The curve and graduation

The bonding curve

Every token starts on a Raydium LaunchLab bonding curve. Buyers pay in the token's pair (SOL, a stablecoin, a tokenized stock or another token) and the price rises as the curve fills; sellers sell back into the curve. The curve's target is a raise worth 85 SOL, set in the pair token when the token launches.

Depending on the bond tier, 65–75% of the supply is sold on the curve.

Graduation

When the curve reaches its target, the token graduates: Raydium moves the raised pair tokens and 20% of the supply into a Raydium pool, and trading continues there. The token's page on ZeeBonds keeps working: buys and sells go through that pool (it takes a few minutes after the curve fills for Raydium to move it), and the page shows the pool's market cap, liquidity and 24-hour volume, with its trades and chart continuing from the curve's.

• The liquidity is locked forever. All of the pool's LP tokens are locked, so nobody can pull the liquidity.
• The fees keep working. The locked position's trading fees fund holder rewards. See Holder rewards.
• The bond clock starts. The creator's cliff counts from graduation.

Graduation is carried out by Raydium, not by ZeeBonds: when a curve fills, Raydium's migration moves it to the pool.