What happens when a memecoin graduates to Raydium?
Graduation is the transition from a coin's bonding curve to a Raydium liquidity pool. It changes how the market executes trades, while holders keep the same token.
Before graduation: the bonding curve
New coins on degenerate.GG begin on a bonding curve. Buys and sells move along a pricing formula: buying generally raises the quoted price, while selling lowers it. The amount you receive depends on the size of your trade and the current state of the curve.
The coin page shows graduation progress. That progress describes the funding target, not the probability that a coin will succeed or the profit a holder can expect.
How the graduation target is set
For current launches, degenerate.GG calculates a SOL funding target at launch using a reference market capitalization of approximately $100,000. The resulting target is fixed in SOL for that launch.
The dollar reference is not a permanent dollar trigger. If SOL's price changes after launch, the dollar equivalent of the frozen SOL target changes too. Different launches can therefore have different SOL targets.
Market cap and SOL raised are different measurements. Market cap values the token supply at a quoted price; SOL raised is the funding accumulated toward the curve's target. A $100,000 market cap does not mean $100,000 is sitting in withdrawable liquidity.
At graduation: liquidity moves to Raydium
When the curve reaches its completion condition, migration makes the coin available through a Raydium pool. SOL and the tokens allocated for migration become the pool's trading liquidity, subject to the launch's migration settings and costs.
Reaching the curve target and having a ready pool are distinct states. If the page shows migration in progress, wait for the pool to become available rather than assuming a trade can execute immediately.
Do holders need to exchange their coins?
Graduation does not create a replacement mint. Your token balance stays associated with the same coin. You do not need to send your tokens to another address to upgrade them.
Check the mint on the coin page if you see similarly named tokens elsewhere. A matching logo or ticker is not proof that it is the same asset.
What changes for trading and rewards?
| Feature | On the curve | After graduation |
|---|---|---|
| Market | Bonding curve | Raydium pool |
| Trading fee | 1.25% | 0.30% |
| Creator rewards | 0.50% of eligible buys | Up to 0.025% of eligible buys |
| Token mint | The launch mint | The same mint |
You can continue trading from the coin's page once the pool is ready. Network fees still apply, and every quote depends on the pool's current liquidity.
What graduation does not guarantee
Graduation does not guarantee a higher price, deeper future liquidity or continued demand. A pool can still experience large price moves. A large sell can receive much less than the displayed spot price multiplied by the number of tokens.
For the numbers behind a trade, read why sell quotes differ from displayed profit. Creators should also review the reward and payout rules.
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