How a ring forms

A ring in Monero is sixteen outputs, one real and fifteen decoys, signed in a way that proves one of them is being spent without saying which. monex cannot sign over other people's trades, so it inverts the idea: it refuses to trade until sixteen other wallets have, and then it trades once. Anyone looking at the coin's history sees seventeen trades in that window and cannot tell from timing or size which one is monex, because the size is capped at the median and the route arrives through a different pool each time.

The ring count resets to zero the moment monex fills. A quiet market means the count climbs slowly and monex sits with a queue it cannot act on. A busy market means rings close fast and monex fires often. The count is read directly from the program state account and updates the moment a new wallet trades.