a pFT position NFT. A live oracle price feed determines USD notional for FT allocation via deposit-time conversion. time.

What This Is Not

× Not a token sale with a limited refund window

The PUT is perpetual and unconditional

× Not a locked staking product

Positions are liquid and tradeable from day one

× Not a guaranteed-return product

Yield is variable and market-dependent

× Not insurance against smart-contract risk

Upstream strategy exploits can reduce reserves

Trust Assumptions

Component	Trust Model
Exit mechanics	On-chain, permissionless, no trust required
ReserveReserveThe pool of collateral backing investor positions in a raise. Under normal conditions, each investor's proportional share equals their original deposit. In a shortfall, proportional settlement distributes what remains fairly. Reserve accounting is per-raise (isolated). accounting	On-chain, deterministic
Yield strategyYield StrategyProtocol used to generate yield on deposited capital. Aave V3 is the only supported strategy at launch. Yield funds the platform fee and the project ecosystem budget. If buyback is enabled, yield surplus can also fund buyback and burn. (Aave V3)	Trust in upstream protocol security
Admin operations	Multisig-based, delayed rotation
Oracle pricing	Trust in oracle feed for depositDepositThe action of investing collateral into a raise. The raise contract receives collateral, routes it to the yield strategy, and mints a pFT position NFT. A live oracle price feed determines USD notional for FT allocation via deposit-time conversion.-time pricing only
Circuit breakerCircuit BreakerVelocity control on outflows that limits how fast capital can leave through wrapper withdraw paths. Uses a dual-buffer model to protect against exploit-velocity drains while keeping exits available over time.	Configured by admin, throttles but never permanently blocks exits