Graduation

When it happens

A curve graduates when its reserves reach the threshold it was launched with. The default threshold puts that at a market cap of about $15,000, and an operator can set it to a different figure before a token launches. Whatever it was set to at launch is what that token graduates at, permanently.

A buy that would take a curve past its threshold is refunded down to it. You cannot overshoot and you are not charged for the part that would have.

It happens in the same transaction

The buy that fills the curve also graduates it. That matters because the alternative is a gap: a token sold out, unbuyable, waiting for somebody to notice and pay the gas. The person who fills the curve pays for graduation as part of their buy, which costs them roughly 5 million extra gas.

If that graduation fails for any reason, the buy still stands and the curve stays full. A funded wallet watches for exactly that case and finishes the job. The graduate function is also public, so anyone can call it on a curve that filled and did not migrate.

What gets built

Graduation does four things, all in one call:

1. Creates a Uniswap v3 pool for the token against wrapped MNT, at the 1% fee tier.
2. Puts the curve's entire reserves and the 300,000,000 tokens held back into that pool, across the full price range, and opens it at the ratio between them.
3. Records the position against the creator, so they keep earning from it.

The price steps down here

This page used to say the pool opens where the curve closed. It does not, and the difference is worth understanding before you buy into a nearly full curve.

A curve prices a token as (virtualEth + realEth) / tokensRemaining. The virtual reserve is a constant in the formula rather than money anybody paid — it exists so the first buyer is not paying nothing. Only the real reserve can migrate, so the pool opens lower by exactly the share of supply held back:

pool opening price / curve closing price = 700,000,000 / 1,000,000,000 = 70%

Whoever buys last on the curve pays the closing price and finds the pool 30% below it. That is inherent to any bonding curve with a virtual reserve and no threshold changes it.

The market cap does not move. Those 300,000,000 tokens stop being locked at the same moment the price adjusts, so a figure measured on circulating supply is the same on both sides — which is why the chart runs continuously through graduation even though the per-token price does not. See pricing.

Locked, and what that means

The Uniswap position belongs to a contract that has no function for removing liquidity. It was not written. There is no owner, no timelock counting down, and no upgrade path that could add one later.

Collecting the fees that position earns is a different call, and that one does exist. So fees keep flowing to the creator and to the platform while the liquidity itself stays put.

Trading after graduation

The token page keeps working. Buys and sells route through the pool instead of the curve, and you will not notice much difference beyond the price coming from Uniswap.

It is also just a Uniswap pool, so the token trades anywhere else that trades Uniswap on Mantle. Nothing about it is locked to this site.

Graduation says a curve reached its threshold. It is not a quality signal, and it does not say anything about what happens to the price afterwards.