How can a new token have liquidity when nobody put money in the pool?
· 7 min read
There is a small paradox at the bottom of every launchpad: a token that did not exist an hour ago is trading, right now, against real money — and nobody funded the pool. No treasury seeded it, no market maker was hired, and the creator didn't deposit a cent of the quote asset.
The mechanism that makes this work is single-sided concentrated liquidity, and it is genuinely elegant. It also has one failure mode subtle enough that you can write a plausible-looking launchpad that strands tokens permanently, and the difference between the two is a single rounding decision. BT365's launchpad mints these positions on HyperEVM; both the elegance and the trap below are from that implementation.