Trading and pricing
Where the price comes from, and what the fee does to a trade.
Every market is an ordinary Uniswap v4 pool. Trades go through Uniswap's router rather than through us, so a market is tradable whether or not this interface is running, and the price shown here is read from the pool rather than kept by us.
The price
A pool stores its price as a square root in fixed-point form, and every figure on a market page is derived from that value with integer arithmetic. The implied value shown beside it is the supply multiplied by that price. It is not a market capitalisation, is quoted in ether rather than dollars, and is not what the supply would fetch if it were sold — selling into a pool moves the price against the seller.
The fee
The hook tells the pool what fee to charge at the instant of each swap by reading the schedule and comparing it to the block's timestamp. The fee is taken by Uniswap in the currency being paid in and accrues inside the locked position, which is why the hook never needs to hold anything.
Near a stage transition, a swap can land either side of the change, because which fee applies depends on the timestamp of the block that includes it. Within 60 seconds of a transition this interface quotes the higher of the two fees and says that it is doing so.
Price impact
A launch position is one-sided and concentrated, so a trade that is large relative to it moves the price a long way. The estimate beside a trade input is calculated at the current price net of the fee and is labelled as being before price impact — a real quote comes from Uniswap's quoter at the moment of the trade.