Graduation

What happens

When a curve completes, Meteora’s program removes the transfer hook from the mint, permanently. No instruction of ours is involved, and nothing can put the hook back. The token trades freely everywhere from then on.

Then the pool migrates. Migration moves the curve’s USDC and the tokens reserved for it into a Meteora DAMM v2 pool. Anyone can call it; our runner does it right away.

flowchart TD
  C["Curve reaches its target"]:::key --> H["Meteora removes the hook<br/>from the mint, permanently"]
  H --> M["Anyone migrates the pool"]
  M --> D["DAMM v2 pool<br/>liquidity locked forever"]:::pass
  D --> CR["Creator's locked share<br/>fees claimable in Meteora"]
  D --> EN["Engine's locked share<br/>fees feed the burn"]:::burn
  classDef pass fill:#0f2a1f,stroke:#5fe39a,color:#d9ffe9
  classDef stop fill:#2a0f1a,stroke:#eb397c,color:#ffd9e6
  classDef burn fill:#2a1a0b,stroke:#ffae5c,color:#ffe8cf
  classDef key fill:#171b45,stroke:#516af6,color:#f1f3ff

	EYES	Launches
Graduates at	$10,000,000	about $100,000
USDC in the curve at graduation	$519,280.40	$24,025.31
Fee after graduation	0.30% plus a small dynamic fee	Starts at 1.25%, steps down to 0.30% as the market cap grows

The liquidity is locked for good

The migrated liquidity is permanently locked. Nobody can withdraw it, including the creator and the team. What can be collected is the trading fees it earns.

For launches, the locked liquidity is split between the engine and the creator in the same ratio as the curve fees:

Creator’s curve share	Creator’s part of the locked liquidity	Engine’s part
0%	0%	100%
0.25%	50%	50%
about 0.5%	67%	33%
0.75%	75%	25%

The creator’s part is a Meteora DAMM v2 position owned by the creator’s wallet. Its fees can be claimed through Meteora. The engine’s part feeds the burn, like everything else in the vault.

For EYES, the whole locked position belongs to the engine.

The last buy

Curves can stall one buy short of graduating. Fomo sends fixed-size buys, and the curve rejects any buy bigger than the room left in it. Near 100%, most buys are too big, so the curve sits at 99.9% while buys fail.

The engine’s runner closes the gap. When the remainder is small (up to $50), it buys exactly what’s left into the vault with a partial fill, and migrates the pool right after. The tokens it buys stay in the vault for good. Larger gaps close as smaller buys come in.

A partial-fill buy in Fomo itself would fix this for everyone. That’s up to Fomo, see where things stand.