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Draft prepared by the PANDA team, not by a lawyer — treat this as a good-faith starting point, not final legal advice, until it's reviewed by qualified counsel in the relevant jurisdiction.
Trading and creating coins through PANDA involves real, significant financial risk. Read this before you connect a wallet.
Extreme volatility and total loss. Memecoins, including every coin created through PANDA and $PANDA itself, are highly speculative. Prices can move dramatically in minutes and can go to zero. Only ever risk money you can afford to lose completely.
No guarantee of gains. Nothing in PANDA — a chart, a ranking, a past result — promises or suggests that you will make money. Most people who trade memecoins lose.
No vetting, no endorsement. PANDA doesn't review, approve, or vouch for any coin created or traded through it. Anyone can create a coin with any name, image, or description — that alone says nothing about its legitimacy or future value.
Third-party risk indicators. The RugCheck badge on a coin is an automatic check by a third party. It can be wrong, incomplete or out of date; a good badge doesn't mean a coin is safe, and PANDA neither runs nor vouches for it.
Smart contract and program risk. Trades and coin creation execute through Pump.fun's, PumpSwap's, and (for non-Pump.fun coins) third-party DEXes' public Solana programs, plus Jupiter's routing. PANDA didn't write these programs and can't guarantee they're free of bugs or exploits.
Network and execution risk. Solana network congestion, RPC issues, or slippage can cause a transaction to fail, execute at a worse price than expected, or take longer than expected to confirm. Network fees are real and non-refundable once a transaction confirms, even if the trade itself doesn't go the way you hoped. PANDA's 1% fee is charged on every buy and sell, including trades that end at a loss.
Price impact on large orders. A buy or sell that is large relative to a coin's own liquidity moves its price as it executes — you can receive noticeably less (selling) or pay noticeably more (buying) than the price shown when you started. PANDA estimates and shows this before you confirm a large trade, but it is an estimate, not a guarantee, and market conditions can change between the estimate and execution.
Launching a coin. A launch is real and cannot be undone: the coin, and PANDA's fixed share of its creator fees, are written on-chain. Creating a coin does not create demand for it.
Not investment advice. Nothing in PANDA — including market data, stats, or any coin's presence in a "Trending" or "Top Gainers" list — is a recommendation to buy, sell, or hold anything. See also: Disclaimer.
Stop Loss / Take Profit and Draw Your Trade are custodial — a different risk than the rest of PANDA. Setting one up moves your funds into a Jupiter Trigger vault, a custodial account managed by Privy on Jupiter's service, to which PANDA has no keys and no access. For as long as an order or strategy is open you are trusting Jupiter's and Privy's infrastructure, security and availability, not just Solana's. If those services fail, are attacked, or are unavailable, your funds may be inaccessible or lost, and PANDA cannot recover them. An order may not execute at your price (slippage, thin liquidity, network congestion) or at all, and a strategy that buys can leave you holding tokens if its exit does not fill. Only deposit what you are comfortable holding in a third-party custodian, and get your own legal and tax advice — custody and crypto-asset services are regulated in many jurisdictions.
Target orders execute when the price reaches your level, but slippage and volatility mean the fill can be at a materially different price than the one you set — better or worse. A thin or highly volatile coin (low liquidity, or a large recent price swing) makes this gap larger; the app flags this when it detects it, but the underlying risk exists regardless of the flag.
Fee distribution and holder rewards are real but still evolving. A coin's on-chain "Holder" fee share (see Fee Distribution in Create) determines how much of its creator fees route toward holders; those fees are paid to PANDA's Rewards Pool wallet, which PANDA's servers control, and PANDA sends them straight on to holders automatically — so for holder rewards you are trusting PANDA's infrastructure and key management, even though funds only ever pass through briefly rather than sitting there waiting to be claimed. Payouts depend on the automated collection and payout job actually running on schedule, and only happen once a coin's Holders balance crosses 0.1 SOL — past fee activity is never a guarantee of future rewards, and a balance below that threshold can sit unpaid for a while.
The Recruiters program's percentages, tiers, the daily-volume minimum, and whether the $PANDA Founder reward runs at all can change going forward. Past earnings — as a recruiter or a Founder — are never a guarantee of future ones. The anti-abuse check (a wallet's first SOL) and the active-trader streak are both automated and can be wrong in edge cases; PANDA's manual review of suspected abuse can also reach the wrong conclusion. A Founder NFT carries no promised or guaranteed market value.
