What actually happens when you launch a token on a HyperEVM launchpad?

From the outside, a token launch is a form: name, symbol, logo, submit. From the inside, it is a set of on-chain rules that decide who can buy when, at what price, where the fees go, and what nobody is allowed to touch — and every rule exists because of a specific way launches go wrong without it.

BT365 runs a token launchpad on HyperEVM (Hyperliquid's EVM chain, ID 999). Our first generation was an eight-step pipeline the platform's own wallet executed on the creator's behalf: deploy, create a pool, mint a single-sided position, lock it, hand ownership over. We have since replaced it with a bonding-curve launch the creator signs themselves, and this article describes that current design step by step. Tokens launched on the earlier pipeline keep running as they were.

One transaction, then a curve

1. Fill the form. Name, ticker, logo, description, socials, and an optional opening buy in HYPE. There is nothing to configure about supply or price: every launch mints exactly one billion tokens into its curve, and every curve opens at the same price. There is no launch fee. The creator pays gas and their own opening buy, plus the platform's ordinary 0.35% routing fee on that buy if they make one.
2. The platform signs the terms, not the transaction. Our backend prepares the launch and signs an authorization over it: the exact name, ticker and metadata, the opening-buy amount and its slippage floor, the routing fee, a ten-minute deadline, and a digest of the launch economics — curve fee, opening reserve, graduation threshold, graduation fee — as they stand at that moment. The backend never broadcasts anything. If any of those terms changes between the preview you saw and the block your transaction lands in, the contract rejects it rather than launching you on terms you did not sign.
3. You sign one transaction. It goes to a launch router, which deploys a fixed-supply ERC-20 with the whole supply minted straight into a freshly deployed bonding curve, pins the economics, and — if you asked for one — executes your opening buy in the same call, exempt from the snipe tax below. The token exists and is tradable from that block. There is no ownership to hand over afterwards, because the token has no owner: no mint, no pause, no blocklist, no admin.
4. The curve trades. It is a constant-product curve that starts with a 60 HYPE virtual reserve, so the opening price is well defined without anyone seeding capital. In-app buys and sells go through the router with short-lived server-signed quotes and non-zero minimum outputs. That floor limits an adverse price move or reverts the trade if it is crossed; it does not rule out a sandwich within the allowed slippage. Direct on-chain curve trades are also possible without a server quote or routing fee. Every trade pays the 1% curve fee in HYPE; in-app trades also pay the 0.35% routing fee.
5. The snipe tax. For the first five seconds after launch, a buy to a non-exempt recipient pays a tax on the HYPE it spends: up to 98% in the launch second under the current 1% curve fee, about 25% one second later, about 3% after two, and zero after five. A bot that lands in the launch block buys almost nothing for its money. This replaces the delayed trading start and per-wallet maximum buy of our first generation: instead of a queue that everyone waits in, the first seconds are simply not worth racing for.
6. Graduation. When the curve holds 120 HYPE of real reserve — at which point roughly two-thirds of the supply has been sold — the buy that crosses the line is filled only up to the threshold and refunded the rest, selling closes, and the curve hands its reserves to the launch factory. A platform keeper (or anyone; the call is permissionless) then seeds HyperSwap V3 liquidity at the 1% fee tier: a 2% graduation fee comes off the raised HYPE, the remainder is paired with tokens at the curve's closing price, and the token reserve the pool does not need — about a tenth of the supply — is burned. A fresh pool receives one permanently locked full-range position at the target price. If a pre-existing pool cannot be repriced within the capped budget, the seed instead becomes two locked single-sided positions around its existing price; the market must close that price gap later.
7. Life after graduation. The token is an ordinary HyperEVM token on a permissionless DEX. In-app trades route through BT365's swap helper like any other HyperEVM swap.

A launch that has durably started is never silently retried. If your signed transaction landed but the confirmation was lost, a second submission for the same ticker is refused and pointed at the launch that already exists — the alternative is the same symbol deployed twice.

Where the money goes

The economic design answers the question every launchpad gets asked: who profits, and how?

The creator's supply is not held back for them to sell — all of it goes into the curve, and from there into the pool or the burn. What the creator earns is trading fees, in two phases:

• On the curve: the 1% fee on every buy and sell is split 80% to the creator, 20% to the platform and swept into an on-chain fee ledger the creator can withdraw from at any time, without waiting for graduation.
• After graduation: the pool's 1% swap fees accrue to the locked position, and a small immutable fee splitter deployed for this specific token pays them out 80% to the creator, 20% to the platform. One splitter per launch, so fees from different tokens never commingle in a shared pot, and the creator share is readable on-chain by anyone.

The platform's other lines are the snipe tax, which goes to the platform in full, the one-off 2% graduation fee, charged only once a coin has provably succeeded, and the ordinary 0.35% routing fee on trades through the app.

This inverts the usual incentive. A creator who holds a large allocation profits most by selling into early buyers. A creator paid from trading fees profits from volume over time, which is at least directionally aligned with the token being something people keep trading rather than something they exit. The creator can redirect where their share is paid until the pool is created, behind a three-day timelock; after graduation the recipient is frozen into the splitter.

The lock is the other half of that alignment. The single most common way token buyers lose everything is not a price crash — it is the liquidity being withdrawn. Locking the position NFT with an unlock date roughly nine hundred years out makes the pull impossible for everyone, the platform and the creator included. Fees remain collectable through the locker; the underlying liquidity does not.

The guardrails you only notice when they stop you

• Pinned economics. Your signed authorization carries a digest of the launch terms. If the platform changed the curve fee, the threshold or the graduation fee after you previewed them, your transaction reverts instead of launching on the new terms.
• Bounded trade quotes. Every in-app routed trade must carry a signed quote with a non-zero minimum output, and each quote can be used once. The router rejects an unquoted or replayed trade; execution can still move within the signed slippage bound. Direct calls to the curve use a caller-supplied minimum instead.
• One pending launch per ticker. You get one open launch per ticker at a time, with a ten-minute window to sign it; tickers already live on the platform are rejected outright. Launch requests are also rate-limited.
• Two-phase graduation. Sweeping the curve and seeding the pool are separate steps, so a pool seed that fails cannot strand the raised HYPE — it stays retryable until it succeeds. Because anyone can create a V3 pool for a known token address in advance, the seeder also copes with a pool that already exists at the wrong price, nudging it back within a capped budget rather than trading the seed against whatever was parked there.
• No platform gas float. Because the creator signs and broadcasts the launch, the platform's wallet holds no gas for launches and never touches the token, the supply or the pool. The gas escrow of our first generation is gone, along with the deposit it required.

What "launched" means at the end

While the token is on its curve, the state is: a fixed-supply ERC-20 with no owner; a bonding curve holding the unsold supply and the raised HYPE; a fee ledger paying the creator 80% of a 1% fee on every trade; and a platform that can neither mint, pause nor withdraw anything.

Once it graduates, the state is: the same token; a HyperSwap pool holding the raised HYPE and the matching tokens; a liquidity position nobody can withdraw; a fee splitter paying the creator 80% of the pool's 1% fee on every trade, forever; the surplus supply burned; and trading open to anyone on a permissionless DEX.

That end state — rather than any single step — is the actual product of a launchpad. The rules above are just the way of getting there without anybody, the platform included, having to be trusted along the way.

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BT365's launchpad runs on HyperEVM (chain 999), alongside token swaps and the HyperCore exchange integrations. Curious how the two sides of Hyperliquid differ? Start with HyperEVM vs HyperCore. For the mechanics behind two of the steps above, see how a token can have liquidity when nobody funded the pool and why our launches no longer take a gas deposit. Explore the platform.