Graduation
Graduation is the moment a coin's curve fills and its Uniswap V4 market opens. It happens inside the buy that crosses the line, not afterwards. A coin launched with a directly seeded pool never passes through it: it started in its market.
What the transaction does
- The creator receives 5% of the ETH raised.
- The remaining ETH, plus the 300 million coins held back from the curve, become Uniswap V4 liquidity.
- That liquidity is locked by a protocol contract that has no withdrawal function.
- Transfer restrictions lift. The coin becomes a normal ERC-20.
There is no waiting period, no manual step by the team, and no interval during which anyone holds the raised ETH. Sold out and live on Uniswap are the same block.
What the market looks like at that moment
At graduation on the suggested curve, with ETH at $2,000:
| Market cap | ~$43K |
| Liquidity backing it | ~$21K |
| ETH raised on the curve | |
| Creator's graduation fee | ~$450 |
Liquidity is roughly half of market cap, which is unusually deep for a new coin and is what lets a fresh graduate absorb real buying and selling without the price breaking.
The liquidity is placed in two parts, one just below the graduation price to absorb sells and one just above it to absorb buys, so the coin trades in both directions from the first block after graduation.
Graduating deliberately
Graduation usually happens because someone's buy is large enough to cross the line. Buying exactly what is left on the curve does it on purpose. The coin page shows the remaining amount at any moment.