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What graduation does

When a token’s bonding curve completes:
  1. A pool opens on the exchange — a constant-product pool on the native exchange, seeded with the curve’s liquidity
  2. The liquidity position goes into a locker — a dedicated contract holds the position
  3. Trading moves to the exchange — the curve closes, and the token trades in its pool like any other asset
Graduation is automatic: the buy that completes the curve opens the pool in the same transaction. No one — not the creator, not the platform — decides whether or when a completed launch graduates, and there is no moment where the curve is full and the pool is not open yet. The buyer who completes the curve pays the extra cost of opening the pool and receives the graduation reward set for the launch’s quote asset. If the pool cannot be opened, that last buy fails instead of the launch: the curve stays open just short of full, and selling keeps working. The pool itself cannot be squatted: constant-product pools are not open to public listing, and graduation refuses to seed any pool that already exists — so nobody can open a launch’s market ahead of it and set its terms.

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What “locked” means

Most launchpads promise locked liquidity. Here the locker has no function that could unlock it — withdrawing the position is not a permission that could be granted or a timelock that could expire; the capability does not exist in the contract. What the locker does allow:
  • Fee collection — the locked position keeps earning trading fees, and only its two fee recipients — the creator’s and the protocol’s — may collect them
  • Creator revenue for life — the creator’s share of those fees keeps paying for as long as the pool trades; the percentage is fixed when the position is locked and nobody can change it
This turns launch incentives around: the creator’s upside is the long-term trading of their token, not an exit.