RISK DISCLOSURE

memecoins can go to zero

Coins on onlybags are created by anyone, for free, in seconds. They have no intrinsic value, no issuer obligations and usually no utility. The vast majority never graduate from the bonding curve and lose nearly all of their value. A coin's creator or early buyers can sell at any time (a "rug").

snipers, bots and bundles

Automated traders watch new launches and can buy before you. A decaying launch fee reduces this but doesn't remove it. Creators can buy their own coin from several wallets. The rug meter is a rough heuristic based on recent data and is not a safety check. The launch fee itself is a cost to you if you trade in a coin's first seconds: today it starts at 50% and falls to the normal fee over 10 seconds, on buys and sells. The protocol owner can raise it for coins launched afterwards, after a 2-day public timelock, to as much as 50% falling over as long as 120 seconds. A coin keeps the launch fee it launched with; the coin page shows the fee that applies before you trade.

price impact, slippage and failed transactions

Prices move with every trade. Your slippage setting limits how much worse your price can get; if it's exceeded the transaction fails, and the network fee is still paid. Large trades move the price a lot.

fees

Bonding-curve trades pay 1.25% (0.30% to the creator, 0.95% to the protocol), plus a decaying anti-sniping fee in the first seconds after launch. Graduated coins trade in a Uniswap V4 pool (Arc, Robinhood Chain) or a pool on bagswap (Elysium, Robinhood Chain) with a 1% fee (30% to the creator). Network fees are paid in HYPE on Elysium and USDC on Arc and ETH on Robinhood Chain.

USDC and Arc

On Arc all prices and payments use USDC, issued by Circle. Circle can freeze USDC held by any address, including the onlybags smart contracts; if that happened, funds in the curves or pools could become stuck. Arc is operated by Circle-affiliated entities with a permissioned validator set; outages, censorship or changes to the network can affect your ability to trade. On Arc, gas is paid from your USDC balance: if you spend all of it you may not be able to pay for a sell.

ETH and Robinhood Chain

On Robinhood Chain all prices and payments use ETH. The onlybags contracts hold it as WETH (wrapped ETH, 1:1), and creator fees are paid out in WETH. Robinhood Chain is an Ethereum layer-2 network whose transactions are ordered by a single sequencer operated by Robinhood-affiliated entities; outages, censorship or changes to the network can affect your ability to trade. Gas is paid from your ETH balance: if you spend all of it you may not be able to pay for a sell.

HYPE and Elysium

On Elysium all prices and payments use HYPE. The onlybags contracts hold it as WHYPE (wrapped HYPE, 1:1), and creator fees are paid out in WHYPE. Elysium is a layer-2 network on HyperEVM operated by Kinetiq, whose transactions are ordered by a single sequencer; outages, censorship or changes to the network can affect your ability to trade. Gas is paid from your HYPE balance: if you spend all of it you may not be able to pay for a sell.

smart-contract risk

The onlybags contracts were reviewed internally, in several rounds; they have not been externally audited. They may contain bugs despite testing and review, and a bug can cost you everything you hold in them. The protocol owner (a multisig on mainnet) has these powers: at once, pause new launches and buys (selling can never be paused) and change the protocol's fee wallets; after a 2-day public timelock, change the migrator and the curve settings for coins launched afterwards (the curve trade fee up to 2%, and the anti-snipe launch fee up to 50% over up to 120 seconds), change the exchange's fee schedule for all pools, existing ones included (within hard limits: at most 1.25% per trade; the exchange and the curve are different contracts with different caps) and register a new launchpad curve with the exchange; and, if a coin's move to its pool has failed for 3 days, switch that coin to the current migrator. The owner can't take coins, pooled liquidity or anyone's fees. See the docs for the details.

bagswap (Elysium)

On Elysium graduated coins trade on bagswap, a public constant-product exchange run by the onlybags smart contracts. Anyone can swap any token there, create a pool for any pair and provide liquidity.

• Not externally audited. The exchange contracts were reviewed internally, not by an external auditor. Bugs in them could lead to the loss of everything held in its pools, including your liquidity.
• Anyone can list anything. Tokens and pools on the exchange are created by anyone, with any name. A token that looks like a known one may be worthless or malicious; tokens not listed on onlybags are marked unverified. Check addresses.
• Impermanent loss. Liquidity you provide is swapped by traders as prices move: when you withdraw you can hold less value than if you had kept the tokens, mostly in the token that fell.
• New pools. Whoever creates a pool sets its starting price; a wrong price is arbitraged away at the creator's expense. Thin pools have high price impact. Graduated coins' pools charge a market-cap-tiered fee (up to 1.25%), every other pool currently 0.25%; the owner can change the fee schedule within on-chain limits after a 2-day timelock.

graduation

When a curve completes, its liquidity moves to a Uniswap V4 pool (Arc, Robinhood Chain) or a pool on bagswap (Elysium, Robinhood Chain) on the coin's network (Elysium or Arc or Robinhood Chain) and the liquidity position is locked forever. That move happens in the same transaction as the buy that completes the curve, but it can fail: the buy still stands and the curve closes, and the coin can't be traded or transferred until someone (anyone can) retries the move successfully. After graduation the price depends on the pool and can drop sharply.

paying from another chain

Paying with a coin from another chain uses a third-party bridge (Relay). It is two steps: the bridge delivers to your own wallet, then you confirm the buy. The amount that arrives can be lower than quoted (fees, swap prices), the bridge can be delayed, fail or refund on the source chain, and the coin's price can move before you confirm the buy.

irreversibility and your wallet

Blockchain transactions can't be undone. If you lose your keys, approve a malicious contract or send funds to the wrong address, nobody can recover them. Always check you are on the real onlybags site and that your wallet shows the expected network.

legal and tax

Memecoins may be regulated or restricted where you live. You are responsible for complying with your local laws and for reporting and paying any taxes.