Graduation

What triggers graduation?#

For a version-2 market, the final buy leaves exactly 206.9 million tokens in the vault. That exhausts the 793.1 million launch allocation and marks the market graduated in the same transaction.

An untouched curve requires 85.005359057 net SOL to reach this state. Trade history and integer rounding can affect the final reserve. This is an inventory condition, not a fixed USD market-cap target.

Before graduation, sells return tokens to the curve and can reduce its progress. Once the graduated flag is set, subsequent sells do not reverse graduation.

What if my buy exceeds the remaining curve?#

The program sells only the remaining launch allocation and calculates the SOL needed for that output, including its 1% fee. Unused maximum input never leaves the wallet. It does not automatically continue the same order in the graduated pool.

For example, completing a completely untouched curve in one purchase costs 85.863999048 SOL: 85.005359057 SOL enters reserves and 0.858639991 SOL is the platform fee.

Where does the liquidity move?#

The real SOL and remaining tokens stay in the same Bundless market account and Token-2022 vault controlled by its program-derived address. The pool switches from virtual-offset pricing to real-reserve constant-product pricing. The virtual 30 SOL and 73 million tokens are no longer used.

There is no external DEX migration, LP-token mint, or LP-locking service in this implementation. No separate graduation instruction or graduation charge is required.

Can everyone buy immediately afterward?#

Only if the creator chose to open buying after graduation. In that case the final curve buy removes the transfer hook and its authority. If approval was kept, the hook remains and later buys still require the platform signature. Sells through the market remain approval-free.