What this does not protect.

The contracts were not audited at launch. The source is in the repository. Read it before you put in money you cannot lose. A published address is not a promise that the code at that address matches what you expected. Check the explorer.

The open is not an exit

The launch pool starts with no quote in it. A sell can only take out what buyers have put in, and it stops at the opening price. When the price is back there, holders who are still in cannot sell until someone buys again. The floor does not bid under that open. The open is the full version of this.

The quote can go to zero

A token priced in another token carries that token’s risk. If the stock, or the quote in a multi pool, goes to zero, the new token’s pool against it is worth nothing in that quote, however the chart looked on the way up. ETH and USDC have their own risks. USDG is only a dollar reference for the opening price. It is not collateral.

There is no snipe protection

There is no trading delay and no extra fee on early buys. Other wallets can buy in the same block as the launch, or the next one. A buy included in the launch transaction is the only buy that is guaranteed to be first.

A rebate is not a sale

Payments stop at break-even and only if fees were collected and the wallet still qualifies. One sale, or a send to a normal wallet, ends future payments on that token. The shortfall math is published with a proof. The proof shows your amount is in that round. It does not, by itself, prove the price was right. The publisher of the round is a trust assumption, bounded by the treasury, which will not pay more than the reserved round and will not rewrite a round that is already funded.

What an admin key can do

The Labs admin can pause future launches, and can name the keeper that later treasuries copy. That pause does not touch a pool that already exists, the locked position, a funded rebate round, or the fee of a token that has launched. The fee is part of the pool key. The split is copied into the treasury at launch.

Labs cannot take the creator’s 10% or point it somewhere else. The current creator recipient is the only address that can hand that role on. Anyone may add their own liquidity later. That liquidity earns a share of the pool fee, so the locked position’s share of later fees can be smaller. There is no lock on liquidity someone else added.