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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 launch type’s hook skims protocol, creator, and holder-tax fees in the underlying so economics stay aligned with the curve phase. Absorb launches also keep the extra 1% and sell-only shield. Launched tokens the shield already pulled off the AMM are seeded into V4 instead of being sent to the burn address. Remaining pot stock moves to the Absorb hook. Basket launches graduate into a meme ↔ basket shares pool (not meme ↔ ETH) — see Absorb and Baskets.