Graduation (migration)

Graduation, also called migration or “bonded”, is the end of the bonding curve phase. Once buyers have filled the whole curve, the launchpad moves the collected funds and the remaining tokens into a liquidity pool on a DEX. On pump.fun that is PumpSwap; other platforms use Raydium, Meteora, Uniswap or PancakeSwap. From then on an AMM pool sets the price and the token appears on aggregators.

Only a small share of launchpad tokens ever reach this stage, so graduation is often treated as a sign of strength. It is only a technical threshold, though. Right after migration there is often heavy selling by early buyers and snipers who were waiting for deeper liquidity.