WTH

Can take from swaps or block them, but cannot trap liquidity. Trade only through quotes that go on-chain.

• can veto or reshape swaps
  A beforeSwap hook runs before every trade and may revert — for some senders, sizes or time windows. Quotes can succeed and the real swap still fail.
• observes swaps
  afterSwap without a delta cannot move value. Typical for oracles, points and accounting.
• controls pool creation
  Only pools the hook agrees to can be created with it — the launchpad pattern.