The hook system
The core of the exchange stays minimal; behavior is extended through plugins. A plugin is a contract the pool calls at defined moments of its lifecycle through ten typed hooks — each hook has a specific signature for its specific event, and each pool opts into exactly the hooks its plugin uses via a per-pool bitmap. Hooks a pool has not opted into cost nothing. One deliberate boundary: a plugin is notified of everything but controls almost nothing. The one exception is the fee, and only for plugins explicitly granted the dynamic-fee capability.The default plugin
Every pool created on the exchange automatically receives the default plugin, which composes five modules. A pool trades immediately, with all of this active from block one.Dynamic Fees
The swap fee tracks market conditions instead of being fixed forever at creation. The module measures the standard deviation of the price over a rolling window: volatile markets pay a higher fee (compensating LPs for the harder inventory risk), calm markets pay less. The fee always stays within a governance-set floor and ceiling, and the pool’s current fee is always readable directly — a UI never needs to interrogate the plugin.Limit Orders
On-chain limit orders, filled inside the swap that crosses them. Covered in depth in Limit Orders.TWAP Oracle
Time-weighted average price observations, as in Uniswap V3 — but as a plugin rather than baked into every pool. Pools that nobody uses as a price source don’t pay for an oracle; pools that are used as one carry the full observation ring.Security Module
An emergency brake for incident response. Its defining constraint: it can pause new activity, but it never blocks the way out — liquidity providers can always withdraw. A safety switch that could trap funds would itself be a risk, so it is designed not to be able to.Farming Proxy
Feeds price movements to the farming system so reward programmes track in-range liquidity correctly — and if the farming system ever misbehaves, the proxy drops it rather than letting it interfere with the pool. Trading never breaks because rewards did.Writing new modules
The composition is not closed: a new module — compliance gating, single-token fees, MEV capture — is written against the same hook interfaces and composed the same way. Every module lives inside the swap path, which is why each carries its own containment rather than trusting its neighbors.Hook-by-hook reference for plugin developers will be published in the Developers section.