Launching a coin

One wallet prompt, a $1 opening buy, and your coin is trading a few seconds later. Here is the create form, top to bottom.

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Step 1 — Choose your pair

Direction. Long or short. A long coin's floor rises when the stock rises; a short coin's floor rises when the stock falls.

Underlying. The stock, index, metal or commodity your coin will be backed by. Search by ticker or name. Everything in the catalogue is there: Nvidia, Tesla, Apple, the S&P 500, gold, oil and more — 32 markets.

Leverage. Pick the multiple, from 1× up to that market's cap. The cap is the lower of two numbers: the product ceiling of 5×, and the leverage a position can hold on that market on Hyperliquid (the exchange that holds the position) — 90% of the venue's own cap, rounded down: 18× on its 20× markets, 9× on its 10× markets, 22× on gold and silver, 27× on QQQ, 45× on SPY. Every market listed today therefore goes to 5×. The form opens on the cap and only shows the pills the market allows. The tracker factory enforces the same limit on chain, and the launchpad refuses anything above 5×, so a coin can never promise a multiple its hedge cannot hold.

Your three choices name the tracker your coin will bond onto: NVDAx5 for Nvidia long at 5×, TSLAx3S for Tesla short at 3×. Every coin that picks the same three shares the same tracker. See Leveraged trackers.

Step 2 — Name it

• Name — free text, up to 64 bytes.
• Ticker — up to 10 letters or digits, uppercase.
• Description — optional.
• Image — pinned to IPFS the moment you pick it. A coin with an image whose pin failed does not launch; the form retries, and tells you if it cannot.
• X / Twitter, Telegram, Website — optional.

The description, image and links go into a metadata file that is also pinned to IPFS; its ipfs:// link is written into the token as its reference, next to the name and ticker. They are yours to fill in and nobody else's to change.

Step 3 — Your opening buy

You buy the first coins yourself, as part of the launch. Minimum $1 (the launchpad's min_seed_usdc, set at deployment and readable in its config). The presets are $1, then 1%, 2%, 3% and 5% of the supply, each costed at the opening price — so a button labelled "2%" costs exactly what 2% costs.

It is paid in USDC, and it pays the pool's 1% fee like any other buy; that fee is booked 70/30 like every other, so 70% of it comes back to you as creator fees. The form checks that your USDC covers the seed and your NEAR covers the launch cost before you click, and tells you how much to add if not. USDC can be brought to NEAR from other chains through NEAR Intents.

Nobody can buy ahead of you. Your seed is not a swap someone could get in front of: the launch computes the price your buy would leave the pool at and creates the pool at that price, with your USDC already inside the position. Until the position is in, the pool holds nothing anyone could buy.

Step 4 — Launch

Click Launch. Your wallet shows one prompt with two transactions:

1. prepare_launch, with 0.35 NEAR attached: it records your coin's parameters. Nothing is public yet.
2. Your USDC seed, sent to the launchpad: this runs the launch.

The launch then runs as a chain of steps over a few seconds (NEAR blocks come about every 0.6 s):

• your coin's account id is drawn from the block's randomness — yourticker-3f9a2c.<launchpad> — so nobody can know it in advance, and its pools are created before the coin exists, so nobody can create them first;
• the coin/USDC pool is created at your seed's price, along with the coin's future coin/tracker pool, empty;
• the coin account is created from the one shared, immutable coin code, and all 1,000,000,000 coins are minted to the launchpad;
• the coin and your USDC go into one position in the pool, owned by the launchpad, which has no withdraw function;
• you receive the coins your seed bought, and any USDC the pool did not need comes back to you.

Your coin is then priced, listed on the board, and reachable by anything that swaps on Rhea DCL, and 0.56% of every swap starts accruing to you. The coin page follows each step as it lands.

If a step fails. Every step records where it got to. A launch that stalls — a failed receipt, too little gas — is continued by resume_launch, which anyone can call, from exactly where it stopped. Before anything has reached the pool, you can instead abandon_launch: your seed comes back and the coin's supply, if it exists, is burned. A launch you prepared but never seeded can be cancelled with cancel_prepared, which returns the 0.35 NEAR.

The 0.35 NEAR covers the coin account (0.06), two pool creations and the position's storage slot on Rhea; what those do not use stays with the launchpad. This figure is the current default and may still change before deployment.

The launch does not create your tracker. On NEAR, trackers are created by the protocol's tracker factory, not by a launch; the 5× long and short tracker of every market are created at deployment. A coin that names a tracker which does not exist yet — Nvidia at 3×, say — launches and trades normally, but cannot bond until that tracker has been created: the bond reads the tracker's price first and stops cleanly if there is none.

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What every coin shares

There are no per-launch knobs for supply, fees, range or lock duration — on purpose. A creator cannot configure a coin into something more dangerous than the one next to it, beyond the multiple in its tracker's name.

The coin has no mint function after its creation, no owner, no pause, and no transfer tax. The token charges nothing on transfer, which is exactly why every router and bot can trade it. It does have a burn anyone can call on their own balance: the launchpad uses it for rounding dust, so the supply can only shrink.

No anti-snipe window, and why

The Avalanche version of TerminalPad capped buys for five blocks after a launch. On NEAR that would not work: a Rhea DCL swap is not undone when its output cannot be delivered — the pool keeps the swap and parks the coins in the buyer's internal balance — so a cap in the token would strand a sniper's coins, not stop the snipe. The one thing the window protected, your first buy, is protected instead by pricing your seed into the pool's opening state. From the moment the position is in, anyone can buy, with no per-wallet caps. Selling is never restricted.

Why no capital is needed

The launch position holds your coin, spread from the opening price downward in points (upward in dollars), plus the USDC your seed paid just above it. Nothing else has to be paired against it, so nothing else has to be funded — the $1 seed is a purchase you keep, not a deposit.

For the curious: USDC's account id on NEAR (17208628…) sorts before every named account, coin ids always start with a letter, and tracker ids always start with a digit. Rhea orders a pool's tokens by account id, so USDC and the tracker always come first and the coin second, before and after the bond, and every chart prices the coin the same way up. The maths is in The single pool.