Circuit

A circuit needs a return path. Current that leaves and never comes back is not a circuit, it is a leak. Which is the plainest way to say why the 4% splits instead of simply collecting. Half turns around and goes back to holders in SOL. The other half goes back into the track as another 2 SOL pair. Both halves return. Neither one stops somewhere and stays there, and that loop is the only thing the word flywheel was ever pointing at. Not a security. NFA.

An assumption worth killing: the 4% does not burn anything. Neither half destroys a token. The holder half converts and leaves as SOL, the treasury half funds 2 SOL pairs. Supply is not shrinking with every transfer, and this has never been a deflationary design. The burn people have heard about is the main Circuit/SOL LP, liquidity that can never be pulled. Different thing, same word, and worth keeping apart. circuitonsol.xyz/docs Not a security. NFA.

DeFi has spent years arguing about whether to turn a fee switch on. Worth being plain that we do not have one. In most designs the fee already exists and sharing it is a governance question: a proposal, a vote, a majority, and a switch somebody can flip back next quarter. The 4% here splits two and two, published, with no ballot attached. The cost of that is real and we are not going to skip it. A protocol that cannot vote also cannot adapt. Not a security. NFA. DYOR.

Go looking for the agreement you made with us. There is not one. No terms accepted, no account created, no signature, no box ticked, nothing anywhere saying we owe you a thing. Which cuts in both directions at once: nobody can change the terms on you, and there are no terms to enforce if you ever wanted to. So the only thing about us capable of being true or false is a mechanic, and a mechanic is checkable. Go and check that instead. Not a security. NFA.

Practical one, and there is no correct answer. When a distribution looks smaller than you expected, what do you check first? [Poll] - Your own balance - The pairs on Dexscreener - The docs - You do not check Asking because where people look first tells us which page is missing. No verdict coming back from us afterwards. Not a security. Dividends are not guaranteed. NFA. DYOR.

Buying today does not buy a share of anything that happened before today. Nothing accrues here. Fees taken last month were split last month and the holder half left immediately. There is no accumulated pot behind the token, no book value, no balance you are buying into, and nothing that has been quietly building while you read about it. A claim starts at the next split. That is the whole of it, and it is the least glamorous thing on the fact sheet. Dividends are not guaranteed. NFA.

Every verification route we have published starts from our side of the pair. Here is one that starts somewhere else entirely. Open the target token of a Circuit micro-LP on Dexscreener or Birdeye and read its own list of markets. Our pool is sitting in there, listed by a tool with no idea who we are, next to venues we have nothing to do with. Same pool, no framing from us anywhere near it. That is a better look at it than ours. Not a security. NFA.

Every threshold in this space is denominated in one of two things, and each one breaks in a different direction. Price the line in value and it moves under people while they sleep: nobody transacted, and somebody is in or out anyway. Price it in units and the line holds perfectly still while the cost of clearing it floats around. There is no neutral option in that pair. Ours is a unit count, which is a choice with a cost rather than the obviously correct answer. Not a security. NFA. DYOR.

The threshold is a token count, and that carries a consequence nobody mentions. 100,000 $CIRCUIT is 100,000 $CIRCUIT on every day of the year. What it costs to reach that number is a market question, and the market is not ours. The line does not move. The height of it does. Which means one published number quietly selects a different room of people at different times, without anybody editing anything. Dividends are not guaranteed. NFA.

So here is the precise version. There is exactly one documented route from this mechanic to a holder, and it is the 2%. Someone transfers $CIRCUIT, 4% comes off, half of that goes out as SOL across balances of 100,000+. The other half funds 2 SOL pairs. No withdrawal, no redemption, no second path, and no page anywhere describing one. Holding is a claim on the next split. It has never been a claim on the treasury. circuitonsol.xyz/docs Not a security. NFA.

One word keeps turning up in drafts here and keeps getting cut: your. Your pools. Your treasury. Your share of the machine. Every one of those reads as though a holder could reach into something and pull something out, and not one of them is true. The editing rule is blunt now: no possessive for anything nobody can withdraw. A small piece of house style, and the one most likely to have quietly misled somebody if we had left it alone. Not a security. NFA.