Token Graduation: From Bonding Curve to Liquidity Pool
What happens when a bonding curve completes, how migration works, and what changes for holders and creators after graduation.
Updated · 5 min read
The migration threshold
Every curve is configured with a market cap at which it completes. Until that point, all trading happens against the curve. Progress towards it is shown publicly on the token page so holders can see how close graduation is.
What migration does
At graduation, the SOL collected by the curve and the tokens still held by it are deposited into a standard AMM pool. Trading moves to that pool, and aggregators pick it up automatically, which is usually when the token starts appearing in third-party price feeds.
After graduation
The curve stops quoting, creator fees earned on the curve remain claimable, and any surplus left over from migration can be withdrawn. Price discovery from then on is driven by the pool and its liquidity depth rather than by the curve formula.