Pons settlement
Fees accrue inside Pons first. They only become usable once Pons releases them to the vault.
While on the curve
Because the vault is the registered fee recipient, harvestCurve() (callable by anyone) can ask the curve to sweep its accrued fees into the Pons escrow and then pull the vault's released balance. The factory tries this once right after the opening buy; if Pons declines, it logs InitialFeeCollectionDeferred and the launch carries on. Funds count only when they reach the vault.
After graduation
Post-graduation fee conversion in the Pons hook can be reserved for the Pons fee operator, and wrapping the factory does not change that. The vault can still collect anything already in escrow via claimReleasedFees(). Proceeds that await an operator sweep are shown as pending; retrying will not bypass the restriction.
Pons keeps its authority
Pons can, after a timelock, redirect a coin's creator-fee recipient, and it can change its configuration. Link's fixed split has no power over that. Balances already in the vault are unaffected by such changes; future receipts may not be. Risks