> ## 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. # Disclosures > Protocol structure, contract immutability, fee routing, and the scope of Kioke Card rights. These disclosures are provided for transparency. They are not legal, tax, financial, or investment advice. Review the Ponzu smart contracts, this documentation, and the laws applicable to you before participating in any activity described here. ## Protocol Structure and Non-Custody Ponzu is a decentralized, non-custodial protocol consisting of permissionless smart contracts deployed to public blockchains, together with an optional interface, documentation, SDK, and MCP server that facilitate access to them. Ponzu does not take custody of, control, or have access to user assets or private keys at any time. There are no accounts and no balances held on any user's behalf. Every position exists in a smart contract with which the user interacts directly from a wallet they control. Ponzu is not a counterparty to any transaction and takes no position in any trade. Ponzu is not a bank, exchange, broker, dealer, custodian, money transmitter, or investment adviser, and provides no financial, brokerage, custodial, advisory, or fiduciary services. Where this documentation describes protocol behavior and a deployed contract operates differently, **the deployed contract governs**. Addresses are published at [Contract Addresses](/protocol/contract-addresses). ## Contract Immutability The core Ponzu contracts are immutable from deployment. They have no owner, no administrator, and no upgrade path. Ownership is renounced and administrative functions cannot be restored. Accordingly, no person is able to upgrade any contract, pause the protocol, reverse or censor a transaction, seize or freeze assets, modify a live project's fee rates or vesting schedule, unlock liquidity, mint tokens outside the deployment path, or redirect fees from their encoded recipients. The parameters under which a project launches are the parameters it retains for its lifetime. The Distributor accepts no governance input. Its splits are fixed at deployment and shift only along the claim-driven curve described in [The Distributor](/mechanisms/distributor). Contract control is a matter of verifiable on-chain fact and should be independently confirmed rather than assumed. ## Launches Are Cloned From Fixed Templates A launch is not built, reviewed, curated, or operated on any issuer's behalf. Calling `craftPonzu` on the factory clones a fixed set of contract templates — token, presale, launcher, distributor, farm, and the position NFTs — in a single transaction, using parameters supplied by the deploying party at the time of that transaction. The templates are immutable deployed code with no owner, no administrator, and no upgrade path, and every clone inherits those properties. Launch parameters are fixed at deployment and cannot subsequently be modified by the issuer or by any other person. **No control is retained over any cloned contract.** No owner role, administrator role, key, or privileged function is held in any launched token, presale, distributor, farm, or position NFT. Once the cloning transaction is confirmed, the resulting contracts are wholly independent and cannot be paused, upgraded, drained, reconfigured, or discontinued by any person. The factory exercises no discretion. It does not review, screen, approve, reject, rank, or endorse anything it clones, and applies no eligibility criteria to any deployment. ## Auction Settlement and the Path to Trading The presale is a decaying auction that terminates according to its encoded parameters when commitments meet the price curve. No person determines when an auction clears, and no person is able to extend, cancel, reverse, or unwind an auction, or to allocate on a discretionary basis. Upon settlement, the Launcher contract automatically pairs the raised ETH with tokens and opens a pool on PonzuSwap, a permissionless automated market maker. From that point the token trades on a decentralized exchange. There is no listing decision, no trading venue, order book, or matching engine operated by any person associated with Ponzu, no custody of user assets, and no counterparty position taken in any trade. Trades occur between users and a liquidity pool. PonzuSwap is itself a permissionless Uniswap v4 hook. Launched tokens are freely transferable, and pools for them may be created on any other venue by any person, without permission from, notice to, or the involvement of anyone associated with Ponzu. The complete path — deployment, presale, settlement, liquidity provision, and trading — executes from immutable template code to a public market without any point at which discretion is exercised by any person. ## Scope of Kioke Card Rights A Kioke Card is a transferable ERC-721 NFT that grants a curation role within the protocol. It accrues Koji credits from launches on its own chain, and those credits are spent to curate projects on that chain. Supply is 300 barrels per chain across Ethereum and Robinhood Chain, 600 in total. Koji balance and curation position transfer with the NFT. A Kioke Card does **not** constitute or confer: * Equity, debt, a share, a partnership interest, or any claim on the assets, revenue, or profits of any person or entity. * Governance rights over any entity, or general governance rights over the protocol. Koji directs curation weight within the curation system only. * Any right to dividends, profit distributions, revenue share, guaranteed yield, guaranteed rewards, redemption, or repurchase. * Any claim on fees routed to the Ponzu protocol address, on any project treasury, or on any issuer. **Limits on Koji.** Koji cannot be used to upgrade or alter any contract, mint any token, modify a live project's fee rates or vesting schedule, unlock or recover liquidity, redirect a project treasury, reverse a transaction, or direct fees routed to the protocol. Its scope is limited to weighting curation. No person is obliged to repurchase a Kioke Card, maintain a market for one, or support its price. ## Kioke Reward Conditions The Crafting and Fermenting reward streams are described in [Kioke Card](/kioke/overview). Both are a function of third-party activity: * **Crafting** pays 1% of presale ETH raised, split among the minted barrels on that project's chain. Absent launches on a given chain, nothing accrues to barrels on that chain. * **Fermenting** pays a 5% share of Distributor weight, allocated by Koji burned on that project and scaled quadratically. Absent swap fees, forfeited tokens, and penalties, there is nothing to distribute. Rewards are **not passive**. Koji must be spent on curation before rewards may be claimed. A holder who accrues a full share but does not curate cannot claim. Reward streams may be zero indefinitely. No representation is made that any holder is able to identify which projects will succeed. Past protocol activity and past reward distributions are not indicative of future results. ## Fee Routing All fee routing is encoded in the contracts. No charge is made for access to the interface, documentation, SDK, or MCP server. **Presale incentives.** 5% of each presale purchase is paid in ETH, taken from the raise rather than added to the buyer's cost: | Recipient | Share | | ---------------- | ----- | | Project Vault | 1% | | Presale referrer | 1% | | Integrator | 1% | | Kioke holders | 1% | | Ponzu protocol | 1% | Presale allocation and the 90% refund are both calculated on the full amount paid. **Trading fees.** PonzuSwap charges a launch fee decaying linearly from 20% to 1% over the first 60 minutes, and 1% on swaps thereafter, charged on the output token. All such fees route to the Distributor. **Distributor splits.** The Distributor routes project tokens to presale holders, farm stakers, the project treasury, and Kioke holders, with the presale share shifting to the farm as presale participants claim and exit. Where it routes WETH from swap fees, a fifth recipient, the Ponzu protocol, receives 40%. Full tables are published at [The Distributor](/mechanisms/distributor). **The protocol share.** Fees routed to the protocol address fund the development and maintenance of the contracts, the interface, the SDK, and supporting infrastructure. It is not a treasury held for the benefit of any holder. No holder of a Kioke Card, Ponzu Bottle, Liquidity Card, or launched token has any claim on those fees, any right to direct them, any vote over their use, or any entitlement arising from them. **Project treasury.** The project treasury share is paid to the wallet of the creator who deployed that token and is controlled by that creator alone. ## Contributor Participation A portion of Kioke supply was allocated to contributors rather than sold in the Genesis Sale, and further contributor allocations may be made as the contributor base expands. Contributors may also hold Kioke Cards acquired on the open market, together with Ponzu Bottles, launched tokens, and LP positions, and may participate in presales, curation, and farming on the same terms as any other participant. Contributor barrels operate under identical rules. They accrue Koji at the same rate, spend it under the same quadratic weighting, and are subject to the same requirement that rewards cannot be claimed without curating. Holding one confers no additional protocol power; the limits on Koji set out above apply identically. Balances, transfers, allocations, and curation activity for every address are public and independently verifiable on-chain. ## Permissionless Launches and No Endorsement Any person may deploy a token through the protocol. There is no application process, review, approval, or due diligence of any kind. The existence of a token on-chain, or its appearance in the interface, does not constitute a rating, recommendation, certification, verification, solicitation, or investment opinion. No representation is made regarding the accuracy, completeness, legality, quality, safety, value, liquidity, market performance, continued operation, or regulatory status of any launched token. Curation by Kioke holders does not constitute endorsement. Koji spent on a project reflects the independent judgment of individual NFT holders acting in their own interest, does not constitute diligence, and carries no representation regarding any project. Names, descriptions, links, images, and social accounts attached to a launch are supplied by the issuer and are not verified. ## Issuer Responsibility Issuers are solely responsible for the tokens they launch, including the accuracy and completeness of their statements, their use of raised assets, their disclosure of material information and conflicts of interest, and their compliance with securities, consumer protection, advertising, sanctions, and tax laws in every jurisdiction in which they operate or promote. No legal, tax, financial, compliance, underwriting, brokerage, or listing service is provided to issuers or users. Launching through the protocol confers no approval and creates no partnership. ## Interface and Protocol Are Distinct Core protocol functions — deployment, presale participation, refunds, claims, staking, and curation — are governed by on-chain rules and may be performed without the hosted interface. The interface, documentation, dashboards, and discovery surfaces are an optional convenience layer. They may be modified, restricted, or discontinued at any time, and no such action alters deployed contract behavior. Interface access may be restricted, and content removed or moderated, where considered legally required or appropriate for security, sanctions, abuse-prevention, intellectual property, or user-protection reasons. Such actions are presentational only, imply no control over the contracts, and neither the taking nor the absence of such action constitutes a representation regarding any token. ## Risk Disclosure Participation in any activity described in this documentation involves substantial risk, including without limitation: * Total loss of value * Smart contract bugs, economic flaws, and exploits, which because the contracts are immutable cannot be patched, paused, or mitigated after deployment * Failed or undersubscribed presales, and auctions that do not clear * Issuer abandonment, fraud, and misleading launch materials * Volatile, thin, one-sided, or absent liquidity * Slippage, MEV, failed transactions, and network congestion, reorganizations, outages, or forks * Wallet, bridge, RPC, router, DEX, and other third-party integration failure * Sybil activity and manipulation of curation * Regulatory uncertainty and change * Tax consequences * Permanent and irrecoverable loss of assets through lost private keys **Mechanism-specific risks.** The 90% presale refund is a contract function subject to defined conditions and ceases to be available at launch. Diamond-hand vesting permits a single claim only; claiming early irreversibly forfeits the remainder. Liquidity created at launch does not imply price stability, a guaranteed market, or a guaranteed exit. Staking and curation guarantee no rewards. ## Market Integrity Fraud, wash trading, spoofing, coordinated pump-and-dump activity, market manipulation, Sybil manipulation of curation, sanctions evasion, money laundering, terrorist financing, impersonation, misleading launch materials, and intellectual property infringement are prohibited and are not endorsed. The protocol is permissionless and enforces no such prohibitions at the contract level. Reports of suspected fraud, impersonation, manipulation, sanctions issues, intellectual property violations, or security vulnerabilities may be submitted to [gm@ponzu.app](mailto:gm@ponzu.app). No obligation to investigate or act on any report is assumed. ## Sanctions Users are responsible for compliance with sanctions, export control, anti-money-laundering, and counter-terrorist-financing laws applicable to them. Persons subject to sanctions, and persons located in or ordinarily resident in a comprehensively sanctioned jurisdiction, may not use the protocol or the interface. The protocol is permissionless and applies no geographic restriction at the contract level. That a contract will accept a transaction is not a representation that the submitting party is permitted to submit it. ## Third-Party Services The interface links to and interoperates with wallets, blockchains, RPC providers, bridges, aggregators, explorers, price feeds, analytics tools, and social platforms operated by third parties. No responsibility is accepted for those services, their data, or any loss arising from their failure. Links do not constitute endorsement. ## Legal and Regulatory Status Nothing in these disclosures constitutes a representation that Ponzu, a Kioke Card, a Ponzu Bottle, a Liquidity Card, or any token launched through the protocol has any particular status under securities, commodities, banking, money transmission, tax, consumer protection, sanctions, or other law. Kioke Cards, Ponzu Bottles, and Liquidity Cards are not intended to constitute securities in any jurisdiction. No offering document has been filed with or approved by any securities regulator. Legal and regulatory treatment varies by jurisdiction and may change. Users and issuers are responsible for compliance with the laws applicable to them. ## Tax Acquiring, holding, transferring, staking, curating, claiming from, refunding, or disposing of any asset described in this documentation may create tax consequences. Determining and discharging those obligations is the responsibility of the user. No tax reporting and no tax advice is provided. ## Forward-Looking Statements Statements regarding future functionality, chains, integrations, protocol activity, fees, or ecosystem development reflect present intention only and are subject to change. No commitment is made that any roadmap item, feature, integration, deployment, fee amount, or other future outcome will occur, and no economic outcome is promised or forecast. ## Updates These disclosures may be revised at any time. Revisions take effect when posted. Deployed contract behavior is authoritative over any description of it in this documentation. *** The terms governing access to the interface and the protocol. Verify what you are interacting with before you interact with it.