> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cashmere.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Terms

> What Goat Street rewards are, what they are not, and what you are agreeing to by using this interface.

These terms apply to the Goat Street interface and to the on-chain programme behind it. Two of the
statements below are also recorded on chain: every election commits a hash of the disclosure, and an
election that includes a restricted asset commits a hash of the eligibility statement as well. Both texts
are readable straight from the contract, and the interface shows you each one before you sign.

## What the rewards are

Distributions on Goat Street are **promotional rewards under a marketing programme**, paid to
broker NFTs that have been registered in the protocol. They are a reward for taking part.

They are **not dividends and not investment income**. Holding a broker NFT, or any token
distributed by this programme, gives you:

* no equity and no ownership stake in anything,
* no shareholder rights of any kind,
* no claim on revenue, profit, or the treasury.

What a registered NFT is entitled to is defined entirely by the reward pool and by weight — that is
the whole of it, and it is described in full under [Rewards](/goat-street/rewards). Nothing else
about this project creates an entitlement, including the treasury's own activity.

<Callout type="warning">
  If you are reading a claim anywhere that these rewards are a yield, a return, a dividend, or a
  share of anyone's earnings, that claim is wrong and it is not ours. The text you commit on chain
  when you elect says so explicitly.
</Callout>

## Where you may not use this

**Swapping into tokenized stock is restricted in the United States.** Do not use those features if
you are located in, or a resident of, the United States.

More generally: by using this protocol you confirm that using this kind of financial product is
lawful where you are, and that you are permitted to receive what it distributes. That confirmation
is not decorative — it is the eligibility statement whose hash your election records on chain.

## What this site is

This site is **a user interface and nothing more**. It holds no funds, takes no custody, and has no
privileged position in anything it displays.

The contracts it talks to live entirely on chain and are permissionless. Registration, election,
ringing the bell, and delivery can all be started by anyone, directly, without this interface and
without our involvement. If this site disappeared tomorrow, every function it exposes would still
be callable and every reward already credited would still be claimable. That is a property of the
contracts, not a promise from us.

The consequence is worth stating plainly, and so is its limit. No routine path lets us stop a
distribution, redirect one, or decide who receives it: `distribute` and `deliver` are open to
anyone and the ledger is per-NFT. The exception is `emergencyWithdraw` — an owner-only hatch that
is unbounded on purpose, exists because value can otherwise become permanently stuck, and can only
move an asset, amount and destination announced on-chain 24 hours in advance. Those powers sit with
a single key today, not a multisig.

## What this is not

Nothing on this site or in this documentation is financial, investment, legal, or tax advice.
Nothing here is an offer or a solicitation to buy or sell any security.

Descriptions of how the contracts behave are engineering documentation. Where we describe something
the treasury *intends* to do — deploying its half of revenue as liquidity, for instance — it is
labelled as an intention rather than a mechanism, because no contract compels it and you have no
claim on it.

You are responsible for complying with the laws and regulations that apply to you. If you are not
sure whether that includes this, take advice before you register.

## Things that cost money to learn late

Not legal terms, but the three behaviours holders most often discover the hard way. Each is enforced
by the contracts, not by policy.

<CardGroup cols={3}>
  <Card title="Rewards live in the NFT's wallet" icon="wallet">
    Delivery pays each NFT's own token-bound account, not the wallet you connect with. Sell or move
    the goat and everything inside that account goes with it.
  </Card>

  <Card title="A transfer clears the position" icon="arrow-right-arrow-left">
    Moving an NFT — including to your own hardware wallet — ends its registration, its election and
    its tenure. The next holder pays the entry price current at that moment.
  </Card>

  <Card title="Delivery waits four hours" icon="clock">
    Credit cannot leave a position until four hours after its weight last rose without being
    earned. Levelling up is exempt.
  </Card>
</CardGroup>
