Risks

Supply (vesting and unlocks):

Unlock windows. From month 12 investor and advisor allocations begin to unlock; from month 24, team tokens. The 24–36 month period is expected to see the largest inflow of tokens into circulation.
DAO Treasury. After 24 months, the staked Treasury may partially unlock by DAO decision — creating risk of oversupply.
Documentation inconsistencies. For the Team pool, vesting terms differ across the whitepaper. In the table: “24-month cliff + 24-month linear,” in the text: “24-month cliff + 3-year linear.” This complicates circulation forecasting.

Cash flows:

Buyback/burn not fixed. Fees are converted into STON, but the shares for burn/incentives are determined by DAO, and parameters may change.
Referral payouts. In DEX v2, up to 1% of fees go to referrers, reducing the share directed to buyback/burn and the protocol budget.
Dependence on volume. LP and protocol income is based on trading fees; a drop in volume immediately reduces STON buybacks and burn rates.

Staking:

GEMSTON. Issuance depends on staking terms; its value and “sinks” are set by DAO. Without clear utility, dilution risk exists.
ARKENSTON (votes). With low participation, influence may shift disproportionately toward large, recent stakes.

Liquidity and market:

Impermanent loss and LP outflows. Volatility and the end of farming campaigns may reduce LP profitability, lower TVL, and increase slippage.
Reliance on TON. Failures in the base network/routing would directly hit trading volumes and fee flows.

Technology and governance:

Contracts. Bugs in the fee converter/distributor, staking, or pools present risks to fee flows, burning, and circulation.
Governance. Low DAO activity or weak processes (no timelocks/quorums) increase the chance of decisions that amplify supply pressure.

Key focus areas:

Transparent rules, limits, and monitoring of these parameters are the foundation for controlled circulation and sustainable demand for STON.

Last updated 6 months ago