Safety & risks
What runs on chain, what Shares controls, what it cannot do, and the risks you take when you trade.
On-chain programs#
Launches and trades run on Meteora's programs. Their addresses come from Meteora's official SDKs, not hand-typed strings. On a non-SOL pair, buys paid in SOL (and sells that pay out in SOL) also go through Jupiter's swap program in the same transaction.
- Meteora Dynamic Bonding CurveLaunch, curve trading, migrationdbcij3LWUppWqq96dh6gJWwBifmcGfLSB5D4DuSMaqN
- Meteora DAMM v2Graduated pools and locked liquiditycpamdpZCGKUy5JxQXB4dcpGPiikHawvSWAd6mEn1sGG
- Shares rewards distributorReward vaults, roots and claimsNot deployed yet
Token and liquidity guarantees#
- Fixed supply. All 1,000,000,000 tokens are created at launch inside the curve pool. The token authority is immutable: nobody, including the creator and Shares, can mint more or change its metadata.
- Fixed fees. Fee rate, fee recipient and the 0% creator fee are set in an immutable Meteora config. The server verifies that config on chain before it builds any launch.
- Locked liquidity. At graduation 100% of liquidity is permanently locked. Its fees can be claimed; the liquidity can never be withdrawn.
- Your mint key stays yours. The new token's mint key is generated in your browser and is never stored or sent anywhere.
What Shares can and cannot do#
Shares can
- Create pair configs for future launches.
- Claim the Shares-side trading fees and route them: treasury share to the treasury, holder share into reward vaults.
- Publish reward roots, never above what has been funded.
- Migrate completed curves to DAMM v2 (anyone can).
- Pause the rewards program in an emergency.
- Choose which pairs are listed and which markets the site shows.
Shares cannot
- Move tokens or SOL from your wallet. Every transaction needs your signature.
- Mint more of a launched token or edit its metadata.
- Withdraw liquidity from a graduated pool.
- Change a market’s fee or holder share after launch.
- Withdraw from a reward vault. Funds leave only through valid claims.
Operational roles use separate keys: treasury, config authority, fee claimer, migration keeper, buyback keeper and reward root authority. The servers refuse to start if the treasury and the fee claimer are the same account.
Every transaction is checked#
- Shares builds and simulates every transaction before your wallet sees it.
- Your browser then checks the fee payer, the required signers and that only allow-listed programs are called.
- Signed transactions are relayed through Shares, so RPC keys never reach the browser.
Risks#
Read before you trade
Nothing on Shares is investment advice. Only trade what you can afford to lose.
- Tokens are speculative. Prices on a bonding curve fall when people sell, many tokens never graduate, and a token can go to zero.
- Rewards are not guaranteed. They come only from trading fees, so no volume means no rewards. Yield figures annualize the last 24 hours of rewards against market cap; they are not a forecast.
- Pair asset risk. Rewards are paid in the pair asset, whose own price can move, and whose issuer may hold mint or freeze authority.
- Tokenized equities are not shares. xStocks, PreStocks and Tessera pair assets are tokens issued by third parties under their own terms. They are not shares of the company and carry no shareholder rights through Shares.
- Swap routing. On a non-SOL pair, a buy paid in SOL is swapped through Jupiter first. That route has its own price impact on top of the pool's, so check the quote before you sign.
- Custom pairs are unverified. Anyone can paste a mint. Check the address and the warnings Shares shows.
- Smart-contract risk. Meteora's programs and the Shares rewards program can contain bugs. The rewards program is new and not deployed yet.
Questions not covered here? See the FAQ.