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One pool per pair, per type

A pool is identified by its two tokens and its pool type — nothing else. There are no fee tiers: for each pair and type there is exactly one canonical pool, so liquidity never fragments across parallel fee variants of the same market. Tick spacing comes from a governance-set default per pool type; the fee comes from the listing — the per-type default for a public listing, or terms governance has registered — and both can be calibrated per pool afterwards.

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Pool types

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Concentrated Liquidity (CL)

Uniswap V3-style pools: each position concentrates capital inside a chosen price range.
  • Higher capital efficiency — the same capital earns more fees while the price trades inside your range
  • Active management — positions out of range stop earning until re-ranged
  • Custom ranges — every position picks its own bounds

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Constant Product (CP)

The classic full-range x·y=k curve. Under the hood a CP pool is the same contract as CL with every position pinned to the full range — you get the simplicity of always-in-range liquidity with the same interface, events, and plugin support.
  • Always in range — no re-positioning, ever
  • Simple LPing — deposit both assets, hold a share of the pool
  • Launchpad graduations — completed bonding curves graduate into CP pools

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STABLE

A separate pool contract carrying an amplified StableSwap curve, designed for pairs that trade near parity (stablecoin pairs, wrapped/native pairs):
  • Amplified pricing — near the peg, slippage is a small fraction of what constant product would charge for the same trade
  • Tickless — every position spans the whole curve; a swap resolves in one step
  • Decimal-normalized — tokens with different decimals (e.g. USDC/DAI) are normalized internally so the amplified region sits exactly at par

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Who can list pools

Pools are listed through listers — small contracts that hold the exchange’s pool-creation role and apply a listing policy. A listing creates the pool and sets its opening price in the same transaction.
  • Concentrated (CL) — open to anyone. The public lister lists any pair as a concentrated pool at the opening price its caller supplies. It asks nothing of its caller, and it never reprices a pool that already has a price — so it cannot be used to move an existing market.
  • Constant product (CP) — opened by launchpad graduations. Not offered publicly: a CP pool is a concentrated pool pinned to full range, so offering both would only split one pair’s liquidity across two venues. The launchpad opens the CP pool for each graduating launch.
  • STABLE — on registered terms. The amplified curve assumes its pair trades near parity; listed against an unpegged pair it would quote both tokens at par and hand the difference to arbitrageurs at LPs’ expense. Whether a pair is pegged is a judgement, not something a contract can check, so stable pools are listed only on terms governance has registered.
The policy lives in the listers, not in the exchange core: governance admits a lister by granting it the role, and can close a door by revoking it.

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Providing liquidity in practice

  • CL demands attention — a position outside its range holds a single asset and earns nothing until the price returns or you re-range. Tighter ranges earn more per unit of capital and go out of range sooner.
  • Impermanent loss is real on every curve — providing liquidity underperforms holding when the price moves significantly, and concentrated ranges amplify both fee income and this effect.
  • Passive routes exist — Liquidity Vaults manage CL ranges for you, and pools with active farming programmes pay rewards on top of trading fees.

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How fees work

The fee lives in the pool, and can be dynamic. Each pool stores its current fee, readable at any time without touching the plugin. When a pool’s plugin has the dynamic-fee capability enabled, it can adjust that fee — the Dynamic Fee module raises it with measured volatility and lowers it when the market calms. A plugin attached for other purposes (farming, security) gets notified of pool events without gaining any say over what traders pay. A public listing cannot choose its fee. Pools listed through the public lister start on the per-type defaults, so nobody can squat the canonical pool for a pair with an absurd configuration. Custom terms — fee, fee coin, plugin — come only from listings governance has registered, or from contracts holding the creation role such as the launchpad. After creation, per-pool calibration is a governance action. A pool can take its fee in one coin. By default a trade pays its fee in the token it sells. A pool can instead take every fee in one fixed token of its pair — from the output side when trading the other way — so its liquidity providers and the protocol accrue fees in that single token.

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Where fees go

Every trading fee is divided between the liquidity providers of the pool and the protocol, according to a protocol share set per pool by governance; the rest stays with LPs. The protocol share is the revenue that will feed the Earn layer when it ships: stakers paid from real trading activity, in the assets the fees were collected in. Building on this? Every rate, split and getter is in Fees.