Placeholder copy for a design mock. Vesica is not a real protocol, none of this has been near a lawyer, and none of it is legal advice. It is here to show what belongs on the page — anything shipping for real needs its own drafting and its own review.
You can lose money
Start here, because everything below is a variation on it. A vault share is a claim on a liquidity position, not a deposit. There is no guaranteed return, no floor under the value and nobody standing behind it.
Do not put in more than you can lose entirely.
Shares are not principal-protected
Deposit USDG and half of it is swapped into the Stock Token, so from that moment you are exposed to the stock. If it falls, your share falls with it. The fees soften the fall; they do not cancel it.
The liquidity provider’s trade-off
A concentrated position is sold into a rising market and bought into a falling one. When the price moves and comes back, the fees are pure gain. When it moves and stays, you end up holding more of the side that fell — the loss LPs call impermanent, which stops being impermanent the moment you redeem.
A tighter band earns more fees and takes this harder. Vesica runs tight bands.
Fee APR describes yesterday
Every APR on the site is the last 24 hours of trading in that pool, annualised. It is an observation, not a forecast and not a promise. A quiet day drops it as fast as a busy one lifts it, and a vault out of range earns nothing at all.
Oracle and sequencer risk
Re-centring depends on the Chainlink price feed and the chain’s sequencer feed being fresh. A stale, delayed or wrong feed means the position is re-centred badly or not at all, and a vault stuck out of range earns nothing while the market walks away from it.
Waiting rather than guessing is the safer failure, but it is still a cost.
Smart contract risk
Bugs, economic exploits, failures in a dependency and compromised upgrade keys are all real and all have precedent. Verification on a block explorer proves the code is what was reviewed. It does not prove the code is right.
Liquidity and redemption
Redeeming pulls your slice out of the pool at the price the pool is at, which in a thin or fast market can be materially worse than the price on the screen. Large redemptions move the pool themselves.
The Stock Token itself
Each pool depends on a tokenized stock issued by somebody. That issuer has its own custody, its own solvency, its own redemption rules and its own regulator.
Corporate actions — splits, dividends, delistings, halts — do not always map cleanly onto a token, and the underlying market keeps opening hours while the pool does not. The gap between a closed market and a live pool is where the sharpest moves happen.
USDG
The whole system is denominated in a stablecoin. If USDG loses its peg, every figure on the site is wrong at once — deposits, positions, caps and redemptions alike.
Caps, pauses and the keeper
Deposits close at the cap. Vaults can be paused. Rebalances are executed by a keeper, and a keeper that is offline, censored or priced out of the block leaves the position exactly where it is.
Regulation
Tokenized equity sits in a moving regulatory area. Rules can change with little notice, and a change can make a vault unusable, illiquid or unlawful to hold where you live. That risk is yours and cannot be hedged inside the protocol.
A real deployment would put a contact address here. Vaults.