Graduation
The moment a bonding-curve token fills its curve and migrates to a standard AMM pool (e.g. Raydium).
Graduation is when a bonding-curve token (Pump.fun, Bonk Classic) reaches the SOL target on its curve and automatically migrates to a standard AMM liquidity pool — usually Raydium. After graduation, the token trades on the AMM at standard fees and the curve is closed. Only a small fraction of curve tokens graduate; most flatline before reaching the target.
Related
- Bonding curveA mathematical price curve that automatically adjusts a token's price as supply is bought and sold from a smart contract.
- Pump.funThe dominant Solana fair-launch platform using a bonding curve. Tokens graduate to Raydium once the curve fills.
- Bonk Classic (Letsbonk.fun)A Solana bonding-curve launch venue similar to Pump.fun, run by the BONK community.