What triggers graduation on THRYX?

The bonding curve crossing 250,000,000 THRYX raised. The buy transaction that crosses the threshold automatically triggers burn, pool seeding, and the flip of the graduated boolean — all in the same on-chain call. There is no separate claim step and no admin action required.

Can a token un-graduate?

No. Graduation is a one-way state transition. Once graduated is true, the token trades on Uniswap V4 permanently. The bonding curve is disabled for that token forever and all buy/sell calls route through the V4 pool.

What happens to holders' tokens at graduation?

Nothing. Holders keep every token they bought on the curve. Graduation only changes the market-making venue. A holder can sell the same token on the V4 pool they bought on the curve — same ERC-20 contract, same balance, just a different liquidity source.

Is graduation the same as a presale ending?

No. A presale has a fixed-price allocation and a hard cutoff. A bonding curve has dynamic pricing the whole way and no cutoff — the curve price keeps rising until someone pushes it over the threshold. Graduation is the endpoint of dynamic pricing, not a sale closing.

Can I front-run a graduation on THRYX?

Technically yes — any buy that crosses the threshold graduates the token, so a trader can monitor progressBps and submit the graduation-triggering buy themselves. In practice the THRYX AutoTrader, other autonomous bots, and manual snipers compete for this. The paymaster sponsors gas so there is no gas-war advantage, just speed and position sizing.

Does graduation cost the creator anything?

No. The creator does not pay any fee at graduation. The protocol takes 0.5% of the raised THRYX as a graduation treasury cut, and 15% seeds the LP — both come out of the curve reserve, not the creator's wallet.

How Does Token Graduation Work on Bonding Curves?

7 min read

Every token launched on a bonding-curve platform starts life with no real order book. Buyers and sellers trade against a mathematical curve instead of other users. The curve sets the price, holds the liquidity, and has a fixed endpoint. Graduation is that endpoint. It is the moment the token stops trading on the curve and starts trading on a normal decentralized exchange pool. This post walks through exactly what happens before, during, and after a graduation event, using the THRYX launchpad on Base as the worked example.

What is token graduation in one sentence?

Token graduation is the one-transaction hand-off of a token from a bonding-curve AMM to a production DEX pool with real, permanent liquidity. Before graduation, the token lives inside the launchpad contract and trades against a virtual reserve. After graduation, the token trades on a regular Uniswap pool that is visible to every aggregator, wallet, and charting site on the chain.

Why do bonding-curve tokens need to graduate at all?

Bonding curves solve the cold-start problem. A brand-new token has no buyers, no sellers, and no one willing to seed a liquidity pool. The curve plays both sides: the contract itself is always willing to buy or sell at the current curve price, with the math guaranteeing the price rises on buys and falls on sells. That is enough to bootstrap a token from zero to meaningful volume.

But curves have a ceiling. The virtual reserve is finite. Once most of the curve supply has been bought, the price impact on further buys grows quickly and the curve stops being a good market maker. Graduation moves the token from bootstrap liquidity to grown-up liquidity: a real pool with real tokens on both sides that can absorb large trades without 10% slippage on every swap.

What is the graduation threshold on THRYX?

On THRYX the threshold is 250,000,000 THRYX raised into the bonding curve. At current prices that is roughly $55 of trading volume flowing through the curve in net buys (not gross volume — the curve only counts the THRYX that was actually swapped for tokens and stays in the curve). The threshold is enforced on-chain by the GraduationFacet at 0xe18a9f9bb8914a29d55d4df84eab0475dcce2969 and is readable via getCurveInfo(tokenAddress).progressBps — a basis-point value from 0 to 10000.

THRYX uses THRYX as the reserve asset on every curve rather than ETH. That is a structural choice: it makes graduation Token/THRYX pairs instead of Token/ETH pairs, which concentrates liquidity on THRYX and creates a natural demand sink for the platform token. pump.fun on Solana uses SOL as the reserve and graduates to Token/SOL pools on Raydium at roughly $69k market cap — the threshold is much higher because SOL is a much more valuable reserve.

What happens at the exact moment of graduation?

Graduation is triggered atomically inside the buy transaction that pushes the curve over the threshold. The same transaction that crosses the 250M THRYX line also does all of the following, in order, in a single on-chain call:

Complete the buy that triggered graduation — the buyer gets their tokens at the pre-graduation curve price.
Burn the unsold curve supply. Any tokens that were allocated to the curve but never bought are sent to the zero address. This is ~20% of the total supply on average.
Seed the Uniswap V4 pool with 15% of the raised THRYX plus the remaining Token supply, at a price that matches the post-buy curve spot price exactly.
Route 0.5% of the raised THRYX to the graduation treasury cut.
Flip the token's graduated boolean to true so future trades route through Uniswap V4 instead of the curve.
Emit a Graduated event so the frontend, indexers, DexScreener, GeckoTerminal, and every aggregator pick up the new pool immediately.

Gas cost for a graduation buy on Base is ~968,000 gas. That is three to four times the gas of a regular bonding-curve trade. THRYX sets a 1.5M gas limit on every buy to leave headroom so a trade that happens to be the graduation trade never fails on estimate. The user pays nothing — the on-chain paymaster sponsors the gas.

Is the price continuous across graduation?

Yes. This is the single most important design constraint on any graduation mechanism: the first trade after graduation must happen at the same price as the last trade before graduation. If the price jumps, bots arbitrage the gap and the creator loses value. THRYX enforces price continuity by computing the seed ratio for the Uniswap V4 pool from the curve's post-buy spot price, not from a fixed ratio. The pool opens at exactly the spot price of the bonding curve at graduation block.

From a trader's perspective this means you can buy at block N and sell at block N+1 — where block N is pre-graduation and N+1 is post-graduation — and pay only the 0.5% round-trip fee. No slippage event, no price cliff, no gap. The only visible change is the Trade button on the THRYX UI now routes to a V4 pool address instead of the curve.

What happens to the bonding curve after graduation?

The curve is permanently disabled for that token. Its state stays on-chain forever as a historical record, but buy() and sell() calls against a graduated token revert with a GraduatedToken error. All trading moves to the V4 pool. The curve's virtual reserve is mathematically irrelevant after graduation — it was always virtual, it was never holding real assets, and nothing of value is lost.

Why is graduation the most profitable event to trade?

Three structural features make graduation a mechanical price event rather than a speculative one. First, the supply shock: ~20% of the total supply is burned at graduation, permanently reducing circulating supply. Second, the liquidity shock: Token/THRYX liquidity jumps from virtual to real in one block. Third, the visibility shock: the token goes from invisible to all DEX aggregators to listed on DexScreener, GeckoTerminal, DeFiLlama, 1inch, Matcha, and CoinGecko in a matter of minutes. Post-graduation price action is driven by new buyers finding the token through aggregators, not by existing curve holders.

The THRYX AutoTrader is built around this fact. Its scoring algorithm awards +70 to any token above 90% graduation progress, +50 above 85%, +35 above 80%, and +15 above 70%. An 8-expert internal audit (memory/audit_autotrader_strategy_2026_04_14.md) found that graduation sniping is the only structurally profitable strategy on bonding curves — momentum trading breaks even at best because of the 1% round-trip fee floor. Source: thryx.fun/autotrader.

How often do tokens actually graduate?

Rarely. Of 512+ tokens launched on THRYX to date, four have reached graduation — a rate of roughly 0.78%. Market simulator output with 5 agent archetypes and Monte Carlo validation reproduces this rate (memory/project_architecture.md). On pump.fun the historical graduation rate is similar: roughly 1% of tokens launched ever reach the Raydium migration threshold. The vast majority of bonding-curve tokens never graduate — they stall on the curve, get abandoned, and eventually drift to zero volume. That is a feature of bonding-curve economics, not a bug: the curve acts as a filter that only lets tokens with genuine demand cross the threshold.

THRYX graduation vs pump.fun migration — side by side

Mechanic	THRYX (Base)	pump.fun (Solana)
Reserve asset	THRYX	SOL
Threshold	250,000,000 THRYX (~$55)	~$69,000 market cap
Burn at graduation	~20% of total supply	Unsold curve supply
Seed asset split	15% raised THRYX + all unsold tokens	85 SOL + all unsold tokens
Destination pool	Uniswap V4 Token/THRYX	Raydium Token/SOL
Price continuous?	Yes (seeded at curve spot)	Yes (seeded at curve spot)
Gas cost for graduation buy	~968k gas (~$0.01 on Base, paid by paymaster)	Solana fee (paid by user)
Creator earns on post-graduation trades?	Yes, 70% of 0.5% swap fee	No
Historical graduation rate	~0.78% of launches	~1% of launches

How can you tell a token is about to graduate?

On THRYX every token page shows a progress bar driven by progressBps from the on-chain getCurveInfo() view. 70%+ is the watch zone, 85%+ is the buy zone for graduation snipers, and 95%+ means the next meaningful buy will likely be the graduation trade. The /explore page lets you filter by graduation progress to find tokens close to the threshold. The MCP server at thryx.fun/agents exposes the same data to AI agents — Claude Desktop, Claude Code, Cursor, and ElizaOS can all query graduation progress through the get_trending_tokens tool.

On pump.fun the equivalent view is the bonding-curve progress bar on every token page, and third-party tools like DexScreener flag tokens near migration. The signal is the same on both platforms: a climbing curve with strong net buy flow in the last hour.

Does graduation guarantee the token goes up?

No. Graduation guarantees a mechanical supply shock and a mechanical liquidity shock, but the post-graduation price trajectory depends on whether new buyers arrive. Tokens that graduate into dead aggregator visibility — no DexScreener chart momentum, no social signal, no creator activity — often fade after the initial graduation pop. Tokens that graduate with an active community, a ticker that shows up on Twitter/Warpcast, and a creator still posting can see multi-day post-graduation rallies. Graduation is a necessary condition for a breakout, not a sufficient one.

What do creators earn when their token graduates?

On THRYX the creator keeps earning 70% of the 0.5% swap fee on every trade, indefinitely, including every trade after graduation on Uniswap V4. Because graduated tokens are visible to every aggregator, post-graduation volume on a successful token is typically 10-100x the pre-graduation volume on the curve. A token that generated $10 in creator fees on the curve can generate $100-$1000 in creator fees per month on the V4 pool if it holds attention. pump.fun creators, by contrast, earn zero fees on Raydium trades — pump.fun itself keeps the migration fee and the creator has no post-migration revenue share.

The bottom line

Token graduation is the one moment on a bonding-curve launchpad where the token stops being a protocol internal and starts being a real on-chain asset. The THRYX implementation burns the unsold curve supply, seeds a Uniswap V4 pool at the curve spot price, and keeps the creator fee share intact forever. Four of 512+ tokens have made it. The ones that do gain permanent liquidity, aggregator visibility, and a creator fee stream that keeps paying long after the curve is closed.

Frequently asked

What triggers graduation on THRYX?: The bonding curve crossing 250,000,000 THRYX raised. The buy transaction that crosses the threshold automatically triggers burn, pool seeding, and the flip of the graduated boolean — all in the same on-chain call. There is no separate claim step and no admin action required.
Can a token un-graduate?: No. Graduation is a one-way state transition. Once graduated is true, the token trades on Uniswap V4 permanently. The bonding curve is disabled for that token forever and all buy/sell calls route through the V4 pool.
What happens to holders' tokens at graduation?: Nothing. Holders keep every token they bought on the curve. Graduation only changes the market-making venue. A holder can sell the same token on the V4 pool they bought on the curve — same ERC-20 contract, same balance, just a different liquidity source.
Is graduation the same as a presale ending?: No. A presale has a fixed-price allocation and a hard cutoff. A bonding curve has dynamic pricing the whole way and no cutoff — the curve price keeps rising until someone pushes it over the threshold. Graduation is the endpoint of dynamic pricing, not a sale closing.
Can I front-run a graduation on THRYX?: Technically yes — any buy that crosses the threshold graduates the token, so a trader can monitor progressBps and submit the graduation-triggering buy themselves. In practice the THRYX AutoTrader, other autonomous bots, and manual snipers compete for this. The paymaster sponsors gas so there is no gas-war advantage, just speed and position sizing.
Does graduation cost the creator anything?: No. The creator does not pay any fee at graduation. The protocol takes 0.5% of the raised THRYX as a graduation treasury cut, and 15% seeds the LP — both come out of the curve reserve, not the creator's wallet.