Graduation
Graduation closes a launch's bonding curve for good and moves everything it raised into its trading pool, where it is locked forever. It normally happens on its own, inside the buy that sells the curve out. This page explains the steps and what happens if one of them fails.
When it happens
A launch graduates when its curve has sold all 780,000,000 tokens of its sale allocation. At that point the curve holds exactly its graduation target: 7.8 ETH for a launch priced in ETH. Only what the curve holds counts; fees and trading volume do not.
The buy that takes the last tokens triggers graduation in the same transaction. If that buy is bigger than needed, the buyer gets the remaining tokens and the rest of the payment back. The trade form shows that amount as Refunded to you before you confirm.
What happens
- The curve closes. No more curve trades are possible, ever.
- The funds move. The pair token the curve raised and the 220,000,000 tokens it never sold leave the curve.
- The pool opens. The launch's canonical pool opens at the curve's last price, so the price does not jump. Its three-minute price average starts at that same price.
- The position is locked. The funds become one full-range position in the pool, and the position goes to the locker, which holds it forever. See Locked liquidity.
- Trading continues in the pool. The token page switches to the pool. Buy limits end. A reward-mode launch keeps the same fees in the pool, and its holders keep earning. Open limit and DCA orders follow the token into its pool.
From then on the token can also go into other GAMA DEX pools, and once its locked position is in place it can be a pair token for new launches.
There is no graduation fee.
For example, GAMA's graduation on the current release at block 37,694,055 holds every step above in one transaction.
If something goes wrong
Graduation has two protected steps: moving the funds out of the curve, then creating the locked position. Each one either finishes completely or changes nothing.
- The final buy runs short of gas. Graduation needs a lot of gas, so a buy that sells out the curve must leave at least 2,000,000 gas for it. Near the end of a sale the app adds that room to your transaction by itself; unused gas is not charged. A buy without enough fails and nothing changes; the app says "This buy completes the sale and needs more gas to graduate the token. Please retry."
- Moving the funds did not finish. The token page shows Finish graduation: "The bonding curve has sold out, but moving its funds to the DEX pool didn’t complete, so trading is paused."
- Creating the pool position did not finish. The token page shows Complete graduation: "The bonding curve has sold out, but the token’s DEX pool isn’t set up yet."
In both cases anyone can press the button to finish graduation and pays only the network gas. Until then, trading is paused and the token stays closed to pools. The funds stay held for the launch: nobody can withdraw them instead, including the protocol owner, and the sale never reopens.
TIP
If you see Finish graduation or Complete graduation on a token page, you can finish it yourself. It costs only gas, and it makes the pool tradable for everyone.
Rounding leftovers
Creating the position can leave tiny amounts that do not fit into it. Leftover launch tokens stay locked with the position; leftover pair tokens go to the protocol treasury.