Graduation and venues

Graduation is the moment a curve token leaves its bonding curve and starts trading in a pool. It happens automatically: the buy that takes the curve’s last token moves 100 HYPE and the 200,000,000 reserved tokens into a pool on the venue the creator chose, opening at the curve’s final price.

Venues

The creator picks the venue when creating the token, and the token keeps that choice for life.

Venue	Pool	Fee after graduation	Who earns it
Colysium pool	Uniswap V4 with Colysium’s fee hook	0.75%	Creator 0.5%, referrer 0.05%, Colysium 0.2%
Uniswap V3	The 1% fee tier	1%	The locked position’s fees: creator 40%, Colysium 60%

The Colysium pool has the lowest fee on purpose: trading on our own venue costs the least, while Uniswap gives a token the widest reach.

New venues are added through a venue registry, one row per venue. Adding a row is a timelocked admin action, and each token copies its venue settings when it is created, so a later change to the registry only affects new launches. Other venues appear in the app as coming soon until they are live.

Locked liquidity

Liquidity placed at graduation stays in the pool forever.

• Colysium pool: the pool’s hook rejects every attempt to remove liquidity, and the only account allowed to add the launch position has no function to withdraw it.
• Uniswap V3: the position is held by a locker contract that can only collect trading fees. It has no way to withdraw the liquidity.

If a venue cannot take the token

The Uniswap V3 pool is created when the token is launched, at the price the curve will finish at. If someone has pushed that pool’s price somewhere the launch cannot repair, graduation falls back to the Colysium pool in the same transaction, so a token always graduates. If a graduation transaction fails for any other reason, the curve stays sold out and anyone can retry the graduation.