Launching a market
A market is launched from one form and one transaction. The creator picks a name, a symbol, an image, a mining coin to pair against, a fee between 1% and 3%, and a first buy. The contract mints the full supply, opens the Uniswap v4 pool, places both liquidity positions, and executes the first buy, all in the same call.
Parameters
| Parameter | Value |
|---|---|
| Supply | 1,000,000,000 tokens, 18 decimals, minted at creation, no further minting |
| Curve range | 800,000,000 tokens from the opening price to the cap price |
| Reserve range | 200,000,000 tokens from the cap price to the top of the pool |
| Opening market cap | $5,000 |
| Cap price | the price at which market cap is $35,000 |
| Pair coin | any live mining coin |
| LP fee | 1% to 3%, chosen by the creator, fixed for the life of the pool |
| First buy | at least $1 of pair coin at the feed price |
| Metadata | metadataURI on the token, immutable |
| Creator share of fees | none |
What the creator chooses
Name, symbol, image. The image is uploaded and pinned to IPFS. Name, symbol, and the resulting metadataURI are written into the token at construction and cannot be edited.
Pair coin. The market is priced in this coin from then on. A market paired with HASH has a price in HASH, a market cap in HASH, and pays its holders in HASH. Each market has exactly one pair coin and it cannot be changed.
Fee. Any value from 1% to 3%. This is the pool's LP fee, set as a static Uniswap v4 fee when the pool is initialised. It applies to every swap in both directions and never changes.
First buy. The creator's opening purchase, in ETH or USDG. The router converts it to the pair coin and swaps it into the fresh pool before anyone else can. The minimum is coin worth $1 at the feed. There is no maximum.
What the protocol fixes
The opening market cap is $5,000 and the cap price is the price at a $35,000 market cap. Both are converted into pair-coin units at the feed price at the moment of creation and never re-derived. If HASH is $57.97 when a market launches against it, the opening price is 5,000 / 1e9 / 57.97 ≈ 8.62 × 10⁻⁸ HASH per token and the cap price is seven times that. If hashprice later doubles, the market's prices in HASH do not move, and its dollar value doubles with the coin.
The supply is split into two concentrated positions:
- 800,000,000 tokens sit between the opening price and the cap price. This is the curve. Buying walks the price up through it; selling walks it back down.
- 200,000,000 tokens sit above the cap price, out to the highest usable tick. Trading reaches this range only once the entire curve has been bought.
Both positions are owned by the launchpad contract. The launchpad has no function that removes liquidity. See Liquidity.
Creator economics
There is no creator share. The fee the creator chooses is paid to holders, to the $HASHPAD buyback, and to the protocol in a 40 / 30 / 30 split, exactly as for any other market. A creator who wants to earn from their market does so by holding its token like anyone else. There is no allocation, no vesting, and no admin key on the token.