Stated here because someone else will state them anyway, less charitably.

• pons v2 is unaudited. Three independent reviews are in progress. Our fee stream depends entirely on contracts that have not been signed off. This is the largest risk in the protocol and it is not hedged.
• No third-party audit of these contracts has been performed. Internal review only, until one has.
• Sweep dependency. The launch-token-denominated share of post-graduation fees can only be swept by the pons operator. Distributions can be delayed by a party we do not control.
• Reflexive revenue. Distributions track trading volume on $JOBBER and enrolled launches. Volume dies, distributions die.
• Single-token concentration until enrollment lands. Until outside launches enroll, this is one token's fee stream split 1,792 ways.
• Decay is real. A badge left unactivated for five weeks earns nothing at all. That is the design, and it is surfaced with a countdown rather than buried.
• NVDA is not riskless. Seed value and distributions are denominated in a single equity token. It can fall.
• Regulatory grey. Tokenized equities inside NFT-bound wallets on an exchange-branded chain is novel territory.
• Redemption is irreversible.