The site scans events from the factory's deployment block, published with the addresses. The sources compile with Solidity 0.8.26; struct and function names in these docs are the ones in that source.
Factory
Launches coins (launch), holds every launch position (positionOf), records each coin's creator, pair, creation time and pool id (listings) and the cap it opened at (capOf), exposes the starting cap presets (capPresets, startCapUsd8) and the pair price (pairUsdPrice), and runs creator transfers and community takeovers. It has no owner after deployment, no pause and no function that withdraws a launch position; its router, fee recipient and cap presets are fixed at deployment.
Hook
Attached to every pool with swap permissions only (beforeSwap, afterSwap and their return-delta flags). Computes and takes the fee on every swap, keeps the creator, platform, holder-rewards and buyback balances per coin and the cashback and referral rewards per user, and pays them out when anyone calls payCreator, pushPlatform, pushDividends or buybackBurn, or a user calls claimRewards. feeBpsNow quotes the current fee.
Router
Trades any listed coin in HYPE (buy, sell) or in its paired asset (buyWithPair, sellForPair), converts HYPE to a paired asset and back (ethToPair, pairToEth) along a caller-supplied route, and quotes the HYPE leg (quoteEthToPair, which reverts with the result). The factory uses it for the dev buy. It holds no funds between calls. The names ethToPair, pairToEth and quoteEthToPair are the shared router's; on HyperEVM the native coin they move is HYPE.
Token deployer
Creates each coin as a CREATE2 minimal-proxy clone (EIP-1167) of one of two implementations, plain (tokenImpl) or with holder rewards (divTokenImpl), at the first salt whose address sorts below the pair token's, and initialises it with its name, symbol, metadata and supply in the same call. predict(salt, pair, dividends) gives the address before launch. A clone deploys 45 bytes of code instead of the whole token, which keeps a launch near 1.2M gas.
Coins
Each coin is its own minimal proxy: ofLiqioToken (a plain ERC-20 with permits), or of LiqioDivToken (the variant with holder rewards) when the creator enabled them. Addresses are returned by launch, listed by allTokens(i) and announced by the Launched event; isCoin(address) on the token deployer says whether an address is a Liqio coin.
Price oracle
LiqioOracle returns the USD price (18 decimals per 1e18 base units of the token) of each pair token from HyperCore's oracle price precompile at 0x0000000000000000000000000000000000000807: HYPE from its perp market on the main book (index 159), each stock from its HIP-3 market on the xyz dex (numbered 10000 × dex + index: NVDA 10002, SP500 10052, MU 10015, GME 10041, SPCX 10076, SKHY 10099), times a multiplier where the token tracks a fraction of the market (wSPYx is the S&P 500 / 10) and times the ERC-4626 share ratio for a wrapped xStock; USDC has a fixed price of $1. The list of pair tokens and their markets is set in the oracle's constructor at deployment and can never be changed or extended; a token not in the list cannot be launched against (NoPrice). Adding a pair token means a new Liqio version with its own factory and oracle. The factory calls launchPrice(pair) at launch and the site reads price(pair) for display. There is no keeper, no signer and no delay: the price is Hyperliquid's own.
Pair tokens
The router reaches a stock in one hop from WHYPE on the pool listed above (dex 2 in the route format: a Uniswap v3-style pool, PRJX being a v3 fork). A stock listed without a route trades in the stock itself through
buyWithPair and sellForPair, or in the pool through any Uniswap v4 interface. Every wrapped xStock is an ERC-4626 share of its xStock, and the oracle multiplies the stock's price by the share ratio (about 1.0017 for wNVDAx today). See Direct contract integration for the route format.