Graduation
Graduation is when a coin finishes its bonding curve and its liquidity moves to a regular DEX pool, where trading continues.
How it works
The curve has a set amount of coins for sale or a set amount to raise. When it is reached, the launchpad stops curve trading and moves the coins and the raised quote into a pool. Most launchpads lock or burn that liquidity.
| Launchpad | Graduates at | Moves to |
|---|---|---|
| pump.fun | All 793.1M curve coins sold, about 85 SOL | PumpSwap, liquidity burned |
| Pons | 4.2 ETH raised | Uniswap v4 with the Pons hook, locked |
| Four.meme | The whole curve, about $10,000 | PancakeSwap |
| flap.sh | BNB Chain 800M sold; Robinhood Chain 80% sold, about 5 ETH | Uniswap v3 fork or v2; Robinhood Chain v2 |
| Bags | 85 SOL by default | Meteora DAMM v2 |
| LaunchLab | 85 SOL, or a custom curve from 24 SOL | Raydium CPMM |
Worked example
pump fun: selling all 793.1M curve coins leaves 279.9M virtual coins. k ÷ 279,900,000 = 115.005 SOL on the quote side, minus the 30 virtual: 85.005 SOL raised. The market cap at that point is about 411 SOL.
How often it happens
Of non-team Pons coins launched 14 to 27 October 2026 and 1 to 6 days old when measured, 0.84% had graduated. See the Launch Desk report.
Sources
- The Launchpad Atlas, every value with its source.
Also called: bonding, migration.
Related
- Bonding curve: A bonding curve is a launchpad’s built-in market that sets a coin’s price from how much of it has been bought, so the price rises with every buy.
- Creator fees: Creator fees are the share of a coin’s trading fees that the launchpad pays to the coin’s creator.
Updated 12 Nov 2026. Source: Unison (unisongo.com). Launching a coin can lose money.