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When a curve’s backing value hits $6,000, liquidity leaves the bonding curve and seeds a Uniswap V4 pool — permanently locked.

Backing value is the USD value of stock tokens sitting in the curve, using the market’s price oracle (Chainlink stock/USD feed). Progress on Explore and the token page is that value divided by $6,000.

function graduate() external nonReentrant {
    if (graduated) revert GraduatedAlready();
    require(
        getBackingValueUsd() >= graduationThresholdUsd8,
        "BELOW_THRESHOLD"
    );
    _graduate();
}

Internally the curve seeds the V4 pool at the final curve spot when inventory allows: it deposits all backing stock and only enough meme tokens to match that price. Leftover unsold sale tokens (and any unused LP slice) go to a dead address instead of dumping into the pool — so expensive tickers no longer open at a discount to the curve mark.

// vs = VIRTUAL_STOCK + realStock; vt = VIRTUAL_TOKEN + unsold
// ideal = realStock * vt / (vs * leverage)
tokensForPool = min(onCurveBalance, ideal);
// excess → DEAD; stock + tokensForPool → V4Graduator.graduate(...)
// realStockReserve = 0; graduated = true;

/// @title V4Graduator
/// @notice Initializes a Uniswap V4 pool and seeds permanently
///         locked full-range liquidity.
/// @dev Liquidity position is owned by this contract; there is
///      no removeLiquidity path.

/// @notice LP fee = 0; protocol+creator fees are taken by StockBackHook.
uint24 public constant POOL_FEE = 0;
int24 public constant TICK_SPACING = 60;

After graduation, trading continues on that pool. The StockBack hook skims protocol, creator, and holder-tax fees in the underlying so economics stay aligned with the curve phase. Basket launches graduate into a meme ↔ basket shares pool (not meme ↔ ETH) — see Baskets.