Documentation

Risks

What can go wrong with a portion, what the bond covers, and what it does not.

The bond reduces the risk of buying capacity in advance. It does not remove it. Read this page before holding portions or bonding $PRTN.

Provider risk

Partial cover. Refunds are capped by the bond. At a 20 % bond ratio, a provider that fails right after selling out covers roughly 18 % of what holders paid, after the watcher share. Coverage improves as units are burned, and a higher ratio means better cover.
Bond value. Bonds are posted in $PRTN. If $PRTN falls, the USDC value of a bond falls with it, and so do refunds.
Degradation below thresholds. A provider can serve worse than expected while staying inside its declared thresholds. That is not a default.
Over-metering. A provider decides how many units each request used, within the maxUnits you signed. Keep maxUnits tight and compare burns with your own usage.

Missed failures. If no watcher follows a series, or watchers miss a failure, nothing is slashed.
False attestations. Watchers can be wrong. The dispute window and the penalties for overturned attestations exist for this, but a provider still loses 24 hours of trading while a dispute is open.
Model checks are probabilistic. Fingerprinting a served model is evidence, not proof. Disputes over model identity can be close calls.
Third-party scores. Where governance approves external endpoint scores as default oracles, their operators become part of the trust model.

Thin pools. Nothing guarantees a buyer for your remaining units. In a thin pool, a large sale moves the price against you.
Frozen trading. Trading stops during a dispute and after expiry. You may not be able to exit when you most want to.
Time decay. A portion near expiry is worth less to a buyer who has less time to use it.

Bugs. Smart contracts can contain bugs that lead to loss of funds, even after audits. Audit reports will be published before launch.
Dependencies. PORTION relies on Base, USDC, Uniswap v4, x402 and ERC-8004 registries. A failure or change in any of them affects PORTION.
Governance. Parameters such as the bond ratio, fees and oracle lists can change through governance. Changes apply to future actions but can affect the value of what you hold.
Liquidation. Refunds require selling seized $PRTN for USDC. In a stressed market, that sale can realise less than the bond's nominal value.

It does not guarantee the quality of outputs, only the delivery commitments declared by the series.
It does not refund expired, unused units.
It does not promise any return to $PRTN holders or stakers.