PairOfficial and paired markets
Pair adds a market while preserving the original Pons launch and its provenance.
The official market
The new token is created by the official Pons v2 factory. It begins on the factory’s bonding curve and follows Pons’s graduation process. Pair does not replace that factory or add new entries to its quote-asset allowlist.
The official market continues to have its own fee policy, liquidity and settlement rules. A secondary market does not make the original market disappear.
The custom market
For a non-ETH choice, Pair creates a separate constant-product pool against the selected asset. The initial implementation uses the deployed Uniswap v2-compatible factory and router on Robinhood. Its standard trading fee is 0.3%.
Creating a pool address does not fund it. Both assets must be supplied before it has ordinary two-sided liquidity. Opening inventory supplies the new-token side; quote assets still need to be contributed or acquired from released fees.
Where trades happen
Wallets, routers and traders select venues based on the available price, liquidity, fees and route support. A lower fee can make the custom pool more attractive, but cannot force all volume into it.
Arbitrage can connect the prices of the two markets. It can also move value between their reserves and create impermanent loss for liquidity providers.