DOCS

how onlybags works on Elysium (testnet). numbers below are read live from the contracts.

what is onlybags

onlybags is a launchpad for memecoins. Anyone can launch a coin in seconds; it starts trading right away on its own bonding curve, priced in HYPE. When the curve sells out, the coin graduates: its liquidity moves to an onlybags exchange pool and is locked there forever, and the coin trades like any other token from then on.

Every coin has a fixed supply of 1B tokens. Nobody can mint more, there is no team allocation and no presale: the only way to get a coin before it graduates is to buy it on its curve.

launching a coin

Go to launch a coin, pick a name, ticker and image, and sign one transaction. Launching only costs the network fee. Optionally you buy some of your own coin in the same transaction (the dev buy): it pays the normal trade fee, executes before anyone else can trade, and is capped at 10% of the curve supply, so a creator can't take most of the coin at the opening price.

Every coin address ends in …ba65 ("bags"): your browser finds a matching address before you sign. A coin whose address doesn't end in ba65 was not launched here.

The creator earns a share of every trade (see fees). A creator can hand the coin over to another wallet: the new wallet accepts it, and from then on future creator fees go there (fees already earned stay with the old wallet).

the bonding curve

Each coin trades against its own constant-product curve, the same shape pump.fun uses: 793.1M of the 1B tokens are sold on the curve, the price rises with every buy and falls with every sell, and you can always sell back to the curve while it runs. The curve starts with a virtual reserve of … and 1.07B virtual tokens; that sets the opening price.

  • opening market cap: …
  • raised when the curve sells out: …
  • market cap at graduation: … (≈ 14.7× the opening price)

Before graduation a coin can only be bought from and sold to its curve: tokens can't be transferred between wallets or put in a pool yet. That keeps the price on the curve honest and stops anyone from setting up a pool at a fake price.

You always pay and receive native HYPE. The contracts hold it as WHYPE (HYPE wrapped 1:1); you never have to touch WHYPE yourself.

fees

  • trade fee 1.25% on every buy and sell on the curve: 0.3% goes to the coin's creator, the rest to the protocol.
  • launching a coin: free (network fee only).
  • graduating: no fee; everything the curve raised goes into the pool.
  • after graduation: the pool's 1% LP fee. Because the liquidity is locked in the migrator, those fees are split 30% to the coin's creator and 70% to the protocol.
  • other pools on the onlybags exchange: their LP fee (0.01%, 0.05%, 0.3% or 1%) goes to whoever provides the liquidity.

Creators claim their fees on their profile page (wallet menu → profile) whenever they like.

launch fee (anti-snipe)

Bots watch for new coins and try to buy in the first seconds. To make that expensive, a fresh coin starts with a high fee that falls to the normal fee: 50% at launch, dropping linearly to 1.25% after 10 seconds (≈ 25.63% halfway). It applies to buys and sells, so nobody can flip into the first buyers cheaply. The part above the normal fee goes to the protocol, not to the creator. The coin page shows the current fee before you trade.

graduation

The buy that takes the last tokens off the curve completes it. In the same transaction the coin graduates: the HYPE the curve raised and the remaining 206.9M tokens go into an onlybags exchange pool at exactly the curve's last price, the liquidity position is locked forever (no function can remove it), and the coin becomes freely transferable.

On Elysium, only the coin's own migrator can create its first pool while it's on the curve, so nobody can pre-create the pool at a bad price. Graduation deploys the pool, so the buy that completes the curve needs a higher gas limit; the app sets it for you.

If the move to the pool ever fails (it shouldn't), the coin waits and anyone can retry it; our keeper does that automatically.

the onlybags exchange

On Elysium graduated coins trade on the onlybags exchange, our own exchange (a fork of Uniswap V3, not affiliated with Uniswap). It is a public exchange: anyone can swap any pair and provide liquidity.

  • pools: every pool on the exchange with its price, TVL and 24h volume (graduated coins' own pools marked 🎓), with swap and add-liquidity shortcuts.
  • swap: pick two tokens; the app quotes every fee tier on-chain and routes through WHYPE when there is no direct pool. Native HYPE in and out is handled for you. It shows the price impact and the minimum you'll receive.
  • liquidity: open a position (full range or a price range of your choice), add to it, remove it and collect the fees it earned. Positions are NFTs in your wallet ("onlybags exchange positions", OB-POS).
  • fee tiers: 0.01%, 0.05%, 0.3% and 1%. Graduated coins' locked pools use 1%.
  • listings are open: anyone can create a pool for any token. A token being listed doesn't mean it's vetted; the app warns about tokens that imitate HYPE, WHYPE and other well-known tickers, and about unknown tokens. Always check the address.
  • providing liquidity carries impermanent loss: if prices move, you can end up with less value than if you had held.

reading a coin

  • the rug meter on a coin page shows how much of the supply the creator and early buyers ("snipers") hold. It is a rough heuristic, not a safety check.
  • comments show the commenter's position in the coin when they wrote it, so you can see who is talking their bags.
  • the bonding progress bar shows how far the coin is from graduation.
  • moderators can hide a coin from the site (illegal content, impersonation). That doesn't touch the contracts: the coin can still be sold.

Memecoins usually go to zero. Read the risk disclosure before you trade.

chains

onlybags runs on several chains; every coin lives on exactly one. Switch with the chain menu in the header.

  • Elysium testnet: priced in HYPE, which also pays the network fees; graduates to the onlybags exchange.
  • Arc testnet: priced in USDC, which also pays the network fees; graduates to Uniswap V4.
  • Robinhood Chain testnet: priced in ETH, which also pays the network fees; graduates to Uniswap V4.

Need HYPE? See get HYPE.

contracts on Elysium

The contracts have been through several internal audit rounds. An external audit is planned before mainnet; until then, treat them as unaudited.

faq

why can't I send my coins to another wallet?
Coins on the curve can only be bought and sold there. They become transferable the moment the coin graduates.
why did my first buy cost so much in fees?
You bought in the first 10 seconds after launch, when the anti-snipe launch fee is still high.
can the creator or onlybags take the liquidity?
No. The graduation pool's liquidity is locked in the migrator contract, which has no function to remove it.
what can the protocol owner change?
The owner (a multisig on mainnet) can pause new launches and buys at any time; selling can't be paused. Fees, the curve settings and the migrator can only be changed for new coins, after a 2-day delay; existing coins keep the settings they launched with. One exception: if a coin's move to the pool has failed for 3 days, the owner can switch that coin to the current migrator so it can graduate.
is this investment advice?
No. Nothing on onlybags is advice. 18+ only, not available in restricted countries.