Risks and Disclosures 💀

The buzz

This is the page the lawyers would write if we had lawyers. We don't, so we wrote it ourselves, and we wrote down the BAD NEWS too. A fly that only tells you about the honey is a fly you shouldn't trust. Read this page before you ape. Read it again after. Nothing below is softened, and if any sentence here disagrees with a tweet, the sentence wins.

The boring part

It is a meme coin

$FLY has no product, no revenue outside the pool's own fees, no roadmap that changes that, and no promise about price. Its value is whatever the next person pays for it. You can lose EVERYTHING you put in. Not "some". Everything. Nothing on this site or in these docs is investment advice — NFA is not a vibe here, it is the fact.

The seed is time-locked, and the first lock is short

The 99% of supply and the ~5,000 USDG that open the pool are minted as an ordinary Uniswap position NFT. The hook locks its own bids and nothing else; it has no power over that position. So at launch the NFT is moved into FlySeedLocker, a contract that holds exactly one position and will not give it back before its unlockAt. The first term is 15 days from launch. That is a SHORT promise, on purpose: the owner can push unlockAt later at any time (extendLock) and can never pull it earlier, and every extension is an on-chain event, so the live value on the contract is the promise, not this sentence. What the owner keeps meanwhile is the position's LP fees (collectFees), which does not touch the liquidity. When the lock expires and is not extended, the seed is removable again, exactly like any other LP's position. Translation for the back row: after day 15 the owner CAN pull the seed unless they extend. Read the contract's unlockAt() before you read anyone's tweet about it — including ours.

0.40% of every trade goes to one wallet

At the launch settings the protocol fee is 0.80% and half of it is paid, per swap, to the creator's wallet. That is disclosed here in those words because it is the honest description: the dev gets paid on your volume, every trade, in dollars. The controller can change the split (0–100%) and every change is an on-chain event.

The floor is slow

Locked liquidity grows at 0.40% of USDG volume: a MILLION dollars of trading builds four thousand dollars of floor. "Every trade adds to the floor" is true from the first trade. "The floor protects you" is not true until the floor is large, and it may never be. Do not buy this because of the floor. The floor is a bet the machine makes, not one you should.

The pending pot is a stablecoin balance

Until it is compounded, the pot is USDG held by the hook. USDG is issued by Paxos and its contract on Robinhood Chain is upgradeable, pausable, and can freeze addresses (verified on chain, 2026-09-11). If the hook or the creator address were frozen, every swap would revert inside the fee path until the controller switched the fee off; the pot would be STUCK. The locked bands are inside Uniswap's PoolManager and are not affected. "Locked forever" is a claim about the bands. The pot is a stablecoin, and stablecoins have an off switch that is not ours.

Volume may be ours

The creator intends to run trading bots for volume during the early period, with their fees refunded off chain. Read that as: some of the volume you see may be the issuer trading with itself, and every dollar of it pays 0.40% into the floor and 0.40% to the creator's own wallet (net of refund). Wash trading by any other name; we are telling you it may be there. Whether and how this is disclosed on the dashboard is an open decision; it is disclosed here.

The compound can be gamed at the margin

An earlier version could be sandwiched for the WHOLE pot in one transaction. Yes, ours. We found it before you did. The fix limits each compound to one 2,000 USDG tranche per 30 minutes and prices the bid against a time-weighted average, which removes the instant version entirely. A patient attacker who holds a large pump in the open for a full window can still capture part of one tranche. The security review states the measured numbers (docs/security-review-living-pool.md).

NOT YET AUDITED by anyone independent

There is an internal security review with a threat model, a privilege table and 127 tests including stateful invariants. There is NO independent audit yet; it is scheduled after the testnet rehearsal and before mainnet. Until then, the review is what one careful reader found, and you are trusting it. "We audited ourselves" is exactly as reassuring as it sounds.

The hook's source is not published

The token is verified on the explorer. The hook is deliberately NOT: its source stays with the owner, and an unpublished source is a trust assumption whatever else is true. What is still checkable without it — the bytecode is on chain; the roles, caps and gates on the Roles and Limits page are public views; the fee, the pot, the locked total and the weather on the dashboard are read from the contract, not from a database; the protocol fee on every trade is an event with the amounts in it. What is NOT checkable: that the fee curve does exactly what The Weather says between the caps. The audit report, when published, is the substitute for reading it. Until then that part is "trust me bro", and we are saying so out loud.

Shadow pools

Anyone can create a FLY/USDG or FLY/ETH pool without the hook. The protocol fee applies only where the liquidity is. With 99% of supply in the Living Pool, that is where the depth is — but this is enforced by DEPTH, not by law. A fake pool with a fake price is one click away for anyone; check the pool address before you trade in one.

Keys

At launch the creator, controller, pool-creator and seed-locker-owner roles are one hardware wallet. One wallet. Four hats. Three of the four can be transferred (two-step) and are meant to move to a multisig; the pool-creator key is used at launch only. A lost or compromised creator key before that transfer would redirect the creator's fee share, not the pool or the floor.

The chain

Robinhood Chain is a new network with a single sequencer. If it halts, everything on it halts, $FLY included. The fee-switch and the transfers exist so the protocol can be operated through problems; they cannot operate around a stopped chain. The Fly survives most things. Not a stopped chain. 🪰