#Risks

Read these before trading.

#The token

• Conversion. SPACEX converts 1:1 into SPCXx through PreStocks as SpaceX's lockup unlocks. A token not swapped before 2027-03-12 23:59 UTC expires worthless. There is no public tranche schedule.
• Issuer controls. The SPACEX mint has a permanent delegate, a freeze authority and a pause switch held by its issuer. Thaw's vault is subject to them like any other holder.
• Transfer fee. SPACEX charges a Token-2022 transfer fee on deposits and withdrawals.
• Scaled UI multiplier. The mint's multiplier can change on a schedule. Thaw reads it at every batch open and clear; wallets that ignore it show the wrong number of tokens.

#The auction

• Missed reveal. An unrevealed commit forfeits its bond.
• Revealed but unfilled. Your order becomes public at reveal even if it does not fill.
• Cancelled batches. Without a valid Pyth price before the clear deadline the batch is cancelled; revealed orders unlock unfilled.
• Price moves. You trade at P_SPCXx × (1 − d*) with the price read at the clear, not at commit. Your discount holds; the dollar price moves with SPCXx.
• Self-trades. The thaw rate is the last clear, and a single account can trade with itself in a quiet batch. Weigh clears by matched size.

#The oracle

Pyth Crypto.SPCXX/USD prices SPCXx, a tokenized share that trades around the clock, including while Nasdaq is closed. Off-hours prices come from thinner trading than the stock itself, and SPCXx carries its own issuer's terms, so its price can differ from SPCX. When the price is stale or its confidence interval is wide, the market does not trade.

#Software

Thaw is a Solana program, an SDK, a web app and a worker. Any of them can have bugs. The program never loops over orders and keeps both vaults solvent after rounding, but no code is free of risk. Only deposit what you can afford to lose.

This site does not give investment advice.