Guide: graduation
This guide is for holders, buyers and creators who want to understand graduation. It needs no technical background.
Graduation is the moment a token's bonding curve is full. The curve is the built-in price formula a new token trades against. When it graduates, the same contract turns into the token's permanent trading pool. Buying and selling keep working in the same place.
What you need
- Nothing to watch it happen. You can follow progress on any token page without a wallet.
- To trade or help finish a graduation: a Quai wallet (Pelagus or Blip) and QUAI for the amount plus network gas (the fee each transaction pays to the network).
How a token gets there
A token graduates when its curve sells out all the supply set aside for it, or when it reaches its raise target. For current launches that target is 25,000 QUAI net raised. Older tokens can have other numbers, so look at the token page.
On a token page you see a bar called BONDING CURVE · PROGRESS TO GRADUATION. It shows how full the curve is.
What you will see
- Before. The progress bar fills as people buy.
- The last buy. If your buy would fill the curve, the Trade panel says: "This buy finishes the curve." You get the last tokens, only what they cost is sent, and the rest of your QUAI stays in your wallet. The token then graduates.
- A banner. A message says the token "just graduated" and the pool is live.
- After. The progress bar is replaced by GRADUATED — POOL LIVE, TRADES FOREVER and a Graduated tag appears near the token name.
If nobody makes the last buy
Sometimes a curve is full but nobody has placed the buy that flips it. If your token page shows a Finish & graduate button, anyone can press it. It is open to everyone, and whoever presses it pays the network gas.
- Press Connect to finish & graduate and approve the connection, if needed.
- Press Finish & graduate. The button shows Graduating….
- Confirm in your wallet. You see "Graduated" and the page refreshes.
If you see "Not due yet", the curve has not sold out. If you see "Already graduated", refresh the page.
After graduation
- Trade as before. The same Buy and Sell panel works.
- Fees split. On newer tokens, each swap fee after graduation is shared between liquidity providers, the creator and the treasury. Liquidity providers always keep at least 30%.
- Liquidity tab. Open the Liquidity tab on the token page to add or remove your own liquidity in the pool. See Guide: pools and farms for the separate HartiiSwap pools.
- The raised liquidity stays. The QUAI the curve raised moves into the pool and the creator cannot withdraw it. Your own tokens stay free to move and burn.
- LP Reserve (newer launches). Tokens launched on the current factory set aside 3% of supply that streams out to real liquidity providers over 56 days after graduation. If you are one, the Liquidity tab shows an LP Reserve stream and a Claim LP Reserve rewards button.
- A price step. The pool is seeded only from the real QUAI raised, not the curve's virtual numbers. Tokens on older versions can show a small step at the graduating trade. Newer launches are designed to open at the curve's last price.
Common mistakes
- Expecting a new place to trade. There is none. The token page is still the place.
- Wrong network. If a button will not work, switch your wallet to Quai Network.
- Not enough QUAI for gas. Finish & graduate costs gas. Keep a few QUAI spare.
- A transaction looks stuck. Do not press again. Check the receipt on quaiscan.io first.
Next
- The exact mechanics: Bonding curve > Graduation mechanics.
- Pricing before and after: Pricing a token.
- Trading in the meantime: Guide: buy and sell.