How it works

Graduation

Graduation is the moment a token leaves its bonding curve and becomes a normal Uniswap V2 token with permanent, locked liquidity. It is the whole point of the curve — a fair, automatic path from launch to a real market.

When it happens

A token graduates when all 800,000,000 curve tokens have been sold. At the published reserves that corresponds to roughly 4.07 ETH raised and a ~19.4 ETH market cap. There is no vote and no manual trigger — the moment the final curve token is bought, graduation executes in the same transaction.

What graduation does

  1. Takes the ~4.07 ETH raised on the curve and the 200,000,000 tokens that were reserved for exactly this.
  2. Deducts the one-time 0.02 ETH graduation fee (see below), then creates a Uniswap V2 pair through the 0x8bcEaA…17937f factory, pairing the token against 0x0Bd7D3…AcAD73 (WETH).
  3. Adds all of that ETH and all 200,000,000 tokens as liquidity, establishing the opening AMM price to match where the curve left off.
  4. Burns the LP tokens to a dead address, so the liquidity can never be withdrawn by anyone — creator, protocol, or trader.
  5. Emits a Graduated event. From here the token trades entirely on Uniswap V2; the bonding curve is closed.

The graduation fee

A flat 0.02 ETH fee is charged once, at graduation, out of the raised ETH. To remove any room for the fee to be abused, it is snapshotted per pool and hard-capped so it can never exceed 0.2 ETH. Whatever the fee is when your token launches is locked in for that token.

graduation
raised        ≈ 4.07 ETH
graduationFee  = 0.02 ETH   (snapshotted per pool, capped ≤ 0.2 ETH)
liquidityEth   = raised − graduationFee
liquidityToken = 200,000,000

→ Uniswap V2 pair (token / WETH) seeded with (liquidityEth, liquidityToken)
→ LP tokens minted, then burned to 0x…dead

Why it's unruggable

"Unruggable" is not a slogan here — it is a property of the mechanism:

  • Nobody holds the LP. Because the liquidity tokens are burned, there is no address that can pull liquidity out of the pool. It is locked forever.
  • The token has no owner. There is no mint, no blacklist, and no pause — so no one can print new supply to dump or freeze your ability to sell.
  • The pool is a standard Uniswap V2 pair. It behaves exactly like every other V2 market; there is nothing bespoke to exploit post-graduation.

Before graduation, tokens don't transfer freely

While a token is still on its curve it can only be bought and sold through the market contract — it is not freely transferable. This closes off pair-seeding and sandwich exploits that rely on moving tokens around before the real pool exists. Free ERC-20 transfers switch on at graduation.

What changes for holders

  • Your tokens become freely transferable and tradeable on Uniswap V2.
  • Pricing moves from the curve formula to the standard AMM pool.
  • The token's creator receives +2,500 Outlaw Points, and every buy that was made on the curve of a token that graduates counts double toward points — see Rewards & points.