> For the complete documentation index, see [llms.txt](https://whitepaper.after-bell.uk/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://whitepaper.after-bell.uk/transparency/what-we-dont-have.md). # What We Don't Have States capabilities and claims that are not currently available. ### Why this disclosure exists A serious whitepaper should document not only what has been designed, but also what has not been built, proven, or established. This page is a current-state disclosure for AFTERBELL. AFTERBELL is still under development. Absence is not automatically a defect, but it is material context for evaluating the product’s architecture, economics, and risk. ### Regulatory clarity Regulatory clarity is not established. The source describes prediction markets on securities as a gray area and states that their regulatory status is unclear in most jurisdictions. AFTERBELL does not claim universal legal certainty. This page does not provide legal advice or jurisdiction-specific conclusions. The current product architecture does not eliminate the unresolved regulatory exposure. ### Proven revenue Proven revenue does not yet exist. The source’s break-even model is a projection: ``` 10 markets × $10K daily volume per market = $100K daily volume → projected net of about $2,400/day after costs ``` AFTERBELL has not demonstrated $100K daily volume. The projected net is not a promise. Revenue remains dependent on actual trading activity. ### Guaranteed organic liquidity Organic liquidity is not guaranteed. New markets start empty, and the project plans to bootstrap liquidity with a market maker bot that places bids and asks. The stated estimate is about `$500` per market per week. This is an operating-cost estimate, not a guarantee that participants will provide sustained order flow, counterparties, or execution depth. ### Completed smart-contract audit Smart contracts are not yet audited. An audit is planned before mainnet. Until then, the source describes the code as testnet-grade. The architecture may be defined, but independent security validation has not yet been completed. A planned audit must not be described as an audit that already occurred, and an audit would not itself guarantee safety. ### An AFTERBELL token AFTERBELL does not have a token. It is a product, not a token launch. Readers should not infer an official ticker, supply, tokenomics, presale, airdrop, staking program, or allocation. None is defined by the current source. ### Full trustlessness The source explicitly states: **“This is not trustless.”** The actual architecture includes off-chain CLOB matching, an off-chain Robinhood API cross-check, manual resolution for material oracle disagreement, and infrastructure dependencies. This is not framed as a defect. It is an accurate statement of the hybrid system and its trust boundaries. ### Current development status The roadmap contains future targets. They are not achieved metrics: | Phase | Future targets | | ------- | ------------------------------------ | | Phase 1 | 10 markets, $100K TVL, 1,000 traders | | Phase 2 | 100 markets, $1M TVL, 10,000 traders | | Phase 3 | 500 markets, $5M TVL, 50,000 traders | The roadmap does not establish current market count, TVL, participation, or production maturity. ### Disclosure table | Capability / claim | Current status | | ------------------------- | ----------------------- | | Core product architecture | Defined | | Public code repository | Available | | Regulatory certainty | Not established | | Proven $100K daily volume | Not demonstrated | | Organic liquidity | Not guaranteed | | Smart-contract audit | Not completed | | AFTERBELL token | Does not exist | | Production maturity | Still under development | ### Why the absence matters Each absence maps to a specific risk. No audit means smart-contract security remains unverified. No proven revenue means the economic model remains a projection. No guaranteed organic liquidity means trading activity remains a product-market risk. No regulatory certainty leaves jurisdictional exposure unresolved. No token means AFTERBELL should not be represented as a token project. These boundaries connect directly to the project’s Risks & Limitations material. They ensure that documented architecture is not mistaken for proven operation. {% hint style="warning" %} The project is documented in whitepaper **v0.1, September 2026**. Do not represent planned capabilities, roadmap targets, or a planned audit as current facts. {% endhint %} --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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