Receipt balances
Receipts track distribution rights. They are not a fixed dollar balance or a promise of one stock token each.
Token balances
Each market contract is also its receipt ERC-20. Receipt symbols start with p, such as pRACE. Your wallet may need the market contract address added as a custom token before it displays the balance.
A later oracle price does not rebase existing receipts. If you own one receipt, a price move from $100 to $120 does not turn it into 1.2 receipts or add $20 to the vault. New buyers receive receipts at the new purchase price.
Transfers and ownership
Ordinary ERC-20 transfers are allowed only while the market is in Funding. A transfer moves the future distribution right to the new holder. Claims and refunds use current receipt balances, not the original buyer's identity or deposit history.
Settlement or cancellation freezes ordinary transfers permanently. The claim operation can still burn the holder's balance. Do not assume you can move receipts to a different wallet after the phase changes.
Transferability does not establish a liquid resale market. The app does not provide an order book, a receipt exchange, or a holder-initiated withdrawal during Funding.
Market phases
| Phase | Purchases | Transfers | Holder action |
|---|---|---|---|
| Funding | Allowed with a valid price | Allowed | Buy or hold receipts |
| Claiming | Closed | Frozen | Claim delivered payout tokens |
| Refunding | Closed | Frozen | Claim the frozen USDG pool |
| Complete | Closed | Frozen | All outstanding receipts have been claimed |