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Thor Exchange

Graduation

Graduation is the moment a launchpad token outgrows its bonding curve and becomes a regular DEX asset with deep, permanent liquidity. It’s fully automatic and cannot be gamed, delayed, or reversed by anyone — including us. Every token also picks which DEX it graduates into — see Graduation Venues — but the mechanics below are identical either way.

When does a token graduate?

Section titled “When does a token graduate?”

A token graduates when its bonding curve has raised ≈5 ETH. “Raised” means ETH actually held inside the curve from buys: buys add to it, sells take from it, and the 1% platform fee on each trade doesn’t count toward it. So the target is net demand — a token can approach graduation, dip back on sells, and cross the line later.

There is no deadline and no manual step. The threshold is the same for every token, it’s enforced by the contract, and the buy that pushes the curve across it triggers the migration in that same transaction. The token page shows a live progress bar the whole way there, and the app tells you when a buy is big enough to be the graduating trade.

What happens at graduation

Section titled “What happens at graduation”
  • Curve trading ends for that token, permanently.
  • A DEX pool is created for the token against ETH — on whichever venue the creator chose at launch, Thor DEX or Uniswap V3 — and the raised ETH plus the token supply reserved by the protocol are deposited as its opening liquidity, at the price the curve ended at, so there’s no gap between curve and pool.
  • The resulting liquidity position is locked in the protocol’s lock vault, forever. It cannot be withdrawn by the creator, by Thor Exchange, or by anyone else.

The whole migration either completes fully or doesn’t happen at all — the protocol never ends up in a half-migrated state.

What it means for holders

Section titled “What it means for holders”
  • You don’t need to do anything. Your tokens are the same ERC-20 before and after; no swap, no claim, no new address.
  • Trading continues seamlessly on the swap page, now against real concentrated liquidity.
  • The liquidity floor is permanent. Locked liquidity can never be pulled — the classic “liquidity rug” is structurally impossible.

What it means for creators

Section titled “What it means for creators”

Graduation is when creator economics switch on: the locked pool’s trading fees start accruing, and a share of them belongs to the creator — 70% on Thor DEX, 50% on Uniswap V3 — see Creator Fee Rights.