Graduation

Graduation is when a launch leaves its curve and becomes a regular token with its own trading pool.

When it happens

The token page shows Raised toward graduation with a progress bar. When the curve has raised its target (about 86 SOL with the default settings), the curve completes. The buy that reaches the target fills only up to it; from then on the curve can't be traded.

What happens

1. Meteora's migration service moves the launch into a new pool on Meteora's AMM (DAMM v2), usually within minutes. The token page shows Graduating until it's done, then Graduated.
2. Everything goes into the pool: all the SOL (or USDC) the curve raised and the tokens set aside for it. Unbound takes nothing from it.
3. The pool starts at the curve's last price, so there's no jump.
4. The liquidity is split and locked: 20% is Unbound's, locked forever. The creator's 80% is locked forever, or vests on the schedule chosen at launch.
5. The pool's fee is the one chosen at launch, one of 0.25%, 0.3%, 1%, 2%, 4%, 6%.
6. Creator vesting starts. A creator allocation and vested liquidity count their cliff from the moment of graduation.

If Meteora's service is slow, anyone can trigger the move, Unbound included.

After graduation

Trading continues in the Meteora pool: on Meteora, or on apps that route through it, such as Jupiter. Unbound shows the token as graduated, with its full history up to that point.