Bonding Curve & Graduation

After launch, a token initially trades on the Bonding Curve. Once all available tokens on the curve are sold, the token automatically graduates and liquidity is deployed to Uniswap.

Key Parameters

  • Total supply is fixed at 1 billion tokens.
  • Allocations are capped at 40%. A higher allocation reduces the number of tokens available on the Bonding Curve and increases the starting price, while the Graduation Threshold and valuation at graduation remain unchanged.
  • The price ratio from the start to the end of the Bonding Curve is fixed at 16×, regardless of the allocation ratio or Quote Token.
Caution

16× refers to the ratio between the Bonding Curve's starting price and graduation price. It does not represent an actual return.

Actual returns depend on the price at which a user buys. If the available supply is never fully sold, the token will not graduate. After graduation, the price is determined entirely by the market.

Graduation

Once all available tokens on the Bonding Curve are sold, graduation occurs automatically within the same transaction:

  • Bonding Curve reserves and the Quote Tokens raised are automatically deployed into a Uniswap liquidity pool
  • The LP position is sent to a permanent liquidity lock and cannot be withdrawn
  • Subsequent trades automatically route through the corresponding Uniswap pool

There is no intermediate state where a Bonding Curve is sold out but still waiting to graduate.

Token Types After Graduation

The post-graduation token type depends on whether trading taxes were enabled at launch:

  • Non-tax token → Uniswap V4
  • Fee-on-Transfer → Uniswap V2

These configurations are mutually exclusive: there is no Taxed + V4 or Tax-Free + V2 combination.

For details on fees and revenue distribution, see Fees & Creator Revenue.