3 posts tagged with "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.

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.

Every launchpad has a moment where it asks for money before doing anything, and it reads as a toll booth. Sometimes it is one. Sometimes it is a gas escrow — not a fee at all, but a deposit against gas the platform is about to spend on your behalf. And sometimes the right answer is to design the deposit out of existence.

BT365's HyperEVM launchpad has been on both sides of that line. Our first-generation launcher took a 0.1 HYPE gas escrow, because our own wallet executed the launch. Our current launcher takes no deposit, because you execute it. This article is the reasoning behind both — which is really a tour of the ways prepaid gas goes wrong, and of why the cleanest fix is not a better escrow.