The opening price is established at the first meaningful order book cross — where executable buy and sell interest meet.

It reflects the interaction between initial circulating supply, perceived FDV, pre-launch positioning, and the depth of liquidity provision at launch. Auction formats, pre-market trading, and reference pricing mechanisms may influence the starting range, but true price discovery begins once live order flow interacts.

The opening print is not arbitrary — it is the direct outcome of supply readiness versus immediate demand.