The Pons market
HYDD starts on a Pons bonding curve paired with ETH. When the curve fills, it graduates to a Uniswap v4 pool with locked liquidity. The router and harvester handle both phases and can trigger graduation.
The router
buy and buyToStealth swap ETH for HYDD and shield it in one transaction. sell takes a signed unshield, sells, and pays ETH. quote simulates either direction.
Price average
The vault keeps an exponential moving average of the spot price, with each step capped at 10%. The harvester uses it to bound slippage (max 3%), and it turns the relayer gas cost into a suggested HYDD fee.