Two markets, one coin
Every Link coin keeps its Pons market and, optionally, gains a second one.
The Pons market
The token and its curve are minted by the Pons V2 factory. Trading happens on the curve until the sellable supply is gone (roughly 4.2 ETH of net buying at current terms), after which Pons moves the coin into a V4 pool. Fee policy, liquidity and settlement there are entirely Pons's. Link does not alter the factory or its quote allowlist.
The linked pool
With an ERC-20 counterpart, the vault finds or creates the V2 pair for your coin and that asset through the Uniswap V2-compatible router on Robinhood Chain. It charges the standard 0.3% swap fee. A pair address says nothing about depth: until both tokens are deposited there is nothing to trade against. Launch inventory can cover the coin side; the counterpart side has to be contributed or bought with released fees.
How the two interact
Routers and traders go wherever price, depth and fees are best, and a cheaper pool cannot compel anyone to use it. Arbitrageurs keep the two prices close, which shifts reserves between them and can cause impermanent loss for the liquidity in the linked pool. Risks