HONO Protocol Updates

​​v3 gives every graduated token three venues: the bonding curve, the V4 AMM pool, and the order book. A short guide to what each is for. The bonding curve is for launch. A token does not start with a market; the curve manufactures one. Price discovery from the first buy, automatic liquidity, no creator capital required. Use it to launch, and to buy into tokens that have not graduated yet. The AMM pool is for casual size and passive liquidity. After graduation, the token trades on a Uniswap V4 pool paired with HONO. Anyone can swap at the pool price or add liquidity and earn fees. The tradeoff: price moves against you as you trade, so larger orders pay more slippage. Use it for convenience and for providing liquidity. The order book is for precision. A limit order executes at the price you name or not at all. Makers escrow funds into the contract and wait. Takers fill at the posted price. There is no slippage against a curve because there is no curve: you trade against a specific offer at a specific price. Partial fills let large orders work through the book in pieces. Two different tools. The AMM prices every trade against a formula. The order book lets you name your price and let the market come to you. On a CEX, the order book was the whole product and the venue held your funds. On v3, both venues exist side by side, the AMM is standard V4, and the order book is contract-escrowed.