From launch to graduation: how a bonding curve token grows
3 min readA bonding curve sets a token's price automatically: every buy pushes the price up a little and every sell pulls it down. When a set amount has been bought, the token graduates and its liquidity moves into a locked DEX pool, where it trades freely.
Why launchpads use a curve
A new token has no market yet. Instead of asking the creator to add money to a pool, the curve itself acts as the market maker. Anyone can buy or sell at any time, and the price always reflects how much has been bought so far.
How the price moves
Early buyers pay the lowest prices because the curve starts low. As more people buy, each purchase costs a bit more. When someone sells, the price moves back down along the same curve. There are no order books and no counterparties to wait for.
What graduation means
When the tokens set aside for the curve are sold, the token is full. It then graduates: the remaining tokens and the collected dollars are moved into a Uniswap pool, and that liquidity is locked so nobody can withdraw it. From that moment, the token trades on the open market and appears on tools like DexScreener.
What this means for buyers
Buying early on a curve means a lower entry price but more risk, because most tokens never graduate. Buying close to graduation means a higher price, but the token is about to get a permanent, locked pool. Watch the progress bar and the holder spread, not only the price.
How it works on ArkhamPad
Every token starts on its own curve, priced in dollars. You can see the graduation progress on the token page and in the Almost graduating list on the homepage. After graduation, trading continues on the same page without any extra steps.
FAQ
What is a bonding curve?
A formula that sets a token's price from how much has been bought, so it can be traded from the first second without a separate pool.
What happens when a token graduates?
Its remaining tokens and collected dollars move into a locked DEX pool, and it trades on the open market.
Can the liquidity be removed after graduation?
On ArkhamPad, no. The pool position is locked in the contract.