Operator's manual

00Overview

kLaunch is a permissionless memecoin launchpad on Kinetiq's Elysium testnet. Anyone can launch a coin priced in an approved quote token: test USDC, HYPE (wrapped), or the platform token $KFUN.

Each coin trades on a bonding curve first. When the curve has raised its target, the coin graduates into an AMM pool whose liquidity is locked forever. On the curve and on the AMM alike, every trade pays a 1.5% fee in the quote token, and 90% of that fee goes to the coin's holders.

create ─► CURVE ── target raised ──► GRADUATE ─► AMM, LP locked
            │ 1.5% fee in quote       (once)      │ 1.5% fee
            └──────────────────┬──────────────────┘
                               ▼
                    FeeRouter · 90 / 9 / 1
                               │ 90%
                               ▼
                          holders' pot
                               │ distribute() at threshold
                               ▼
                       12 h stream ─► claim()

01Quick start

1. Add Elysium testnet to your wallet. Use the button in 10 network, or enter the values by hand.
2. Get test HYPE for gas from the Kinetiq faucet↗.
3. Try the curve maths in the calculator or the terminal.
4. The trading app goes live after the contracts deploy. Until then there is nothing to buy, and any "kLaunch" token you see is not ours.

02Launching a coin built

Calling createLaunch on the LaunchFactory takes a name, a ticker, a metadata URI and a quote token. In one transaction it deploys a new LaunchToken and opens its curve.

The token is a plain ERC-20. It has no owner, no mint function, no blacklist and no transfer tax, so nobody can print more of it or freeze anyone's balance. The creator gets no free allocation. Creators earn through their 1% of fees.

When a coin launches, the factory copies its quote token's settings (graduation target, reward threshold, minimum trade) into that coin. Changing a quote's settings later only affects coins launched after the change.

03Bonding curve built

The curve is a vending machine that always has a price. It uses the constant-product rule, x · y = k (the same formula Uniswap v2 uses), over virtual reserves. Virtual reserves are pretend balances that set the starting price. They are solved from the graduation target T so that two things hold exactly:

• Selling all 165.9M curve tokens raises exactly T in quote.
• The final curve price equals T / 44.1M, which is the AMM's opening price. There is no jump at graduation.

x0 = S² / (S − A)      ≈ 225,967,241 tokens   (same for every target)
y0 = A · T / (S − A)   ≈ 0.3621 · T
     S = 165.9M curve supply     A = 44.1M AMM reserve

Every coin's price climbs the same 14.15×, whatever its quote token or target. Market cap starts at about 0.3365 × T and reaches 4.762 × T at graduation. For a 25,000 tUSDC target, that's about 8,412 tUSDC at the first buy and 119,048 tUSDC at graduation.

Rounding

Every rounding favours the pool. Fees and "quote needed" round up, while tokens out and quote out round down. The pool can gain a few wei from rounding but never lose any, and thousands of 1-wei trades can't extract value. Every trade takes a minOut and a deadline, so it reverts instead of filling at a worse price than you accepted.

Calculator

Simulates a first buy on a fresh curve with the contract's own math and rounding. It uses the provisional testnet targets. It's not a live price.

04Fees built

Every trade pays 1.50% of its quote amount. The rate is the same for every coin and can't be changed. The fee is always paid in the quote token, never in the memecoin.

• Buy: the fee comes off what you send. fee = quoteIn × 1.5%, and the rest enters the curve.
• Sell: the fee comes off what you receive. The curve computes the gross quote, sends the fee to the router, and pays you the rest.

1.50% fee ──► FeeRouter
               ├── 90%  holders' pot    (streamed to holders, see 05)
               ├──  9%  treasury        (plus all rounding dust)
               └──  1%  creator         (claimable any time)

The split is written into each coin at launch and can't change for that coin, not even by governance. Rounding dust always goes to the treasury, so the three shares add up to exactly the fee, down to the wei. The router records only what actually arrived. Payouts are pulled by their recipients, never pushed.

Fees round up, so any non-zero trade pays at least 1 wei. That costs a trader at most 1 wei extra per trade, and it means tiny trades can't dodge the fee.

05Holder rewards building

Each coin's 90% share collects in its own pot, in the quote token. Nothing is paid by looping over holders on-chain. Rewards are streamed and each holder pulls their own.

1. Threshold. Once the pot reaches its threshold, anyone can call distribute().
2. Bounty. The caller gets 0.10% of the batch, capped per quote token, as a thank-you for paying the gas. The bounty comes out of the holders' batch. provisional
3. Stream. The rest streams to holders over 12 hours. If a batch starts while another is still streaming, the leftover rolls into the new rate.
4. Claim. You earn in proportion to balance × time held during a stream. Claim whenever you like.

• Sniping doesn't pay. Buying just before distribute() and selling right after earns only your time-weighted share of a 12-hour stream, not a full batch.
• Transfers settle both sides before balances change, so neither party gains or loses accrued rewards.
• Pool addresses don't earn. The curve, the AMM pair, the locker, the factory, 0x0 and 0x…dEaD are excluded from rewards.
• Nothing vanishes. If no eligible holders exist yet, rewards wait in the pot until they do.

In development. Fees are already being split and credited to the pot.

06Graduation building

A curve is complete when its real quote reaches the target, or when its supply runs out. built

• The last buy is capped. If your buy asks for more tokens than are left, you get exactly what's left and pay only what those tokens cost. The rest never leaves your wallet. built
• It happens inside that buy. The trade that completes the curve also graduates it, so holders are never stuck between the two.
• Same price. The raised quote and the 44.1M reserve seed the AMM at the curve's final price. The pool is seeded from the curve's recorded amounts, not its token balance, so donating tokens to it can't move the opening price.
• Pre-seeded pool attacks are handled. Nobody can distort the opening price by creating or funding the pair address first.
• Locked forever. LP tokens are burned or sent to a locker that has no withdraw function.
• One time only. Once graduated, every curve function reverts.

After graduation the AMM charges the same 1.5% fee in the quote token and sends it through the same router with the same 90/9/1 split. Anyone can open another pool for the same coin somewhere else, but only kLaunch pools pay holder rewards.

07$KFUN & $sKFUN building

$KFUN is the platform token: 2,100,000,000 supply, minted once to the treasury. Stake it to receive $sKFUN and earn chain rewards.

stake(amount)          ──► earning immediately
requestUnstake(amount) ──► stops earning now · queued for 3 days
withdraw(entryId)      ──► after unlockTime · exactly the queued KFUN

• Chain rewards include Kinetiq's builder allocation of sequencer revenue and anything else the treasury routes in. Kinetiq hasn't published how the allocation is paid, so the receiver accepts native HYPE (wrapped on arrival) and any ERC-20, on any schedule.
• Each reward token streams over its own period, 7 days per top-up. There are at most 8 reward tokens. provisional
• The 3-day queue is fixed. Queued KFUN earns nothing, and nobody can withdraw a queue entry early, twice, or for someone else.
• $sKFUN is non-transferable. provisional

08Quote tokens provisional

A coin can only be priced in a token governance has deliberately listed. Before listing, the registry test-drives the token. It moves some to a helper contract and back, and requires the exact same amount to arrive every time. That rejects fee-on-transfer and rebasing tokens. ERC-777-style hook tokens are rejected too. built

Elysium has no canonical wrapped HYPE, so kLaunch deploys its own WETH9-style WHYPE, plus a test USDC. Tokens that are upgradeable, pausable, blacklisting, or have a switchable fee are never listed.

09Safety model

• Pause is narrow. Pausing stops new launches only. It can never block trades, sells, claims, withdrawals or finishing an unstake. tested
• No proxies on the coin, the curve or the rewards. The code on the explorer is the code that runs.
• Timelock. Every admin change waits 48 hours provisional, and none of them can touch an existing coin's fee split.
• No forced selling. The protocol never sells your memecoin to fund anything. Rewards come only from fees paid in quote tokens.
• Reentrancy. Every external call path is guarded. The fee router pulls fees inside its own lock, so a tricky token can't interfere mid-transfer.

How it's checked

• Unit and fuzz tests, with 10,000 runs per fuzz test in CI.
• Invariant suites that throw random action sequences at the system and check after each step that no value was created or lost.
• An independent reference model, written separately from the contracts. The contracts must match it to the wei.
• Static analysis, and at least 95% line and branch test coverage.
• Every component is reviewed before it ships, and every fix is checked again.

None of this replaces a professional audit, and there hasn't been one yet.

10Network

Elysium is Kinetiq's Arbitrum Orbit (Nitro) L2, and it settles to HyperEVM. Gas is paid in native HYPE, and blocks come every 100 to 200 ms.

Network name

Kinetiq Elysium Testnet

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Chain ID

99801 (0x185d9)

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RPC URL

https://testnet-rpc.elysium.kinetiq.xyz

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Currency

HYPE

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Explorer

elysium.kinetiq.xyz/testnet-explorer

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Faucet

elysium.kinetiq.xyz/testnet-faucet

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Live block

…

Source: Kinetiq chain specifications↗. The chain ID was also confirmed from the RPC itself. Another, unrelated chain is also called "Elysium". Only use chain ID 99801.

11Contracts

No kLaunch protocol contracts are deployed yet. Addresses will be listed here at testnet launch, each with its deploy transaction and verified source on the explorer.

12Glossary

Quote token

The token a coin is priced and traded in (tUSDC, WHYPE, KFUN). Fees are always paid in it.

Bonding curve

A contract that always quotes a price from a formula, so there's liquidity from the first trade.

Virtual reserves

Pretend balances that set the curve's starting price. They're derived from the graduation target.

Graduation

The one-time move from the curve to an AMM pool with locked liquidity.

Pot

A coin's holder-reward balance, waiting for the next batch.

Stream

Paying a batch out evenly over 12 hours instead of all at once.

Dust

The few wei left over by integer rounding. It always goes to the treasury.

Timelock

A delay every admin change has to wait out, so users can see it coming.

13FAQ

Can the creator rug?

The creator gets no tokens and has no special powers over the coin. There's no mint, no owner and no tax switch. After graduation the liquidity is locked for good. Creators earn only their 1% of fees.

Why are rewards streamed and not paid instantly?

Instant payouts reward whoever buys a second before the payout. Streaming over 12 hours pays people for how long they held, which makes sniping unprofitable.

Why does the price rise exactly 14.15×?

It follows from the 79/21 split. A curve that sells 79% and ends at the AMM's opening price has to rise by (S / A)² = (165.9 / 44.1)². A linear curve can't meet both constraints with this split at all.

Is my buy ever partly refunded?

It can be partly not taken. If your buy would go past the end of the curve, you get the remaining tokens and pay only what they cost. The rest stays in your wallet.

When is mainnet?

kLaunch goes to mainnet when Kinetiq launches Elysium mainnet. Until then everything runs on testnet, so you can try it with free test tokens and nothing is at risk.