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