> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pariprotocol.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Risks

> What can go wrong, and what the protocol cannot do.

## What it is

The risks of using Pari, and the limits of what the protocol can do. Nothing here is financial advice.

## When to use it

Read it before you buy, launch or stake.

## What can go wrong

> [accordion] Prices can fall to zero
>
> Pari does not set or support a token's price. Buying a token can lose all of what you paid.

> [accordion] Fast buyers pay too
>
> The opening fee applies to every buyer in the period, not only to snipers. A buy at the start of a launch costs far more than later.

> [accordion] Rewards vary
>
> They depend on trading. Rewards are not a fixed amount and not a return.

> [accordion] Fees can change for new launches
>
> The multisig can change the splits within set bounds. A token keeps the split it launched with.

> [accordion] The pool fee is set at creation
>
> A DAMM v2 pool operator can raise a pool's fee later, up to 10%.

> [accordion] Meteora's code is outside Pari
>
> DBC 0.2.x, which includes the hook code, has no public audit.

> [accordion] Some routers do not route during the curve
>
> Jupiter's main router does not route DBC pools that have a hook. Other terminals do. After migration, Jupiter routes normally.

> [accordion] Tokens in a dev-lock account can get stuck
>
> If a third party sends tokens to a creator's locked-buy account during the window, the creator cannot use them.

> [accordion] A stock's issuer has control over it
>
> A tokenized stock used as a pair is controlled by its issuer. An issuer can freeze accounts or move tokens out of them, including the account that holds payouts.

> [accordion] Smart contract risk
>
> Pari's programs are new. An external audit and a bug bounty are planned before mainnet.

## What Pari cannot do

* **Pari cannot promise returns.**
* **Pari cannot unlock the liquidity.** After migration it is locked for good, and the lock can be checked on the [Verify](https://pariprotocol.xyz/verify) page.
* **Pari's rules do not stop sells.** The caps limit buys. During the window, a transaction that uses a program on the blocklist is refused, sells included.
* **Pari cannot change the fee split of a token that has launched.**
* **Pari cannot prove who controls a wallet.** The rules limit what each wallet and each slot can buy. The funding check flags wallets that share a funding source. It does not prove common ownership.
* **Pari cannot make a token trade on every venue.** Routing is up to each terminal and router.

## Next

> [card] [Check a launch](https://docs.pariprotocol.xyz/guides/check-a-launch.md)
>
> What to look at before you buy.

> [card] [Risk notice](https://pariprotocol.xyz/legal/risk)
>
> The full legal risk statement.


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