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How Orpheus works

Orpheus is a fair-launch token launchpad on Elysium, Kinetiq's Hyperliquid L2. Anyone can launch a token in one transaction. There's no presale and no team allocation — every token starts on a bonding curve and has to earn its way out.

1. 1. Launch

   Name, ticker, image. Optionally buy first in the same transaction.

2. 2. The Underworld

   Trade on the bonding curve. Price rises with every buy.

3. 3. Rise

   At 150 HYPE raised, liquidity moves to a locked Uniswap v4 pool.

The Underworld

A token in The Underworld is trading on its bonding curve. You buy and sell directly against the curve contract, so there's always liquidity, and the price is set by how much HYPE has gone in. The “Road to Risen” bar on each token shows how much HYPE has been raised out of the 150 HYPE needed to graduate.

The curve starts with virtual liquidity, so every token opens at a market cap of about 64 HYPE instead of near zero. The first buyers still get the lowest price, but one small buy can't send the price up 100x. When the curve fills, the pool opens at exactly the curve's last price.

Risen

When the curve fills, the token Rises: the raised HYPE and the remaining tokens are paired in a Uniswap v4 pool and the LP position is locked for good. No one — not the creator, not Orpheus — can pull that liquidity. From then on the token trades on Uniswap, and creator and staker fees keep flowing.

Risen tokens have a price floor. All the raised HYPE sits in a buy wall that runs from the launch price up to the bonding price, shaped exactly like the curve. Even if every holder sells everything, the market cap stops at the launch value (64 HYPE) and can't go lower.

Anti-snipe tax

Bots love to buy in the first block. On Orpheus they pay for it. At launch every trade is taxed 99%, and the tax falls in even steps each second until, 3 seconds after launch, only the token's normal fee is left. The tax goes to the platform ($ORPH stakers and treasury); the creator still gets their normal cut. A creator's own first buy, made in the launch transaction, pays no tax and no fee. Every later trade by the creator pays the full fee, and the creator share of it goes to the platform, so devs can't trade their own token cheaper than everyone else.

Creator fees

Each creator picks their own fee, from 0% to 8%, when they launch. It's fixed after that, so traders always know what they'll pay. On top of it every trade pays a 2% platform fee. So a token with an 8% creator fee costs 10% per trade, and one with 0% costs 2%.

• 0–8% to the token's creator (their choice)
• 1% to $ORPH stakers
• 1% to the Orpheus treasury

After a token Rises every trade in its pool pays 3%, always taken in HYPE, including trades made directly on Uniswap. It's split equally: 1% to the creator, 1% to $ORPH stakers and 1% to the treasury, whatever the token's curve fee was. Claim from My Portfolio.

$ORPH staking

$ORPH launches on Orpheus itself, the same fair way as every other token. Once it's live, stake $ORPH to earn a share of the trading fees from every token on Orpheus, paid in HYPE. Your share is proportional to your stake. Rewards build up as people trade; claim them any time from Stake $ORPH. You can unstake whenever you like.

Terms & risks

Tokens launched on Orpheus are created by anyone and are highly speculative. Most will go to zero. Orpheus does not vet, endorse or guarantee any token. Only trade what you can afford to lose, check the token address before you buy, and be careful with high slippage settings. Smart contracts can have bugs.