Routing

6.1 Two route families

A route is named by what funds the buy. pons v2 coins earn USDG, so their capsules buy from USDG; coins launched before v2 earned WETH and still buy from WETH. Every asset carries both answers, and it is routable if either family has a pool deep enough.

6.2 v3 vs v4

The tokenized stocks trade in a mix of Uniswap v3 pools (a contract address per pool) and Uniswap v4 pools (a 64-hex pool id inside a singleton). The engine executes through the v3 SwapRouter02 at 0xcaf681a66d020601342297493863e78c959e5cb2 today. It cannot route through v4 yet. An asset whose only liquidity is on v4 is therefore unbuyable and is dimmed on the shelf with no route yet. That includes, for now, any pons v2 coin that has graduated: it lives in a v4 pool, so a capsule cannot hold another capsule's coin.

6.3 Route discovery

6.4 Memecoins in a capsule

Any Robinhood Chain ERC-20 qualifies under the same rule as a stock: it needs a Uniswap v3 pool at least $1,000 deep on the quote side, in either family — against USDG directly, or against WETH. The builder resolves a pasted address through GET /api/token/[address], which reads the token on chain, pulls its logo and price from DexScreener, probes the same {USDG, WETH} × 100/500/3000/10000 grid, and — if a pool clears the depth bar — writes the route into the same routes table the stocks use. From then on the engine buys it exactly like a stock: quote, cap slippage, swap, drop. WETH, USDG and other capsule coins are refused; a capsule cannot hold itself. Full walkthrough in §3.1.2.

6.5 Slippage

Before each purchase the engine quotes the exact route through QuoterV2 and sets amountOutMinimum to the quote less SLIPPAGE_BPS=300 (3%). If the pool moves more than that between quote and execution the swap reverts, the USDG stays unspent, and the asset is retried on the next drop. Nothing is ever bought at any price.

for asset in capsule:
  spend   = budget × weight / 10000                 # budget in USDG (6 dec)
  route   = routes[asset][funding]                  # funding = usdg for v2 coins, weth for v1
  quote   = QuoterV2.quoteExactInput(route, spend)
  minOut  = quote × (10000 − 300) / 10000
  SwapRouter02.exactInput({ path: route, amountIn: spend, amountOutMinimum: minOut })
  on revert → leave spend unspent, log, continue

6.6 Why "no route yet" exists

The builder refuses unroutable assets on purpose. A capsule is sealed at launch; if it contained an asset the engine cannot buy, that slice of every future drop would silently pile up as unspent USDG or, worse, buy at terrible prices. "No route yet" means "not this one, not yet". When a v3 route appears in either family the note comes off and new capsules can hold it. Existing capsules never change (§3).