> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ponzu.app/llms.txt
> Use this file to discover all available pages before exploring further.

# For Investors & Traders

> Tokens that can't die in minutes. 90% refund before launch. Conviction based rewards. Impatience is the yield.

Every mechanism in Ponzu is designed with the investor in mind. The goal is founder-investor alignment, not through coercion, but through economics. Nothing is locked. You can claim your tokens anytime, get a refund anytime or sell your position. But every exit is designed so that leaving doesn't create sell pressure on the token. Refunds return ETH. Positions are NFTs you sell on secondary, not tokens you dump on retail. The result is a token economy where the most profitable strategy is also the most aligned one.

***

## Why Ponzu is different

### 90% refund before launch

During the presale, you can claim a 90% refund on what you paid, anytime before launch. You’re either graduating with the project or getting your money back. No locked capital, permissionless refunds.

### Presale TAFTs

TAFT is a Transferable Agreements for Future Tokens. Your presale allocation is a Ponzu Bottle NFT. If the presale has reached \$500K and you bought in at \$100K, you have a choice: get a \$90k refund, or sell the Ponzu Bottle on secondary. New owner inherits allocation, token claim, refund option and any ETH rewards.

### Conviction is rewarded.

After launch, you can claim your tokens anytime. But you can only claim once. Claim early, keep a fraction, leave the rest for those who stayed. Waiting to the end gives you 100% allocation, plus a share of everything the impatient left behind.

### Tokens can’t die in minutes

Every single token was paid for. Canonical launches have no team allocation, no advisor tokens, no treasury overhang. 69% presold with diamond hand vesting, 31% as liquidity. Zero circulating at launch. Even with 10 day vesting, there is only 0.4% vested in the first hour, not enough to dump below the presale price.

### Lifetime rewards

Fees flow through the Distributor to remaining presale holders, the farm, and Contributors. Swap fees add to your presale claim, even after vesting. Withdraw ETH anytime, but tokens you can only claim once.

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## Before you buy

<AccordionGroup>
  <Accordion title="Is the team worth backing at this valuation?">
    The contracts prevent rug pulls using vesting. They do not prevent bad products. Evaluate the team and the traction the same way you would any investment. The 90% refund means you can exit with most of your capital if your thesis changes before launch. Vesting gives more time, but doesn't prevent it from falling below your initial contribution
  </Accordion>

  <Accordion title="What's my worst-case loss?">
    Before launch: 10%. After launch: 100% if the token goes to zero, minus any ETH rewards already claimed.
  </Accordion>

  <Accordion title="Can I deploy $500K+ in a single presale?">
    On a **Ponzu Auction**, settlement is pro-rata across the whole sale, so size doesn't push the quoted price against you. Buying earlier earns a larger bonus on your claim.

    On a **Ponzu Curve**, a large buy walks further up the line, so size does move the price. Early fills are cheaper; that cheaper price is the early reward.
  </Accordion>

  <Accordion title="What the contracts don't prevent">
    **Team abandonment.** The team can stop building after launch. Contracts enforce token mechanics, not team effort. Evaluate the team, not just the structure.

    **Price decline.** There's always a pool to sell into. It doesn't guarantee the price.

    **Low trading volume.** ETH rewards come from swap fees. A project with no trading volume generates no ETH rewards.
  </Accordion>
</AccordionGroup>

***

<Card title="The Presale" icon="coins" href="/mechanisms/presale">
  Ponzu Auctions, Ponzu Curves, refunds, and how presale positions work.
</Card>