Repair is one token, $PAIR, whose Uniswap pair is never fixed. Right now it is quoted in its current asset. Next epoch it may be quoted in something else entirely.

Each epoch, holders burn $PAIR to bid on the asset the pool should be priced in next. When the epoch closes, anyone settles it: if a challenger beats the sitting asset by 20%, the whole reserve swaps into the winner and the pool re-opens quoted there.

All the liquidity sits in one plain Uniswap v4 pool, so any router can trade it. Sells pay out in whatever the pool is paired with at that moment. The only thing up for auction is the denominator.

what buyers paid in and sellers have not taken back. it sits in the pool and moves with the pair.