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Graduation

Graduation is the process of migrating a token from its bonding curve to the AMM. This happens automatically when the curve accumulates enough XYZ reserves, creating a deep liquidity pool for open market trading.

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Graduation Threshold

A token graduates when its bonding curve reaches its dynamic XYZ threshold in reserves. The threshold is computed from the oracle XYZ/USD price and configured USD targets (e.g., ~$2,000 raised), and can only ratchet upward as the oracle price changes.
You can check any token’s progress toward graduation:
Returns progress_percent, xyz_raised, and graduation_threshold.

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How Graduation Works

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What Changes After Graduation

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Manual Graduation

Graduation usually happens automatically during a buy. However, if a token has reached the threshold but hasn’t graduated (edge case), anyone can trigger it manually:
This is permissionless — no funds required, anyone can call it.

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Post-Graduation Trading

After graduation, use the AMM to trade:
  • Buy tokens: Swap XYZ for tokens on the AMM
  • Sell tokens: Swap tokens for XYZ on the AMM
  • Check price: Query the AMM pool for current reserves and price
The AMM may charge an augmented fee (up to 5%) on top of the base 1% swap fee for newly graduated pools. This extra fee auto-disables once the pool reaches a target value, ensuring fair price discovery during the transition period.

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Next Steps

AMM Overview

Understand how the AMM works

AMM Swapping

Trade tokens on the AMM