How ELYX works

#What ELYX is

On Hyperliquid, the best traders are public: their wallets, positions and PnL are visible to everyone. ELYX lets anyone put a coin on one of those wallets, so people can back a trader they follow and the trader gets paid from the trading around them.

Each coin is tied to one Hyperliquid address, the trader. When someone launches it, ELYX does four things in one transaction:

1. Creates the coin, a standard ERC-20 with a fixed supply of one billion and no owner.
2. Opens a HYPE pool for it on Uniswap v4 with the ELYX hook attached.
3. Puts the entire supply into that pool and locks it. Nobody keeps a share of the supply on the side.
4. Optionally makes a first buy for the creator with the HYPE they sent along.

From then on the coin trades in that pool. The hook takes the trade tax on every buy and sell and books each party's share, which they claim in HYPE whenever they like.

#Quick start

1. Get HYPE on Elysium. Elysium is Kinetiq's fast L2 for Hyperliquid. Gas and every trade on ELYX are paid in HYPE.
2. Connect a wallet. MetaMask, Rabby, Coinbase Wallet or any WalletConnect wallet works. If your wallet is on another network, the app asks it to switch to Elysium.
3. Pick what to do. Browse coins in Explore, launch a new one in Launch, or collect what you've earned in Claim.

#Launch a coin

Launching takes about a minute and one wallet confirmation.

1. Choose the trader. Paste a Hyperliquid wallet address. ELYX looks it up and shows its account value and PnL, so you can check it's the right one.
2. Name the coin. A name up to 32 characters and a ticker up to 16. Add an image (PNG, JPG, WEBP or GIF, up to 2 MB), a description and links to X, Telegram or a website if you like. They're stored on IPFS.
3. Set the tax and split. Pick a trade tax from 1% to 10% and how much of it goes to the trader: anywhere from 20% to 80%. The platform takes 20% and the creator gets the rest.
4. Make a first buy (optional). Enter how much HYPE to spend and you buy the coin in the same transaction, before anyone else can. Any HYPE the pool doesn't use is sent back.
5. Confirm. Your wallet asks once. When it's done you get the coin's page, ready to share.

#Verified and fan coins

A coin is verified when it was launched from the trader's own wallet, so the address that launched it is the same as the trader address. Everyone else launches a fan coin.

Both work the same way and both pay the trader. The badge only tells buyers whether the trader started the coin themselves. Explore has a Verified tab that shows only verified coins.

#Buy and sell

Every coin page has a trade panel next to the chart.

• Buy with HYPE. The panel shows how many coins you get after tax, the price impact of your order and the minimum you accept.
• Sell any part of your balance for HYPE. The first sell of a coin also asks for an approval.
• Slippage is 1% by default and can be set to 0.5% or 3%. If the price moves further than that before your trade lands, it's cancelled and you keep your funds.
• Deadline. An order that hasn't landed within 10 minutes is cancelled instead of filling at an old price.

Before your wallet opens, the app runs your trade as a dry run. If it would fail, you see the reason right away instead of paying gas for a failed transaction.

#Price and liquidity

The whole supply sits in the pool as one-sided liquidity, starting at a market cap of about 30 HYPE. Every buy moves the price up the curve and every sell moves it back down. There's no order book and no market maker: the price is whatever the pool says it is.

• Locked forever. The hook rejects every attempt to remove liquidity, and no contract has a function for it.
• No LP fee. The pool charges no Uniswap fee on top of the trade tax.
• Taxed from anywhere. The tax lives in the pool, so it applies whether you trade in the ELYX app or through another router. Like any token, a coin can also be listed in pools outside ELYX; trades there don't pay the ELYX tax.

#Trade tax

Every buy and every sell pays a tax in HYPE, set by the creator at launch between 1% and 10%. On a buy it's taken from the HYPE you pay in, on a sell from the HYPE you receive.

The tax can only go down. The creator can lower it at any time, to any smaller value including 0%, from the Claim page. No one can ever raise it, the creator included.

#Where the tax goes

Each trade's tax is split three ways the moment the trade happens:

Try it with your own numbers:

#Trader wins, coin burns

A creator can send part of the tax to the coin's burn vault. It collects in HYPE with every trade, and nobody can withdraw it: the only thing it can do is buy the coin back from the pool and burn what it buys.

1. Once a day, the ELYX burn bot checks the trader's Hyperliquid PnL for the last 24 hours.
2. Green day: the whole vault buys the coin back and sends it to the dead address. The supply shrinks for good.
3. Red day: nothing happens and the vault keeps filling, so the next green day burns more.

The coin page shows the vault, what has burned so far and how the trader's day looks. Burns show up in the trades feed too. The coin's creator, its trader and the platform can also press Burn themselves at any time.

#Claim earnings

Earnings collect in the hook contract under your address, in HYPE. Open Claim, connect the wallet that earned them and press Claim: everything you've earned across every coin arrives in one transaction.

• Creators claim with the wallet they launched from.
• Traders claim with their Hyperliquid wallet address, the one the coin is tied to. No one else can claim a trader's share.
• There's no deadline. Unclaimed earnings stay yours.

#Who can do what

ELYX has no admin who can touch a coin after it launches. Here is every permission that exists:

#Contracts

The contracts on Elysium:

• Launcher0xE5B0824fC200CCa55b964FD8b6516B9f2A037016
• Hook (tax + claims)0xc7C4442A749d8d586b5A40B4Fb20fa32346B6AcC
• Router0x01f11e8db7E764b2298521B605C66FC439765554
• Uniswap v4 PoolManager0xCf491b341B67e3b8b131C25d9302Ce85F77482A4

Each coin is its own ERC-20 contract. Its address is on its coin page, with a button to copy it.

#If the app is down

Your coins and your earnings live in the contracts, not in this app. If the site or a network node stops responding, nothing is frozen: you can still sell and claim.

Your wallet can't reach Elysium

Change the network's RPC in your wallet. In MetaMask: Settings → Networks → Elysium → RPC URL. Use the official Elysium RPC published by Kinetiq or one from an RPC provider. The network stays the same: chain ID 99901, currency symbol HYPE.

Sell or claim without the app

Open the contracts on the Elysium explorer and use their Write tab, connected with your wallet.

1. Claim: on the Hook contract call claim(to) with your own address. Everything you've earned arrives in HYPE.
2. Sell, step 1: on your coin's contract call approve(spender, amount) with the Router address and the amount to sell (in wei, 18 decimals).
3. Sell, step 2: on the Router call sell(key, amountIn, minOut, to, deadline). The pool key is:(0x0000000000000000000000000000000000000000, your coin's address, 0, 200, 0xc7C4442A749d8d586b5A40B4Fb20fa32346B6AcC)Set to to your address and deadline to a Unix time a few minutes ahead. A minOut of 0 accepts any price, so set it to what you're willing to receive.

#Hyperliquid data

Each coin page shows its trader's live Hyperliquid stats: account value, PnL over 24 hours, 7 days, 30 days and all time, a PnL chart and open positions. It comes from Hyperliquid's public API and refreshes about every 30 seconds.

Showing a trader's data doesn't mean they launched or endorse the coin. Check the verified badge for that.

#FAQ