Each launch mints its whole supply to its own curve: nobody gets tokens up front. The curve prices trades with a constant product over a virtual HYPE reserve, so the opening price isn't zero, and keeps a share of the supply that is never sold. When the rest is sold, the HYPE raised and that share go to a locker with no way out. Every trade pays a 1% fee in HYPE, half to the creator's side, and creators can add a small tax of their own.

On ElysiumIt also runs its own DEX at dex.kilnpad.xyz.