Bonding-curve graduation

Bonding-curve graduation is the point at which a launchpad token's curve reaches its reserve threshold, selling on the curve closes, and the raised reserve is moved into a liquidity pool on a decentralised exchange, where the token trades from then on as an ordinary token.

What a bonding curve is doing before that​

A bonding-curve launch mints a fixed supply straight into a curve contract that prices the token by a formula over its reserves, so there is a well-defined opening price without anyone seeding capital, and every buy raises the price along the curve. Buyers trade against the curve, not against each other.

How BT365's HyperEVM launchpad graduates a token​

On BT365's HyperEVM launchpad, the curve is constant-product with a 60 HYPE virtual reserve, and it graduates when it holds 120 HYPE of real reserve, at which point roughly two-thirds of the supply has been sold. The buy that crosses the line is filled only up to the threshold and refunded the rest. The curve then hands its reserves to the launch factory, and a permissionless call seeds HyperSwap V3 liquidity at the 1% fee tier: a 2% graduation fee comes off the raised HYPE, the remainder is paired with tokens at the curve's closing price, and the liquidity is locked. After graduation the token is an ordinary HyperEVM token on a permissionless DEX. The step-by-step account, including the anti-sniper tax over the first five seconds and where the fees go, is What actually happens when you launch a token on a HyperEVM launchpad?

Those thresholds describe the launch economics as signed into each launch at the time it is created; the launchpad page in the app shows the current values.

BT365 is not available in every jurisdiction, and nothing on this page is investment advice. Newly launched tokens carry risk of total loss.