> ## Documentation Index
> Fetch the complete documentation index at: https://docs.lunya.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Graduation & Locked Liquidity

> From bonding curve to exchange pool, and what locked means here

## 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](/exchange/overview), seeded with the curve's liquidity
2. **The liquidity position goes into a locker** — a dedicated contract holds the position
3. **The transfer gate lifts** — the token becomes freely transferable and trades like any other asset

Graduation is **permissionless and incentivized**: once the curve is complete, anyone can call it, and the caller earns a graduation reward set for the deployment. No one — not the creator, not the platform — decides whether a completed launch graduates; the reward makes sure someone actually pulls the trigger.

The pool itself cannot be front-run: [CP pool creation is restricted](/exchange/pools-and-fees#who-can-create-pools) to the launchpad's role, so nobody can open a launch's pool ahead of graduation and set its terms.

## 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 the designated fee recipients may collect them
* **Creator revenue for life** — the creator's share of those fees keeps paying for as long as the pool trades

This turns launch incentives around: the creator's upside is the long-term trading of their token, not an exit.