Graduation

On most launchpads a coin "migrates" when its curve fills: trading stops, liquidity moves to a new pool on another venue, and snipers race to be first in. On Stoke there's nothing to migrate. Each coin is a pool from the start, and its hook runs the curve until the curve is done.

Inside the completing buy

Graduation happens inside the buy that raises the last of the 400 SOL. In that one transaction:

1. 1
   The curve sells its last tokens

   The buyer gets every token left on the curve, at the curve's price.
2. 2
   The pool gets its liquidity

   The 400 SOL the curve raised and the 27.3% of supply set aside become full-range liquidity in the coin's pool, at exactly the curve's last price.
3. 3
   The rest of the buy fills from the pool

   If the buyer sent more SOL than the curve needed, the remainder trades against the new liquidity, and pays the same fee.

The pool was created at launch already priced at the graduation price, so graduating moves nothing: the last curve price and the first pool price are the same number. There is no gap between them for anyone to snipe.

Locked forever

The graduation liquidity belongs to the coin's hook program, and the hook has no instruction that removes liquidity. Nobody holds an LP token for it, so there's nothing to pull or sell. The same is true of the buy-side liquidity the fee adds later (see Fees).

After graduation

• The coin trades in its own pool. Buys and sells fill against the locked liquidity, priced like any constant-product pool.
• The coin's fee continues, in SOL, with the same split.
• The pool's own LP fee is 0: the hook takes the whole fee for the split. Anyone can add liquidity, but it doesn't earn fees.