Open questions
These are blockers, not paperwork. Each one changes what a holder would actually own.
Custody
Where the trading capital lives, who can move it, and what prevents it being withdrawn. Today it is a single externally owned address controlled by the team — not a vault, not an escrow, and with no way for anyone outside to pay into it.
The payout rule
- What counts as profit: realised only, or marks included? Before or after the gas on reverted attempts? In which quote currency?
- Over what period.
- Against which snapshot of holders.
- How often.
None of this is decided, and each choice changes the number a holder receives.
The payout mechanism
A claim contract or a distribution; who pays the gas; what happens to unclaimed amounts.
Losing periods
A negative period distributes nothing. The open question is whether it carries forward against the next period or the slate is wiped each time. This decides whether early and late holders are treated the same way.
Legal review
Paying a share of trading profit to token holders is treated as a security in many jurisdictions. This has to be looked at before launch, not after.
Proof of control
The address in the app is ours because we say so. Signing a message from it — no key revealed — would make the link checkable. Until then, treat the connection between this book and the desk as unverified.
The usual list
Total supply, allocation, vesting and locks, launch network, audit and launch date are not documented here yet.