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

# Can you trade pre-IPO Slices without long lockups?

> How WLTH marketplace liquidity works: peer-to-peer Slice trading, fund lockups, and honest comparison to traditional private equity hold periods.

<Info>
  **Quick answer:** WLTH does **not** offer guaranteed instant liquidity. Slices are equity-backed pre-IPO positions you **may** list on the WLTH marketplace when fund rules allow, but exits depend on **buyers, lockups, jurisdiction, and demand**. This is conditional secondary liquidity, not free trading like a public stock exchange.
</Info>

Web3 and tokenized pre-IPO platforms can offer **shorter effective hold periods** than traditional venture funds with 7 to 10 year lockups. But "trade slices freely" overstates the reality.

On WLTH, trading means a **peer-to-peer sale** on the in-app marketplace. WLTH provides infrastructure and smart-contract flows. It does not act as a guaranteed buyer or market maker.

## How trading Slices works on WLTH

A **Slice** is an on-chain NFT representing equity-backed economic exposure to a specific pre-IPO offering. It is not a publicly listed stock.

1. **Subscribe** to a fund offering and receive a Slice when the transaction confirms.
2. **Check lockup rules** in the fund documents. Some offerings block transfers for a defined period.
3. **List on the marketplace** (if eligible) at your chosen price in USDC.
4. **A peer buyer** must accept your price and pass eligibility checks.
5. **Settlement** occurs on-chain on Base: Slice transfers and payment per listing terms.

[Step-by-step: buying and selling Slices](/investment/slices/buying-and-selling-slices)

## WLTH vs traditional lockups

| Aspect              | Traditional private funds                          | WLTH                                                            |
| ------------------- | -------------------------------------------------- | --------------------------------------------------------------- |
| Typical hold period | Years until IPO, M\&A, or redemption window        | Fund terms + optional earlier exit if marketplace sale succeeds |
| Who you sell to     | Fund manager, issuer, or accredited secondary desk | Another marketplace participant (peer)                          |
| Price discovery     | NAV updates or negotiated secondary                | Seller-listed ask; buyer willingness to pay                     |
| Liquidity promise   | Generally disclosed as illiquid                    | **Conditional** secondary liquidity, not guaranteed             |
| Settlement          | Fund admin / transfer agent                        | On-chain NFT transfer + USDC                                    |

## What can block a sale

* Fund-level **lockup** schedules on primary subscription
* **Jurisdiction and KYC** eligibility gates
* Marketplace listing requirements for that Slice
* **Low buyer demand** (no counterparty)
* Corporate events (IPO, wind-down, transfer restrictions)
* Wallet and smart-contract security risks

## Settlement mechanics

| Term                          | Detail                                                                                |
| ----------------------------- | ------------------------------------------------------------------------------------- |
| On-chain transfer             | Slice NFT moves between wallets on Base when a sale completes                         |
| Not stock exchange settlement | You transfer tokenized fund exposure, not DTCC-settled public shares                  |
| Timing                        | Finality follows blockchain confirmation; failed transactions do not complete a sale  |
| Fees and spread               | Network fees, platform fees, and bid-ask spread may apply; no mandated best execution |

## Who is involved in a trade

| Role           | Description                                                        |
| -------------- | ------------------------------------------------------------------ |
| Seller         | Current Slice holder listing for liquidity                         |
| Buyer          | Another WLTH user purchasing the listed Slice                      |
| WLTH           | Marketplace operator, not a guaranteed buyer                       |
| Fund structure | Underlying terms govern economic rights and any fund-level lockups |

## Risks and limitations

* You may **lose all or part** of your investment.
* **Liquidity risk:** no buyer for months, years, or ever.
* **Concentration risk** in single-company Slices.
* **Regulatory risk** as tokenized private offering rules evolve.
* **Valuation risk:** marketplace prices can diverge from last reported valuations.

This page is educational, not an offer or investment advice.

## Related guides

* [How WLTH Slices work](/investment/guides/how-wlth-slices-work)
* [What is pre-IPO investing?](/investment/guides/what-is-pre-ipo-investing)
* [Buying and selling Slices](/investment/slices/buying-and-selling-slices)

## FAQ

<AccordionGroup>
  <Accordion title="Is there really no lockup on WLTH?">
    There can be lockups. Individual fund offerings may impose periods where secondary transfers are disabled. Even after lockup ends, you still need a willing buyer.
  </Accordion>

  <Accordion title="Can I trade WLTH Slices anytime?">
    No. You can only trade when fund terms permit, when you are eligible, when the marketplace supports that Slice, and when another user buys.
  </Accordion>

  <Accordion title="Does WLTH buy my Slice if nobody else will?">
    No. WLTH operates marketplace infrastructure but does not commit to repurchase your Slice at any price.
  </Accordion>

  <Accordion title="How is this different from selling stock on Nasdaq?">
    Public stocks have continuous exchange liquidity and market makers. WLTH Slices are private-market, tokenized exposure with episodic peer matching.
  </Accordion>

  <Accordion title="What affects Slice liquidity?">
    Fund lockups, listing rules, buyer demand, asset popularity, your jurisdiction, corporate events, and network conditions at time of sale.
  </Accordion>

  <Accordion title="What if nobody buys my listing?">
    You remain the holder until a buyer appears, a corporate event occurs, or the fund winds down per offering documents. You may adjust price or delist.
  </Accordion>
</AccordionGroup>

<Note>
  [Browse the WLTH marketplace](https://app.wlth.xyz/marketplace) or review [Terms and Conditions](/disclaimer/terms-and-conditions).
</Note>