Graduation

A transition within the protocol

Graduation connects the Launchpad to BIBO's LP layer. A completed launch supplies the assets for its initial pool, and trading moves from the bonding curve to that pool once the transition is complete. For the project, this is the beginning of a market supported by liquidity providers.

The graduation target and a live pool are separate milestones. Curve trading closes when the target is reached; pool trading becomes available after the handoff completes. The market's displayed status identifies which venue is available.

Carrying liquidity into the next market

The quote assets raised during launch, excluding fees, are paired with an allocation of remaining Meme tokens to start the pool. Its opening price matches the final price on the launch curve.

That price is the opening reference for the pool. Subsequent trading and the amount and placement of liquidity determine execution after graduation. Additional LPs can supply capital alongside the initial launch liquidity.

The initial launch position is locked for good; nobody can withdraw it. Its share of the pool's trading fees goes to an LP fee recipient, the protocol by default, which can hand that right to another address. On launches from the first release, those fees are never collected.

What continues, and what opens up

The original Meme token

Holders keep the same asset through graduation. No token migration or exchange into a new version is required.

Fees after graduation

The additional Creator Fee and its creator–holder allocation continue in the launch's pool. The curve's base fee ends; the pool charges its own market fee, paid to its liquidity providers, and, except on launches from the first release, a fixed platform fee set by the Launchpad. The fee badge on the token page shows the total.

Liquidity provision

Participants can open LP positions to support the pool's trading. Holder Fee still belongs to participants who stake the project's Meme token.

A route into ve(3,3)

Pools admitted to the incentive program can compete for vote-directed BIBO rewards. Graduation alone does not grant admission or an emission allocation.