Mechanics over price promises.
This page covers access, ratio, reward, smart-contract, oracle, session, reserve, bond, governance, and verification risks. StonkPress is experimental software for volatile on-chain markets. Nothing here is financial, legal, or tax advice. Do your own work and only risk assets you can afford to lose.
Access restrictions
StonkPress excludes users in the United States, United Kingdom, Canada, and Switzerland. The SPY token's issuer limits direct creation and redemption to its authorized participants; StonkPress does not issue or redeem SPY tokens. Eligibility can change; the application and legal disclosures govern access.
Ratio and market risk
PAPER is a ratio asset targeting 1/10,000 of one SPY token. It can trade below or above that target, including for extended periods. It is not a stablecoin, not a dollar claim, and not a redemption promise.
Reward and liquidity risk
Reward sources are protocol emissions and swap fees. They are real rewards, not stock-market yield. Their existence does not imply a positive return. LP positions can experience price movement, liquidity loss, fees, and difficulty exiting. Clamping PLATE carries its own timing risk: a withdraw lockup, and a reward claim window that decays to zero if left unclaimed. Read the clamp timing rules. What a print delivers to clamped PLATE can also be smaller than the print itself whenever outstanding RECEIPT is not fully covered by the redemption reserve, and unbroken streaks of printing runs reduce the maximum print size over time through the expansion ratchet.
Smart-contract and oracle risk
Contracts, integrations, price inputs, and governance controls can contain errors or be attacked. The protocol reads a single time-weighted average price with no secondary source to check it against; that read can be stale, manipulated, or unavailable, and the press halts rather than acting on it. The circuit breaker is off at launch; once switched on, it may skip runs but cannot protect every situation. Keeping the price fed and advancing a run both depend on someone actually calling a public function on schedule. Anyone can, but nobody is obliged to, and a lapse in either delays or halts the press by design rather than failing silently.
Session and volatility risk
SPY tokens can follow market sessions while PAPER can trade 24/7. The press does not detect closures or gaps; only a stale or missing read halts runs, and the circuit breaker, once switched on, can skip a run after a move greater than 20%. A skipped run is a safety action, not a protection of value.
The first 12 six-hour bootstrap runs each print a fixed share of circulating PAPER regardless of the ratio. If the price-move breaker is switched on, it stays inactive through bootstrap plus two runs.
Reserve, bond, and governance risk
The Ink Reserve can be insufficient for buybacks. The separate redemption reserve can likewise be insufficient, and RECEIPT redemption can be delayed or constrained. Bonds have vesting and retrace risk, and settle through a third-party bonding platform rather than solely StonkPress's own contracts. Read where bonds run. Protocol parameters and operations can change through governance. There is no timelock in Phase Zero: the governance multisig owns and operates the contracts directly, so an admin change takes effect immediately, with no delay in which to react. A separate emergency guardian can pause the press, clamping, the reward pools and oPLATE exercise, and the governance multisig can pause the press and the reward pools. A pause of the press, clamping or the reward pools stays on until it is lifted, by the governance multisig at any time or by anyone after 72 hours, and the guardian can pause again, so its control is not limited to a single window. An oPLATE exercise pause ends after 72 hours and cannot restart until the governance multisig clears it.
Verification status
Phase Zero, the first and bounded phase of operation, uses AI-led verification and compensating controls, not a formal human audit. This site does not claim safety certification or bug-free code. Treat every interaction as experimental until independently verified.
The protocol's parameters are listed with their status in Published Parameters.