LEGAL

Risk disclosure

LAST UPDATED 2026-09-14 · PART OF THE TERMS OF USE

Using the Protocol can lose you everything you put into it. These are the specific ways, not a generic list.

Code

The Protocol is software and may contain bugs. It has a test suite and a mutation gate; it has not been independently audited. An exploit could drain a pool's reserve, strand cards, or mint units that nothing backs. The program is currently upgradeable by the operator's key; until that authority is moved to a multisig or burned, the operator could change the code, including the rules described on this Site. "No instruction withdraws the reserve" is a property of the current code, not a guarantee against a future version.

The weigh-in

Weights are set by an attestor key the operator controls, from a daily comparable-sales table. If that table is wrong — a bad comp, a mismatched identity, a stale price — a card is minted at the wrong weight, which dilutes or overpays every other holder in the pool. If the key is compromised, an attacker could weigh cards in at any value up to the cap. The method and every table are public so this can be checked; checking it is on you.

Price and liquidity

Units trade on a curve inside the Protocol. Its price is a function of units bought, not of what the cards are worth; the two can diverge for a long time. Only units that were bought from the curve can be sold back to it; when the reserve is empty, a sell must wait for the next buy, and there may never be one. Shares can always be withdrawn as units, and a whole unit can always pull a card, but converting to SOL depends on buyers existing. Pulls and named takes burn units and lower the price for everyone who still holds them.

The draw

A pull's card is chosen from a Solana slot hash, which the leader of that slot could in principle influence. A pull draws uniformly among the cards a budget fits and charges exactly the drawn card's weight; it does not draw "the best card" and there is no house edge on which card is drawn — but the weights are the table's estimates, and a drawn card may be worth less than its weight to you.

The cards and their custodian

The physical cards are held by a third-party vault (Collector Crypt) and represented by its tokens. The custodian's tokens carry permanent freeze, transfer and burn delegates: the custodian can freeze, move or burn any of them at any time, including cards sitting in a pool's vault. A frozen card cannot be pulled or named until it is unfrozen. Grades, authenticity and condition are the grader's and the custodian's representations, not ours. Redeeming a physical card is subject to the custodian's own terms, fees and shipping.

Regulation and tax

The legal treatment of units, shares and tokenised collectibles is unsettled and differs by jurisdiction. Laws may change, and a regulator may take a view that restricts or ends the Protocol's availability where you are. Trades, pulls, and fee income may be taxable events. Take your own advice.

Devnet

Everything on the Site today runs on Solana devnet with fixture cards. Nothing is real, nothing has value, and any of it may be reset without notice. The mainnet pool opens with the first Collector Crypt cards, and this page will be updated when it does.

No advice

Nothing on this Site is investment, financial, legal or tax advice, and nothing here is a solicitation to buy or sell anything. Units are a claim on the cards in a pool, weighed at comps — not a promise of profit.