13 · Reference
Risks
What can go wrong, said plainly.
Pump.fun can redirect future fees
Pump.fun has admin instructions for community takeovers (admin_cto, admin_cto_pool, admin_cto_sharing_config). They can change who receives a coin's future creator fees. SPYx already in the reserve stays with the Flisk program.
The SPYx issuer controls the token
- Backed can move tokens from any account (permanent delegate), including the reserve
- Backed can pause all transfers; redeems fail while it is paused
- Backed can freeze a single account
The index can fall
The reserve is SPYx. When the S&P 500 goes down, the dollar value of the reserve goes down with it.
The coin is still a memecoin
The floor covers a small part of what most coins trade at. The rest is the market's opinion and can disappear.
Code
The program is small on purpose, but it is new code. Audits and the source will be linked here before launch.