The pool
After graduation a strategy token trades in a Uniswap v4 pool that Pons sets up and leaves open for good. Pons runs it; mystrat has no say over it. The road to the pool is described on the curve.
What the pool is
All Uniswap v4 pools live in a single contract, and five values tell them apart. One of the five is a hook: a contract of the pool creator's choice that is called on each swap. On Pons pools the hook belongs to Pons, and it is where the fee and the creator tax are taken.
| First currency | ETH |
|---|---|
| Second currency | the token itself |
| LP fee | 0, the only value Pons' launch settings allow |
| Tick spacing | 200 |
| Hook | Pons' meme hook |
What a trade costs
Nothing changes from the curve. Pons' hook charges its 1% fee, 0.7 points of which go to the vault as recorded when the token launched, plus the token's 10% creator tax, which goes to the vault whole, on buys and sells alike.
On buys, part of that charge is taken in the token. Until Pons' operator converts it, Pons lets only that operator collect the pool's fees, so after graduation the vault's rewards arrive whenever the operator runs rather than trade by trade.
The liquidity
Graduation puts the curve's 4.2 ETH and roughly 204.1 million tokens into a single position spanning the full price range, which means the pool can quote any price. That position then sits in Pons' locker permanently: nothing in Pons' published code can remove it.
Other people are free to add liquidity of their own and remove it again later. When the vault sizes a burn pass it looks only at the position Pons locked, so short-lived liquidity cannot inflate a pass beyond what the market will really bear.
Trading in the pool
In the app, the “Trade” panel routes pool trades through Uniswap's Universal Router. Buying takes a single signature. Selling takes up to three: a one-time approval for Permit2, Uniswap's approval contract; a 30-minute allowance for exactly the amount being sold; and the sale. Each trade carries a minimum based on the quote you saw.
Burn passes buy here as well, straight through the pool rather than the router, and they are charged the same fee and tax as everyone else.
What nobody can do
- Take out the position Pons locked at graduation; the locker has no function for it.
- Put an LP fee on the pool; Pons' launch settings only allow 0.
- Change a token's creator tax; Pons fixes it when the token launches.