Private swaps

What it does

A private swap takes ETH or $OARKEL out of your notes, trades it on the $OARKEL Pons market and shrouds the result into a new note of the other asset, all in one transaction. Nothing waits in between, and the swap contract keeps nothing after the transaction.

The swap contract is 0x5adb89c2e62304285dfeff8b96eb7ee0ab26e66f on Robinhood Chain. It has no owner and no admin function.

What is public and what is not

• Public: the trade itself, its direction and size, like any trade on Pons.
• Private: which notes paid for it and who owns the new note.
• The sender: with a relayer, the relayer sends the swap and your wallet does not appear. Without one, your wallet sends it and shows as the sender.

Terms fixed by the proof

The proof names the swap contract as the only place the notes can go, and carries the swap terms: the owner of the new note, the minimum you accept, a deadline and the relayer's ETH fee. Change any of them and the proof fails. If the price moves past your minimum or the deadline passes, the whole transaction reverts and your notes stay where they were.

Where the trade happens

• Before $OARKEL graduates, on its Pons bonding curve. After, in its Pons Uniswap v4 pool. The contract picks the live one itself.
• While the token moves from the curve to the pool, swaps pause. A swap the curve cannot fill whole near graduation is refused rather than half-filled.
• The curve is thin early on, so large swaps move the price. The app shows the expected result and lets you cap the price move.

Fees

• The pool's flat unshroud fee on the side you swap from, and its 0.25% shroud fee on the side you receive.
• Pons' own trading fee on the trade.
• With a relayer, its operator fee in ETH, taken from the trade.

Buying straight into a note

You can also buy $OARKEL with ETH from your wallet and have it land directly in a new note. The purchase shows your wallet, as any purchase does; the note it lands in, and what you do with it afterwards, do not.