1. Your evaluation fee is at risk in full
An evaluation fee buys an attempt. It buys nothing else. If you breach the drawdown limit or the daily loss limit, the account ends immediately and permanently, and the fee is gone. There is no reset, no second chance on the same purchase, and no pro-rata refund. Breaching one minute after opening the account costs exactly the same as breaching one day before passing.
The fee is non-refundable from the moment the challenge exists on chain, because that transaction is what creates the account. Treat the fee as spent when you sign it.
2. Simulated trading disclaimer
Evaluation and funded accounts are simulated. They are not brokerage accounts, they hold no client funds, and no order placed in them is executed on a public market. Prices come from real on-chain sources, and the impact of your order size is computed against real pool state, but no counterparty ever takes the other side of your trade and no asset is ever bought or sold on your behalf.
Simulated results have inherent limitations. In particular, and this is true of every simulated program including this one:
- your orders never affect the market they are priced from, so a size that would have moved a thin pool in reality does not move it here;
- you are never rejected by a counterparty, never queued behind other flow, and never subject to a broker's risk limits;
- results are prepared with the benefit of a rule set designed in advance, and they carry none of the financial and emotional pressure of risking your own capital on a live market;
- simulated performance is generally prepared with hindsight about which instruments and which periods were tradable at all.
No representation is being made that any account will, or is likely to, achieve profits or losses similar to those shown anywhere on this site. Passing an evaluation here is evidence that you followed a set of risk rules under real prices. It is not evidence that you would make money trading a live account, and we do not present it as such.
3. Past performance
Past performance is not indicative of future results. This applies to the leaderboards, to the hall of fame, to certificates, to any figure on the landing page and to your own history. A trader who passed an evaluation last week has demonstrated nothing about next week, and a strategy that survived one market regime routinely fails in the next.
Public leaderboards show survivors. Every account is published, including breached ones, but attention naturally lands on the accounts that are up. Read the ranking with that in mind.
4. Nothing here is financial advice
PonsPerp Labs is not a broker-dealer, an investment adviser, a bank or a custodian. Nothing on this platform, in the handbook, in the terminal, in the news feed or in any communication from us is investment, financial, tax or legal advice, a recommendation to buy or sell anything, or an offer or solicitation with respect to any security. Trending lists, dev reports, holder tables and rug checks are data displays, not endorsements. Consult a qualified professional before making financial decisions.
5. Risks specific to memecoins
The Trenches track prices native memecoins. These assets are the most hostile instruments in the product, and the simulation reproduces that hostility faithfully rather than smoothing it.
- Rug pulls and abandonment. A deployer can remove liquidity, dump a supply concentration, or simply stop caring. Most launches go to zero. The dev holdings and creator history shown in the terminal are there to help you judge that risk, not to certify anything.
- Liquidity. Thin pools mean the real impact of your size can be severe. It is computed exactly, so a size that eats the curve gets a fill price that reflects it, or gets refused outright at the guard rail. A position you can open is not necessarily a position you can close at a comparable price.
- Volatility. Drawdowns of most of the value within a single block are ordinary here, and both the trailing drawdown and the daily loss check run continuously against open positions. You can breach while asleep.
- Round-trip cost. Curve trading pays a protocol fee on the way in and on the way out, on top of price impact. A flat market is a losing market on this track.
- Metadata is unverified. Names, symbols and images come from whoever deployed the token. Two tokens can share a name. Check the address.
7. Technical risk
- RPC dependency. Every price, mark and fill depends on public RPC endpoints we do not control. Rate limits, outages and degraded nodes can delay a mark, delay a fill, or stall the order queue.
- Chain reorganizations. A block can be reorganized after we have priced against it. We anchor to the state we read; if the chain later disagrees, a receipt can fail to reproduce.
- Archive window for meme receipts. Verifying a memecoin receipt re-reads pool state at a specific block. Public endpoints serve roughly the last five million blocks, on the order of six days. Beyond that window you need an archive node to verify. If independent verification matters to you, verify promptly, or keep an archive endpoint. Equity receipts do not have this problem: oracle rounds are immutable and remain readable indefinitely.
- Availability. The platform can be unavailable for maintenance, deployment or failure. Server-side triggers continue to run when the interface is down, but nothing is guaranteed to be online at any given moment.
- Defects. Software has bugs. A pricing, marking or accounting defect can affect an account, and correcting one may mean adjusting or voiding the affected results.
8. On-chain risk
- Testnet contracts. The escrow, certificate and proof registry contracts currently deployed are testnet deployments. They may be redeployed, migrated or reset, and test tokens have no monetary value.
- Smart contract risk. Contracts can contain vulnerabilities. Audits reduce risk; they do not remove it.
- Transactions are irreversible. A signed transaction cannot be undone by us or by anyone. A payout sent to an address you registered is final, including if the address was wrong.
- Key loss. Your wallet is your identity. We hold no keys and can recover nothing. Losing your key means losing the account, its certificate and any future payout to it.
- Signature phishing. We ask you to sign exactly two kinds of thing: a plain-text session message that moves nothing, and the purchase transactions shown at checkout. Anything else asking for a signature in our name is not us.
9. Restricted jurisdictions
Residents of jurisdictions subject to comprehensive sanctions may not use this service at all: Cuba, Iran, North Korea (DPRK), Syria, and the Crimea, Donetsk, Luhansk regions of Ukraine.
These lists come from the same module the platform enforces — see section 3 of the Terms for the lists, the three enforcement layers and the consequences of circumventing them. Your wallet signs a jurisdiction attestation before it can write anything.
IP geolocation is not a statement about where you live, and it is wrong often enough to say so. It is your responsibility to know whether using this service is lawful where you are; we do not advise on that, and a country code we guessed correctly is not permission.
10. The branding is provisional
PonsPerp, the wordmark, the mark and ponsperp.xyz are placeholders pending final naming and incorporation. They will change. Any resemblance to an existing company or product is unintended, and no affiliation with any exchange, oracle network, token issuer or brokerage named anywhere in this product is claimed or implied. Instrument names and tickers are the property of their respective owners and are used to identify the underlying price only.