Graduation

A token graduates once its curve fills — that is, once its market cap reaches the target set at launch. Graduation moves it off the bonding curve and into a real Uniswap V3 pool.

On the current mainnet configuration the target is a market cap of 19.8349 ETH, which corresponds to roughly 4.2 ETH raised into the curve.

TODO — confirm before publishing: which network is public today. The testnet configuration graduates at a 2.5 ETH market cap (≈0.49 ETH raised) and carries a slightly different graduation fee. If the app is pointed at testnet, the numbers on this page should be the testnet ones.

The token page shows a progress bar for this. Above 85% the app marks the token as Graduating.

What actually happens

1. A buy pushes the market cap past the target. Trading immediately stops — see the warning below.
2. Anyone can then call the migration. It is permissionless: the caller pays gas and receives nothing, and the protocol runs a keeper that does it automatically within seconds.
3. All tokens still unsold on the curve are burned. Circulating supply drops.
4. The ETH raised, minus a fixed graduation fee, is paired with the remaining tokens and deposited into a new Uniswap V3 pool at exactly the price the curve closed at.
5. The liquidity position is held by the token contract itself, across the full price range, and can never be withdrawn — not by the creator, not by the team.

The pause between filling and migrating

This is the part worth knowing in advance. From the moment the curve fills until the migration goes through, both buys and sells revert. There is no exit during that window.

It is normally a matter of seconds, because migration is automatic and anyone can trigger it. But if the keeper is down and nobody calls it, the pause lasts until someone does.

After graduation

The token page switches over on its own:

• The header shows a Graduated badge instead of Live.
• The trade panel routes through the Uniswap pool instead of the curve. Default slippage becomes 1%, and approvals are shown as an explicit step.
• A Pool reserves card appears, showing the ETH and tokens sitting in the pool. The deeper the ETH side, the less your trades will move the price.
• A liquidity figure joins the stats band, and the pool gets its own explorer link.

What graduation does not mean

Graduation only confirms the token reached its threshold. It is not a quality signal, not a review, and not a guarantee of future liquidity, price, or your ability to sell. Plenty of graduated tokens go to zero afterwards.