How a pool launch works

Where the supply goes, how the price moves, and how it differs from other launchpads.

Your token's entire supply goes into one Project X liquidity position, and that position is the market. From the first moment it can be bought and sold, and every price tracker and trading bot can already see it.

How one-sided liquidity works

Normally, opening a pool means putting up both sides — your token and an equal value of something else. A launch here does not: the liquidity is placed entirely above the opening price, which means it starts out holding only your token and none of the backing asset.

That is what lets a launch open with no money down. As people buy, the price climbs and the position hands over tokens in exchange for the backing asset — so the pool fills up with real backing as the token trades, rather than needing it up front.

Supply1,000,000,000, fixed, created at launch

Held by the creatorNone

Held by the platformNone

In the poolAll of it

Opening market capA set amount of the backing asset

Trading fee1%

The opening market cap is exact rather than a target, because the whole supply is in the pool: the price it opens at, multiplied by the supply, is exactly the amount registered for that backing asset. A HYPE-backed launch opens at 49.42 HYPE — not approximately, and not subject to anything moving between signing and confirming.

Nothing is held back

Not for the creator, not for the platform. Every single token goes into the pool at launch, and the only way for anyone to hold any of it — including the person who launched it — is to buy it out of the pool like everybody else.

The floor and the ceiling

Placing all the liquidity in one band creates a limit at each end, and both are worth understanding before you buy or launch.

The price cannot fall below what it launched at. There is no liquidity below the opening price, so there is nothing down there to sell into. That is a floor, and it holds no matter how badly a launch goes.
At the far end, the pool would eventually run out of tokens. If buyers pushed the price all the way to the top, there would be nothing left to buy and the price would stop reflecting real trading.

That second limit is set deliberately far out of reach: buying a launch out entirely would take millions of dollars. A narrower setup could be exhausted for around forty thousand, which is close enough to happen by accident — so launches here are opened as wide as the pool allows.

Going that wide costs nothing in practice. The depth where trading actually happens — the first few thousand dollars of buying — is effectively identical whether the range is narrow or as wide as it can go. All the extra width does is remove the ceiling.

What a launch looks like in practice

One real launch, measured end to end, with $9,500 of buying spread across four buyers. Shown in dollars because that is easier to read — the opening was a fixed amount of the backing asset, worth about $4,000 at the time:

opening market cap    ~$4,000       supply 1,000,000,000

first buyer   $500    →    109,903,022 tokens
next        $1,500    →    220,704,702
next        $3,000    →    221,911,099
next        $4,500    →    148,615,847

market cap after      $44,882       11x the opening
a seller cashes out   55,176,175 tokens  →  $2,072.85
fees earned           $81.43  +  472,938 tokens

Notice the second buyer: three times the money of the first, for barely twice the tokens. That is the price climbing as supply is bought up — the earlier you are, the more you get for the same money, which is the whole shape of a launch.

How this differs from a launchpad that holds your money

Your token trades in an ordinary public pool rather than inside a contract this platform controls. That is what makes it visible and tradable everywhere immediately, and it comes with a few properties worth understanding:

Anybody can add liquidity too. Your launch liquidity is locked permanently, but other people may add their own alongside it and remove it again whenever they like. So the total depth in the pool can grow and shrink over time.
Fees follow the liquidity. Whoever supplied the liquidity a trade went through earns that trade's fee. At launch that is entirely you; if someone adds a large amount of their own, they earn a share too.
Everybody starts at the same moment. There is no pre-sale, no allowlist and no head start — not even for the creator. The flip side is that trading bots can buy at the opening just as anybody else can.
The price is whatever the market pays. Selling means selling into the pool at the current price. There is no separate fund promising to buy your tokens back at any particular level.

If somebody opens your pool first, nothing is lost

A pool's address can be worked out as soon as your token exists, so in principle somebody could open it first at a price of their own choosing. If that happens your launch simply stops instead of putting your supply into a pool priced by a stranger — and your tokens stay recoverable, so you can go again.

It costs whoever does it real gas and earns them nothing at all, which is why it is a rare nuisance rather than something worth doing.

Why launching takes two transactions

The first creates your token; the second opens the pool and puts the supply in. They are separate because doing both at once is too large to fit in a fast block on HyperEVM, and combining them would make every launch wait around a minute instead of a second.

Between the two your token exists but cannot be traded, because all of it is still waiting to go in. If the second transaction fails or you close the tab, nothing is lost: anyone can complete it, and whoever does gets nothing for it. See Launching a token.