Graduation

Graduation is the moment a token leaves the curve and starts trading on Uniswap v4. It happens automatically, inside the same transaction as the buy that sells the last curve token.

#What happens

1. 1

   The last curve token is sold

   That buy triggers graduation. Nobody has to call anything.
2. 2

   A v4 pool is created

   Between the token and its paired asset, using the AvaxHook hook and the creator’s rules.
3. 3

   Liquidity is added

   The raise and the matching part of the 200M reserve go in as a full-range position. The rest of the reserve is burned.
4. 4

   Trading moves to the pool

   From now on every swap runs through Uniswap and the hook.

#Same price on both sides

The pool opens at exactly the curve's last price. That removes the classic launchpad trick of buying the last curve token and selling it straight away at a higher pool price.

#Locked liquidity

The launchpad owns the pool position and has no function that removes liquidity, so it stays in the pool forever. Anyone can trigger collection of its LP fees: the paired-asset side goes to the creator and the token side is burned.