Graduation

Graduation is the moment a coin finishes its bonding curve. What happens next differs by chain, though the page labels both GRADUATED so a visitor does not have to learn two vocabularies.

Solana

The curve fills, Meteora's keepers migrate it into a DAMM v2 pool, and 100% of the liquidity locks there permanently, split between the launchpad and the creator. Trading continues on the same page against the new pool. Briefly, between the curve filling and the keeper acting, the page reads MIGRATING and trading is closed.

EVM

Nothing migrates. The liquidity was locked in the pool from launch, so the bonding target is a milestone rather than an event: the coin crosses a market cap in USD, the page marks it graduated, and trading continues in exactly the same pool it always used.

Graduation is permanent

The first time a coin is seen to cross the line, it is stamped, and the stamp is never cleared. An EVM coin whose market cap later dips back under its target stays graduated; a Solana coin stays graduated even if a network read fails. A one-way door in the product, because it is a one-way door on chain.