Risk disclosure
updated 2026-09-01
Measured, reported, derived
Measured figures are summed by our indexer from on-chain swaps and can lag the chain head. By how much is not something we publish yet — the status page says so rather than showing a number nobody can check. Reported figures come from third parties and are shown as given. Derived figures are computed from the other two and are only as good as the weaker input. A dash is a figure we could not compute, with the reason shown.
Concentrated liquidity
A position earns fees only while price is inside its range. Outside it, the position holds one token entirely and earns nothing. The value of a position can be lower than holding the same tokens unpositioned. Removing liquidity is a transaction like any other and may execute at a different price than the one you saw.
Contract risk
The vault, builders and purser logic are smart contracts. They have been reviewed internally and have not had an external audit; review is not proof of absence of defects. Immutable parameters cannot be changed to fix a defect after deployment.
Third parties
Pons, the venues, and the price and TVL reporters are not operated by us. A change or failure on their side changes what the purser can do and what we can show.
No promise of return
Past fee revenue in a pool is a measurement of the past. It says nothing about the next window. Nothing on these sites promises a return, a rate, or the ability to exit at a given price or time.