Pre-IPO markets and cash mode
A strategy needs a defined path when its chosen market stops accepting trades. Cash mode changes where new funds go; it cannot guarantee a loss-free exit.
Development note · The public app offers a simulated demo and public data views. Lean's real-money launch, trading and redemption services are not enabled. This article explains the implementation being built.
The demo includes examples of private-company market exposure. These examples are simulated; they do not give holders company shares or establish that the corresponding market is available for a real Lean launch.
Settlement and delisting depend on the venue's current terms for the exact market and network. Those terms must be verified before Lean activates a market. This implementation does not assume that every IPO or acquisition triggers the same settlement price or timetable.
What cash mode does
In the current contracts, the guardian can mark a token as being in cash mode. Subsequent eligible strategy funding then goes to the token's USDG buffer instead of creating another venue deposit. Unit minting still depends on the normal NAV, solvency and pause checks.
That switch does not itself close a trade, withdraw venue funds or erase existing liabilities. Those steps need their own confirmed execution and accounting. USDG still in the venue or in transit is not immediately withdrawable buffer cash. Losses, outstanding redemptions, a stale NAV or an operational pause can prevent the smooth transition shown in the demo.
What remains to be completed
The production settlement monitor and venue unwind workflow are still being implemented. Automatic retargeting to a new market is not offered by the current contracts. A token whose entire unit supply has been redeemed is currently closed; a restart path is a separate lifecycle change, not an assumption about cash mode.
The product plan includes conservative exposure limits for private-company markets, but these are not evidence of an active production risk engine. Each market's capacity, leverage policy and settlement behavior must be verified before it can be enabled.