> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hyperpad.fun/llms.txt
> Use this file to discover all available pages before exploring further.

# How the EVM Rail works

> An AMM fair launch on HyperEVM — sale to locked liquidity in four moves.

The EVM rail is a **fair launch**: a fixed-price sale that graduates straight into locked liquidity on
HyperSwap. No bonding-curve games, no private allocations you can't see, no way for the team to walk
off with the pool.

<Frame caption="The live EVM rail — raise, vest, and seed a locked HyperSwap pool in one flow.">
  <img src="https://mintcdn.com/hyperpad/XkLcmdS2FV_2hCfN/images/evm-rail.png?fit=max&auto=format&n=XkLcmdS2FV_2hCfN&q=85&s=05893fd118bd9bf4db8c454db0b433eb" alt="HyperPad EVM rail — the live AMM launchpad" width="2640" height="1640" data-path="images/evm-rail.png" />
</Frame>

## The flow

<Steps>
  <Step title="Sale" icon="cart-shopping">
    Buyers commit HYPE at a fixed price. You can run a single price or stack ordered **phases** (early
    birds cheaper), each with its own cap.
  </Step>

  <Step title="Settle" icon="scale-balanced">
    At close, the contract checks the **soft cap**. Hit it → launch. Miss it → everyone refunds.
  </Step>

  <Step title="Lock liquidity" icon="lock">
    Raised funds + matching tokens are paired into a **HyperSwap LP that's locked**. The team can't
    pull it — only the trading fees are claimable.
  </Step>

  <Step title="Trade" icon="chart-line">
    Claims open and the token trades on HyperSwap. Buyers receive tokens instantly, or on a vesting
    schedule if one was set.
  </Step>
</Steps>

## The guarantees

<CardGroup cols={3}>
  <Card title="Unsold always burns" icon="fire">
    Tokens that don't sell are burned at settlement — never quietly returned to the team. Supply is
    honest by construction.
  </Card>

  <Card title="LP is locked" icon="lock">
    Liquidity can't be rugged. The pool stays; the project only ever withdraws fees.
  </Card>

  <Card title="Refunds are trustless" icon="rotate-left">
    Below soft cap, every buyer reclaims 100%. The contract enforces it — no one has to approve it.
  </Card>
</CardGroup>

<Info>
  Everything runs on **HyperEVM** (chain 999), Hyperliquid's EVM layer. Gas is paid in **HYPE**.
</Info>