Docs
How Zephyr works, where the fees go, and what to know before you trade.
How it works
Every coin on Zephyr is launched on Elysium, the Hyperliquid L2, and paired with HYPE, USDC or KNTQ (tokenised US stocks are coming). Coins trade in a Uniswap v4 pool from the first block, so aggregators and terminals that route Uniswap v4 on Elysium can trade them too. You buy with the paired asset and get it back when you sell; HYPE is paid and received natively.
There is no bonding curve. A coin launches with a fixed supply of 1,000,000,000, no owner, no mint and no tax. Every coin opens at the same market cap, 42.27 HYPE when paired with HYPE, and the same dollar value (about $3.2K) when paired with USDC or KNTQ. The whole supply is placed as one single-sided position starting exactly at that price, so the pool itself is the curve: every buy walks the price up the range. The position belongs to a locker contract that can only collect fees and has no function to remove liquidity, so it can never be pulled.
Graduation. There is nothing to migrate. A coin graduates when its price is 24,600 ticks above the opening price (about 11.7x), read straight from its pool. Getting there takes about 102 HYPE of net buying (the same dollar amount on USDC and KNTQ pairs), so what goes in versus the market cap at graduation is about 1 : 4.8, the same proportion as pump.fun. Graduation is a milestone: the coin gets a Graduated badge and its own tab, and it stays graduated even if the price falls back later.
Protection
These rules are enforced on chain by the contracts, not by this website. A coin's launch guard and locked liquidity are fixed the moment it launches and can't be changed by anyone, including us.
Anti-snipe guard. For the first 10 seconds after a coin launches, no single buy can take more than 1% of the supply, so bots can't sweep the opening. The creator's own first buy happens inside the launch transaction itself, before anyone else can trade, and is capped at 3%. After 10 seconds the guard switches itself off for good.
Same start for everyone. Every coin opens at the same market cap and the whole supply goes into the pool. There is no presale, no team allocation, no hidden wallet and no mint: the only way to own a coin is to buy it.
No copycat tickers. Each ticker can be launched once for free; case doesn't make a new one. Copying a live ticker costs 1 HYPE, held by the factory contract. It goes back to the launcher only if their coin graduates within 48 hours; otherwise it goes to the treasury. Copycats can't cheaply split a coin's buyers and attention, and the original keeps trading untouched.
Liquidity can't be pulled. The pool position belongs to a locker contract that has no function to remove liquidity. It can only collect trading fees.
Fees
Every buy and sell pays a 1% trading fee. It accrues to the locked position and is collected by the splitter contract, which splits it the same way for every coin:
Fees build up in the pool until someone presses Cycle fees on a coin's page (anyone can, and our keeper bot does it automatically). Cycling collects them, sells any coin-side fees into the paired asset through the same pool, and splits them on chain.
Rewards & points
Holders. The keeper bot pushes each coin's holder share to its holders in the paired asset, pro rata, wherever they bought. You can also claim it yourself on the coin page or your Profile at any time. Wallets holding fewer than 1,000 tokens are not tracked (dust).
Points (season 1). Points are counted from on-chain trades and shown live on your Profile and the leaderboard. Weeks run Monday 00:00 to Monday 00:00 UTC.
Weekly payout. Half of every $ZEPHYR buyback goes to the rewards pot. Every Monday the pot is split by that week's points and you claim your share on your Profile. No wallet can take more than 10% of a week's pot.
What doesn't count. Protocol and platform wallets; scripts trading more than 300 times in an hour; and buying and selling the same coin in the same block (wash round trips). Invites are bound once with a free signature and can't be changed.
Risks
- Coins are highly speculative. Most lose value, and you can lose everything you put in.
- Elysium is a new network. Withdrawals from Elysium back to HyperEVM take about six days to settle.
- The contracts have not had an outside audit yet. Admin settings (the fee split, the pairing list, vault keepers) are held by the team's key. No admin can remove locked liquidity or withdraw from the vaults.
- When fees are cycled, token-side fees are sold through the coin's own pool. A trader who moves the price just before can take a small part of that swap.
- Prices and stats on this site come from on-chain data and third-party price feeds, and can be delayed or wrong.