# Test ($TEST) — Backable raise > Machine-readable companion to https://www.backable.biz/raises/J5Zft61ukYPF5vtS2sb4xhesBMKH3fmdVqr8XZtqv3UN > Deal terms and escrow figures come from onchain and API records. The pitch > is the founder's own frozen text — Backable is permissionless and nobody > reviewed it. Listing is not endorsement. Spark test launch to iterate on our launch flow. Will be liquidated soon. Do not buy. ## Status - state: OVERSUBSCRIBED - goal (hard cap on what the company receives): $10,000 - committed: $14,600 across 2 backers - demand: 1.5x the goal - raised (received by the company): $10,000 - claimable back by backers: $4,600 - split of raised: $8,000 treasury · $2,000 liquidity ## The deal - token price at goal (everyone pays this): $0.001 - MCAP at open (team and existing-investor tokens excluded): $12,900 - FDV (all tokens, locked included): $12,900 - total supply (fixed; minting needs a market-approved proposal): 12,900,001 - supply split: backers 10,000,000 (77.5%) · liquidity 2,900,000 (22.5%) · team 1 (0.0%) - share of supply sold to backers: 77.5% - team lock before any unlock: 18 months - unlock ladder (3-month TWAP must hold each price): 2x → $0.002 · 4x → $0.004 · 8x → $0.008 · 16x → $0.016 · 32x → $0.032 - monthly budget after funding (onchain ceiling): $1 - at close (escrow releases): $8,000 to treasury (80.0%) · $2,000 seeds liquidity - runway at that budget: ~8000.0 months ## Protections (identical for every raise) - Approved aligned parties are selected per raise. The raise page lists selected wallets at $0 until they commit, then updates their gross commitments before refunds. - Commitments sit in escrow; the team receives $0 unless the goal is met. - Goal missed → every backer can claim 100% of principal. The claim is a transaction the backer sends themselves; nothing arrives automatically, nobody can refuse it, and there is no deadline. - Oversubscribed → the goal is split pro rata by weight: time in escrow × early-fill boost × Ownership Score multiplier (none = no extra weight, log scale to a fixed cap, read from the committing wallet at close; linked wallets do not combine). Nobody is approved for more than they committed; the rest is claimable the same way. - After funding, spending above the published monthly budget requires a proposal decided by decision markets, not by the team. - Tokens are not equity and may be worth nothing. ## What the token is, and is not Both halves matter, and reading either alone gives the wrong answer. **It is not** a security, equity, loan or ownership interest. Holders have no legal title to any asset, no claim on revenue, no fiduciary duty owed to them, and no ownership of the Cayman segregated portfolio that holds the company's IP. There is no promise of return, buyback or future utility. **It is** a governance claim in a decision market. The treasury is governed by that market rather than by the team, spending above the published monthly budget has to pass it, and the segregated portfolio is contractually required to abide by certain of its determinations. The market can also stop funding the company and direct the money elsewhere. So "the DAO controls X" and "holders own nothing" are both accurate: the first is control through the mechanism, the second is legal title. **The mechanism is the top of the stack.** The constraints above are the structure's current settings, not its ceiling — the operating documents are themselves subject to the decision market, within the scope those documents define. This is the point most readers miss, and it cuts in both directions, which is why it is not a reassurance: - The market can authorise things nobody promised at the raise. - The market can also withdraw things a backer assumed. It "may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project" (fundraise terms, paragraph 5). - Governance power is not legal effect. The market deciding to do a thing does not by itself make that thing lawful or effective; anything with its own regulatory path still has to travel it. The correct reading is therefore not "the page and the terms contradict each other" but "nothing here is fixed except the escrow and the claim." Score the raise on that basis. A page describing what the mechanism could authorise is not making a promise; a page claiming holders *own* an asset outright is overstating it, and that is still worth flagging. ## Diligence signals - disclosure score (mechanical — counts what the founder chose to show, not idea quality): 2/7 — missing: six required answers, market size cites a source, a metric with a date, a founder-stated risk, a named, linked team member, founder reachable - B1 transparency filing: not filed (predates the requirement) - concentration: top wallet BXxeKPBN8BRWqGmXaRQKrkvJe4geL654vEeGrGCUmq2D holds 68.5% of committed capital across 2 backers - vetting: none — anyone can publish a raise for $15; do your own research - investors on record before this raise: none ## Founder claims (unverified — absence is itself a disclosure) - edge, in the founder's words: not provided - founder commitment (self-stated): not stated — that silence is an answer - founder-stated TAM: not provided - metrics: none provided ## Links (founder-provided — verify control yourself) - website: https://justspark.fun/ideas/test - docs: https://justspark.fun/ideas/test/terms ## Onchain - raise: J5Zft61ukYPF5vtS2sb4xhesBMKH3fmdVqr8XZtqv3UN (v0.7) - token mint: 6ysB4gbn6byAn9SRwMmkjBEFseK8cGneGBY1SZ4Cmeta - quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v - base vault: 6DM6ufXcArh9NUdyHaPmyPVr7RiHammdGzvAitnNCVbe - quote vault: ESjq6KvyGooAnLtoNk6CKMXvEnsTqqUvFyAXm2fB12XF - authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt ## Founder's pitch (verbatim, frozen at publish, unreviewed) This is a test launch by the Spark team (justspark.fun). We are using it to iterate on our launch flow on Futardio: project page, legal terms, domain verification, the raise and the DAO. There is no product, no team and no roadmap behind $TEST. The project will be liquidated soon. Do not buy $TEST and do not fund this raise. Any funds sent here are at your own risk. ## Raise terms (verbatim, as printed on the raise page) The founder publishes the terms of this raise at https://justspark.fun/ideas/test/terms ## Company decisions - https://www.backable.biz/raises/J5Zft61ukYPF5vtS2sb4xhesBMKH3fmdVqr8XZtqv3UN#decisions — recent decision markets - https://www.backable.biz/decisions/J5Zft61ukYPF5vtS2sb4xhesBMKH3fmdVqr8XZtqv3UN — company decision history - https://www.backable.biz/decisions/J5Zft61ukYPF5vtS2sb4xhesBMKH3fmdVqr8XZtqv3UN/create — create a proposal Company decision URLs accept the launch address or organization slug. Market pages accept the full proposal address or market code at /decision/. ## How the mechanism works - https://www.backable.biz/docs/how-backable-protects-you — escrow, claims, budgets in one page - https://www.backable.biz/docs/doing-your-own-research — the diligence checklist this file feeds - https://www.backable.biz/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs - https://www.backable.biz/docs/committed-vs-raised — why committed and raised differ - https://www.backable.biz/docs/metadao-2 — MetaDAO 2.0: typed proposals and the adaptable performance package