How can a new token have liquidity when nobody put money in the pool?
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.
There are two ways to make that work, and BT365's HyperEVM launchpad has shipped both. Our first generation minted the whole supply as a single-sided concentrated-liquidity position. Our current one mints it into a bonding curve with a virtual reserve, and only creates a pool once the curve has raised real money. Each is genuinely elegant, and each has a failure mode subtle enough that you can write a plausible-looking launchpad that strands tokens permanently. Both the elegance and the traps below are from our own implementations.