10 Trust
Who controls what
The creator's choices, the platform's powers, and what nobody can touch.
#Two modes
Today (before vaults). A coin launched through Perpy is a normal Pons coin. Its creator fees go to the creator's wallet, and the creator controls them like any Pons creator. The desk settings chosen at launch are saved, but nothing trades yet.
Vault mode (when vaults go live). The creator moves the coin onto its vault with one transaction, and from then on the rules below apply. Moving is a choice: until the creator does it, nothing changes.
#What the creator chooses, once, in vault mode
The creator picks the market, the side, the leverage, the preset and whether the buyback is burned or pooled. These are written into the coin's vault and cannot be changed afterwards. The routing of the coin's Pons creator fees to the vault is permanent from the moment of the move.
#What the creator cannot do in vault mode
- Withdraw from the vault. There is no function that sends the vault's money to the creator, other than the 15% of real wins paid by the rules.
- Change the preset, the market or the leverage.
- Redirect the fees. The fee recipient on Pons is the vault.
#What the platform can do
- Run the claimer, the trader and the payout keeper, which act on each vault by its own rules.
- Pause the launch of new coins.
- Change its own cut for coins launched after the change. A coin keeps the cut it launched with.
#What the platform cannot do
- Move a vault's funds to itself, other than the 20% cut of each claim.
- Take a share of trading profit.
- Read or move another coin's money: one vault per coin, nothing pooled.
#What anyone can do
Anyone can trigger a claim, since the money can only land in the vault. Anyone can read a coin's vault, its perp account, its positions and its payouts from the chain and from the coin page.
#Trust you do need
Lighter holds the margin while a position is open, so a coin's money is exposed to that venue's risk for as long as a position exists. The keeper decides when and how big the orders are, inside limits the vault enforces. See The vault and the venue and Risks.