The ripple

An order's splash is what it pays in, as a share of what the pool holds on that side at the current price — its virtual reserve, read off the pool manager in the same call that charges the fee. The rate is then

fee = min(boulder, pebble + splash ÷ slope)

which is the pebble rate for anything small, the boulder rate for anything that would move the pool by a third or more of what it holds, and a straight line between. Integer division rounds towards the floor, which is the thrower's side. The three numbers are constants in the hook with no setter.

The site names every order by its splash, the way a gauge would be painted, so a glance says what a trade will cost before the number does. The names are the site's; the hook only knows the number.

A stone is thrown by its weight. The splash is worked out from what is paid in, which an exact-output swap does not know until the curve has run — so the hook refuses exact-output swaps by name rather than charging them at a rate it never read off the pool. The sling only ever sends exact input, and so does this site.

1. One. The stone is cut: its constructor mints the whole fixed supply, split in that same constructor between the silt and the supply wallet. Neither share passes through the pond.
2. Two. A Uniswap v4 pool of native ETH against the stone is opened, with the ripple in its key and no LP fee of its own.
3. Three. The silt's share is buried in one position spanning the launch range — a position the silt has no function to dig up — and the pond tells the ripple how deep that makes the water.

Nothing is deployed, so there is nothing to read. These figures are constants in the pond and the hook, and this page will show what those contracts say rather than what was typed here.

• A big order is expensive. Up to the boulder rate of what you pay in, in either direction, goes to the supply wallet. The site shows the splash as you type and every order names the most it will pay; the rest is your decision.
• The pond moves under you. A trade that lands in front of yours changes the depth, so the rate you were quoted can rise by the time yours lands. The sling refuses an order past its cap rather than filling it at a rate you did not agree to.
• The ETH is not yours. A buy leaves ETH inside a position nothing can decrease — including whoever plunked the stone. It stays under the price as a bid belonging to nobody.
• The supply wallet's share is liquid. Not vested, not cliffed, not locked. No contract here restrains it and none of them pretends to.
• Not audited. The contracts are commented to be read, which is not the same thing as having been reviewed.