How Elyra works
One set of rules for every token, enforced by smart contracts on Elysium. This page explains where every token goes, how Genesis is settled, where the fees go and what the protocol cannot protect you from.
The life of a launch
- 10:00Create
The creator names the token and picks a 0–3% share. Genesis opens in the same transaction.
- 230 minutesGenesis
Anyone deposits HYPE. Timing gives no advantage: everyone ends up at one price.
- 3After closeSettle
The 5% wallet cap is computed from every deposit and checked on-chain. Below 20 wallets or 10 HYPE, everyone is refunded.
- 4Same transactionPool opens
405M tokens and 90% of the raise open a locked pool at the Genesis price. Platform-token stakers receive their share.
- 5First 6 hoursProtected trading
Wallets can hold at most 2.5%, rising to 3%, 5% and 8% before the limit lifts.
Where every token goes
Every new token has exactly 1,000,000,000 units, and none are ever burned. The split is fixed in the contracts and the same for every launch.
Pro rata to the HYPE each wallet put in
Paired with 90% of the raise: opens at the Genesis price
Everything the creator does not take
Optional, 7-day cliff then 30 days linear
Pro rata, with a 5% wallet cap
When Genesis closes, every wallet receives the same share of the 450M Genesis tokens as its share of the HYPE accepted. So everyone pays the same price: the raise divided by 450M.
No wallet may make up more than 5% of the raise. Bigger deposits are trimmed to that cap and the rest is refunded, which means a launch needs at least 20 wallets. With fewer, nothing can be accepted and everyone gets a full refund.
At least 10 HYPE must be accepted and at most 50 HYPE is. Above 50 HYPE every wallet is scaled down by the same factor and refunded the difference. 90% of the raise and 405M tokens open the locked pool, so trading starts at exactly the Genesis price; 10% goes to the treasury.
| Example | Cap / wallet | Accepted | Price, HYPE | Opening mcap | Outcome |
|---|---|---|---|---|---|
| 19 wallets, 5 HYPE each | — | 0 | — | — | Refund: < 20 wallets |
| 20 wallets, 0.5 HYPE each | 0.5 | 10 | 0.0₇2222 | 22.2 HYPE | Launches |
| 25 wallets, 1 HYPE each | 1.25 | 25 | 0.0₇5555 | 55.6 HYPE | Launches |
| 5 wallets 20 HYPE + 40 wallets 1 HYPE | 2.667 | 50 | 0.0₆1111 | 111.1 HYPE | Launches, pro rata |
| 2 wallets 25 HYPE + 30 wallets 0.5 HYPE | 0.833 | 16.67 | 0.0₇3703 | 37 HYPE | Launches |
| 100 wallets, 1 HYPE each | 5 | 50 | 0.0₆1111 | 111.1 HYPE | Launches, pro rata |
Computed live with the same rule the contract verifies. Opening market cap = 1B tokens × Genesis price.
Stakers share every launch
When a token starts trading, its staker share (145M tokens minus whatever the creator took) goes to the staking contract. Stakers of the Elyra platform token split it by what they had staked a full day before the launch, so nobody can stake just before a launch and take a share. Staking has no lock and no owner.
Launch rules
Identical for every launch. No creator, investor or administrator can change them.
- Supply
- 1,000,000,000
- Minted once at creation and never burned. No mint function, no owner.
- Genesis window
- 30 minutes
- Opens in the same transaction that creates the token. Nobody can position earlier.
- Genesis allocation
- 45% · pro rata
- 450M tokens, split by each wallet's share of the HYPE accepted. Everyone pays the same price.
- Wallet cap in Genesis
- 5% of the raise
- No wallet counts for more than 5% of what is accepted, so at least 20 wallets are needed. Anything above the cap is refunded.
- Minimum raise
- 10 HYPE accepted
- Below this, or with fewer than 20 wallets, the launch fails and every deposit is refundable in full.
- Hard cap
- 50 HYPE accepted
- Above 50 HYPE every wallet is scaled down by the same factor and refunded the difference.
- Liquidity
- 40.5% + 90% of raise
- 405M tokens and 90% of the HYPE open a pool at exactly the Genesis price, locked forever. 10% of the raise goes to the treasury.
- Stakers
- 11.5–14.5%
- Everything not used for Genesis, the pool or the creator goes to stakers of the Elyra platform token, split by stake held a full day before the launch.
- Creator allocation
- 0–3%, vested
- Chosen at creation. 7-day cliff, then linear over 30 days. The creator cannot deposit in its own Genesis.
- Max wallet after launch
- 2.5% → 3% → 5% → 8%
- For the first 30 min, 1 h, 3 h and 6 h of trading. Unlimited after 6 hours.
- Trading fee
- 2% in HYPE
- 1% to the creator, 1% to the platform (half reserved for platform-token buybacks, half to the treasury).
- Creation fee
- 0.1 HYPE
- Paid by the creator, non-refundable.
Where the money goes
- 90%
- Paired with 405M tokens in the pool at exactly the Genesis price, locked forever
- 10%
- Platform treasury
- Over the caps
- Anything above the 5% wallet cap or the 50 HYPE hard cap is refunded
- 1%
- The token's creator, withdrawable at any time
- 0.5%
- Reserved for buybacks of the platform token
- 0.5%
- Platform treasury
The 0.1 HYPE creation fee goes to the treasury. It is not refunded if a launch fails.
Compared with other launchpads
Other platforms vary; this describes the typical design of each model.
| Elyra | Bonding-curve launchpads | Presale / allowlist launchpads | |
|---|---|---|---|
| Price you pay | The same price as every other Genesis wallet: the raise divided by 450M tokens | Rises with each buy, so the earliest buyers pay least | Fixed, but only allowlisted wallets get it |
| First-block snipers | Nothing to snipe. No pool exists until Genesis is settled | Bots typically buy in the first blocks | Insiders and bots race the listing |
| Per-wallet limit | 5% of the raise in Genesis, then 2.5–8% of supply for the first 6 hours | Usually none | Tiers chosen by the project |
| Creator tokens | At most 3%, vested 7 + 30 days, creator blocked from Genesis | Creator can buy at launch like anyone | Team allocations set by the project |
| Liquidity | 405M tokens and 90% of the raise, locked forever at the Genesis price | Migrates to a DEX at a threshold; terms vary | Often time-locked and unlockable later |
| Opening valuation | Set by demand: 1B tokens × (raise ÷ 450M), between the 10 HYPE minimum and the 50 HYPE hard cap | Starts at a fixed low valuation | Set by the project |
| If demand is too low | Under 10 HYPE or under 20 wallets: launch fails, everyone is refunded 100% | Tokens stay on the curve | Depends on the project |
| Rules can change | No. Fixed in the contracts for every launch | Set by the platform | Set per project |
What the rules cannot do
Fair rules remove structural advantages. They do not make a token a good investment.
- One person, many wallets. Caps apply per address. Nobody can verify who controls a wallet.
- Creator side wallets. Only the registered creator address is blocked from its own Genesis.
- Other pools. Anyone can open a second market for a token elsewhere. Trades there pay no Elyra fee.
- Price risk. After launch the price moves freely. Tokens can lose all of their value.
- Software risk. The contracts are tested but have not been independently audited.
Contracts
Deployed on Elysium (chain 99901). Read them, verify them, call them directly.
Contract addresses are published here the day launches open.
Questions
The raise divided by 450M Genesis tokens. 20 HYPE raised means a price of about 0.0000000444 HYPE per token and an opening market cap of about 44 HYPE. Every wallet pays that same price.