Graduation
When the curve completes, its liquidity moves into a Meteora DAMM v2 pool and is locked forever. The token, its page and its fee profile carry on.
When a market graduates#
A curve completes when the pair asset it holds reaches the graduation threshold, around $75K market cap. Bonding progress on every card and token page measures exactly that.
| Status | Meaning |
|---|---|
| PENDING | Launch transaction built or sent; the pool is not on chain yet. |
| BONDING | Trading on the Meteora DBC curve. |
| GRADUATING | Curve complete. Migration to DAMM v2 is pending or in progress; curve trading is closed. |
| GRADUATED | Migrated. Trading on Meteora DAMM v2 with permanently locked liquidity. |
| FAILED | The launch transaction never landed (expired). |
How migration happens#
- 1Curve completesThe last buy that fills the threshold closes curve trading. The market shows Graduating.
- 2Pool migratesMigration to DAMM v2 is a Meteora instruction anyone can submit. Meteora’s public migrator covers some pair assets; for those the Shares migration keeper waits a short grace period, and for every other pair it submits the migration as soon as the curve is complete. The DBC program rejects a second migration.
- 3Liquidity is lockedThe curve’s pair asset and remaining tokens seed the DAMM v2 pool. The resulting LP position is permanently locked.
- 4Trading resumesThe same token page now trades against the DAMM v2 pool. Holders do not need to do anything.
Liquidity is permanently locked#
| LP position | Share |
|---|---|
| Shares, permanently locked | 100% |
| Shares, withdrawable | 0% |
| Creator, permanently locked | 0% |
| Creator, withdrawable | 0% |
- The locked position belongs to the Shares fee claimer. It can claim the position’s trading fees but can never withdraw the liquidity.
- Nobody, including the creator, can pull liquidity from a graduated market.
- Shares profiles set the DBC migration fee to 0% for both Shares and the creator, so no pair asset is skimmed at graduation.
What changes for traders#
| Before | After | |
|---|---|---|
| Venue | Meteora DBC curve | Meteora DAMM v2 pool |
| Liquidity | The curve itself | Permanently locked LP |
| Trade fee | 2.5% or 5% | Unchanged, still in the pair asset |
| Shares fees | Sent to the profile recipient | Same recipient, from locked-position fees |
| Token page | /token/<mint> | Same URL, same chart |
Fee routing continues
After graduation the Shares keeper claims fees from the locked DAMM v2 position, waits for the claim to confirm, and routes it by the market's profile exactly as before. Current profiles send it to the designated wallet. Trading fees