Twelve questions.
Including the ones with answers a marketing page would leave out — whether the value of an Ingot can fall, what Flux does not hide, and what you actually own when you hold a tokenised share.
Ingots
What is an Ingot, exactly?
An ERC-20 token representing a pro-rata claim on one Crucible — the pooled liquidity position and every fee that has accrued inside it. It is not a wrapper around your specific ticks. Your capital is fungible with everyone else’s in that Crucible, which is what makes the claim transferable at all.
Does holding Ingots change what I earn?
No. Fees accrue to the Crucible, and the Crucible is what your Ingots are a claim on, so the value per Ingot rises as fees land. You earn by holding, not by claiming — there is no separate harvest step and no emissions schedule attached.
Can the value per Ingot fall?
Yes, and it is important that the design does not pretend otherwise. Ingot value tracks the Crucible, and a concentrated liquidity position can be worth less than the assets deposited into it after a large price move. Fees offset that; they do not cap it. The Assay panel separates the two so you can see which is which.
Providing liquidity
Do I have to supply both sides?
No. A single-sided deposit is accepted and swapped into the Crucible ratio at execution, with the swap routed through Flux so the sizing is not visible before it lands. The quote shown before you sign includes that swap.
Who decides when the range moves?
A published rule, not a discretionary manager. The Crucible rebalances when the pool price leaves a band set at deployment, and both the band and the cooldown between rebalances are on-chain parameters with hard bounds. The Protocol page lists them with their limits.
What happens if the rebalancer stops running?
Redemption does not depend on it. Burning Ingots pulls your share out of the Crucible directly, in the same block, with no queue and no keeper in the path. A stalled rebalancer means a stale range and worse fee capture, not trapped capital.
Private execution
What does Flux actually hide?
Order size, direction and the address behind them, between the moment you sign and the moment the trade settles. It does not hide the settled trade: once it lands it is a public transaction like any other. Anyone promising permanent on-chain invisibility is describing something else.
Is this a dark pool?
No. A dark pool hides trades from the market after the fact. Flux batches intents, nets what it can net internally, and sends the residual to public venues — so the market sees the net, not each participant’s hand. Settlement is public and verifiable.
What stops the router front-running me?
Structurally: it never holds your funds, and the intent you sign fixes a worst-case price under EIP-712. If the router returns worse than that, settlement reverts. It can fail to fill you; it cannot fill you worse than the bound you signed.
Alloy & tokenised equities
Am I buying the share itself?
No, and this is the part most worth reading twice. An Alloy position is exposure to a tokenised instrument that references the share. What you own depends entirely on the issuer of that token — their custody, their redemption terms, their jurisdiction. Anneal routes to it; Anneal does not issue it and cannot backstop it.
What happens outside market hours?
The token keeps trading; the underlying does not. That gap is real and it is the main risk of the instrument, not a detail. Spreads widen, the reference price is stale, and the issuer’s redemption window may be shut. Alloy shows the venue clock next to the quote rather than leaving you to work it out.
Which venues does Alloy route to?
Whichever tokenised-equity venues are live on the deployment chain, chosen per order on quoted size after fees. The routing table is on-chain and the simulation shown before you sign is run against the same table the settlement contract reads.
Still an open question?
The protocol page carries the parameters and their bounds; the security page carries the limits that an audit would not remove.