Launchpad
Graduation
Graduation closes a launch's bonding curve and turns everything it raised into liquidity in a trading pool, locked permanently.
When it happens
A launch graduates when its curve has sold all 780,000,000 tokens of the sale allocation. That happens when the curve has raised its quote target: 7.8 ETH for ETH launches. The target counts only what the curve holds, not fees or trading volume.
Graduation happens in the same transaction as the purchase that buys the last curve token. If a purchase is larger than what is left, the buyer gets the remaining tokens and the rest of their payment is refunded.
What happens
- The curve closes permanently. No more curve trades are possible.
- Everything the curve raised, together with the 220,000,000 tokens it never sold, is moved into the launch's trading pool as liquidity.
- The pool opens at the curve's last price, so the price does not jump at graduation.
- The liquidity position is handed to the locker, which holds it permanently.
- Trading opens in the pool. For reward-mode launches, holder rewards start.
There is no graduation fee.
If something goes wrong
The final purchase must leave enough gas for graduation. If it does not, the purchase fails and nothing changes.
If graduation itself fails after the curve has closed, the funds stay safely held for the launch and anyone can retry. There is no way for anyone, including the protocol owner, to withdraw them instead. The sale never reopens.
Locked liquidity
The liquidity covers the full price range, so the pool can always be traded. It cannot be withdrawn by anyone. The only way it can move is a migration to another approved trading venue, which relocks it in the same step.
Tiny rounding leftovers from creating the position are handled separately: leftover launch tokens stay locked with the position, and leftover pair tokens go to the protocol treasury.