Glossary · Solana

What is token graduation?

Token graduation is the moment a launchpad token completes its bonding curve and its liquidity moves into a regular AMM pool.

How does token graduation work?

On a bonding-curve launchpad, a new token trades only against the curve. It graduates when the curve hits its target, usually a set amount of SOL raised or a set share of supply sold. The launchpad uses the raised SOL and the leftover tokens to open a pool on an AMM, and trading moves there.

pump.fun tokens go to PumpSwap. Raydium LaunchLab tokens go to a Raydium pool. After that the token trades in a standard AMM pool that every aggregator and screener supports, and it can climb the DexScreener and GeckoTerminal trending lists, which sometimes brings a second wave of buyers.

Graduating only means the curve filled. Around 1 percent of pump.fun launches get there, and a graduated token can still lose most of its value within hours. Liquidity and the buyer base change in the same few minutes, and price discovery moves with them.

Picture a token at 95 percent. Some traders buy to get in before the migration, betting on the attention the AMM brings. Early holders plan to sell into exactly that attention. Both plans assume everyone else behaves as expected, and usually someone is wrong.

Also called: graduation, token migration, bonding curve completion.

Where does token graduation show up in Cashboard?

Launchpad radar marks a token Graduated once its curve completes, and for LaunchLab curves still filling it shows how close they are to migration. After migration, Trending on-chain picks up active Solana pools from GeckoTerminal, ranked by on-chain activity.

Frequently asked questions

Does graduation mean a token is safe?

No. It only means the bonding curve filled and the liquidity moved to an AMM. Graduated tokens still dump, often within hours. Who holds the supply tells you more than the milestone does.

Related terms

Last reviewed October 25, 2026. Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.