Security & risks

The contracts can’t be changed

Clasp’s contracts are deployed once and can never be upgraded. There are no proxies and no “admin can replace the code” switch. Each coin’s vault writes its rules (lock lengths, boosts, early-unlock cost, fee split) into itself when it is created, and they stay that way forever.

The Clasp factory has an owner, and that owner can do exactly three things, all about the future: change the default rules for vaults created later, change where Clasp’s 10% goes for vaults created later, and pause the creation of new vaults. None of these reach into a vault that already exists.

Nobody can take locked coins or earnings

• Locked coins can only go back to the wallet that locked them, or be burned by that wallet’s own early unlock.
• Earned ETH can only be paid to the lock’s owner. Clasp’s 10% can only be paid to Clasp’s treasury address.
• Anyone may press “unlock” on a lock that has ended (Clasp’s keeper does this automatically, largest first), but the coins and ETH still go only to the owner.
• If a payment to your wallet fails (for example a smart-contract wallet that refuses ETH), the ETH is kept for you and you can withdraw it later from My locks. One failing wallet can never block anyone else.

The Pons admin can redirect creator fees

Clasp coins are launched on the Pons launchpad. Pons lets each coin name a creator fee recipient, and on Clasp that is the coin’s vault. But Pons’s own admin — a 2-of-3 multisig wallet — keeps the power to change any coin’s fee recipient. It works like this:

• The admin publicly proposes a new recipient. This is visible on-chain immediately.
• After a 3-day wait, anyone can carry out the change, within 3 more days.
• Clasp can’t switch this off. It is part of Pons, not Clasp.

What it would affect: only that coin’s Pons creator fees, which would stop reaching its lockers. What it can’t affect: Clasp’s 2% trading fee, the coins locked in the vault, and ETH already earned.

Clasp watches for these proposals. If one is pending for a coin, its page shows a red warning with the date it could take effect, so you have days to decide what to do.

Signing in with Google means Clasp holds your key

“Continue with Google” creates a wallet for your Google account, and Clasp keeps that wallet’s private key on its servers, encrypted, and signs transactions for you when you ask. That makes it easy to start, but it means you are trusting Clasp with that wallet:

• Anyone who takes over your Google account can use the wallet. Protect your Google account with 2-step verification.
• If Clasp’s servers were broken into, the keys of Google wallets could be stolen along with what they hold.
• If Clasp’s service is down, you can’t use a Google wallet from this site until it is back.

You can move out any time: Withdraw ETH sends ETH to any address, and Export private key gives you the key to import into a wallet app such as MetaMask or Rabby. If you connect your own wallet instead, Clasp never sees your key.

No audit yet

Clasp’s contracts are tested heavily, including against a copy of the live chain, but they have not been audited by an outside firm yet. Pons describes its own v2 contracts as unaudited too. A bug in either could lose funds. Please only lock what you can afford to lose.

Other things to keep in mind

• Memecoins are extremely risky and can go to zero. Locking protects nothing about the price.
• A coin with no trading earns its lockers nothing.
• With your own wallet, this website only prepares transactions and your wallet signs them. Always check what your wallet shows before confirming. Your locks stay reachable through any other blockchain tool even if this site is down.