07After the curveA coin starts on a bonding curve and graduates to an open pool at 30 SOL.

The shares keep working through it: the same NFT, the same vault, the same button. Only the rates change.

PRICE123030 SOLBONDING CURVEFEE 2%, SHARES 0.8%DAMM V2 POOLFEE 1%, SHARES 0.4%
  1. 1A new coin trades on a bonding curve, which collects the SOL buyers pay. The fee is 2% and the shares get 0.8% of every trade.
  2. 2At 30 SOL the curve is complete. Meteora moves the SOL and the remaining coins into a DAMM v2 pool and locks that liquidity for good.
  3. 3Trading continues in the pool. The fee is 1% and the shares get 0.4% of every trade.

What graduation is

On the curve, the coin’s price follows a fixed formula and the SOL buyers pay is collected by the curve. At 30 SOL the curve is complete. Meteora then moves that SOL and the remaining coins into a DAMM v2 pool, a regular trading pool, and trading continues there.

The liquidity in that pool is locked permanently. Nobody can withdraw it, the program included. What the locked position does produce is trading fees, and the coin’s half of it belongs to the coin’s account in the program.

Checked in the proof run

  • The curve completed with 30 SOL raised, and the coin moved to a DAMM v2 pool.
  • The pool sat at the exact address the program had fixed at launch.
  • Meteora gave the coin’s liquidity position to the coin’s account, which only the program controls.

What changes for a share

Trading fee
2% before, 1% after.
To the shares
0.8% of every trade before, 0.4% after.
Where fees come from
The curve’s creator fee before, the coin’s locked liquidity position after.
Claiming
The same. One vault, one button.

You do not have to do anything when a coin graduates. Your share is the same NFT and the fees land in the same vault. See Where the fees go for the amounts.

Checked in the proof run

  • 10 SOL of trades in the graduated pool: 0.04 SOL harvested from the position by a stranger.
  • A holder claimed 1% of every fee since their last claim, curve and pool alike, in one go.

Minting after graduation

Shares that were not minted on the curve can still be minted afterwards, at the same share price. The purchase is made in the DAMM v2 pool instead of on the curve, and the coins are burned as before.

The program only accepts the one pool whose address was fixed when the coin launched, so a mint cannot be routed through a pool someone made up.

Checked in the proof run

  • A share minted after graduation bought the coin in the new pool, and the coins were burned.
  • It then collected exactly 1% of the next fees.
  • A mint pointed at any pool other than the coin’s own was refused.

What has not been run on a public network

Graduation needs 30 SOL of buying. It has been run from start to finish on the test chain against the real Meteora programs, and every check above comes from there. It has not yet happened to a coin on devnet or mainnet.