Graduation

Graduation is the transition from the Bonding phase to Bonded.

A market starts in the Bonding phase. After Graduation, it becomes Bonded.

The Bonding phase comes before Graduation

The Bonding phase is the temporary stage before a market graduates.

While a market is in the Bonding phase, the interface may show Graduation Progress. This helps users understand where the market is in its lifecycle.

Markets in the Bonding phase may still be early, volatile, illiquid, or limited in available actions.

Graduation is the transition

Graduation means the market has moved from the Bonding phase into the Bonded state.

Graduation is not:

• an endorsement;
• an audit;
• a safety guarantee;
• a quality signal;
• a price guarantee;
• a liquidity guarantee;
• a promise of future rewards;
• a recommendation to trade.

Graduation only describes a market lifecycle change.

Bonded comes after Graduation

After Graduation, the market becomes Bonded.

Bonded markets may support different market behavior than markets in the Bonding phase. Where supported, Bonded markets may also allow liquidity providers to add or remove liquidity.

Bonded markets are still risky. A Bonded market can have low liquidity, volatile price movement, failed transactions, delayed data, or limited availability.

Why Graduation matters

Graduation matters because it can change what users see and what actions are available.

Before Graduation, users may focus on:

• Bonding phase status;
• Graduation Progress;
• Buzz;
• Price;
• token address;
• quote previews.

After Graduation, users may also see or use:

• Bonded status;
• liquidity information;
• liquidity add/remove actions where supported;
• market data related to the Bonded market state;
• updated Buzz and price behavior.

What users should check

Before taking action, check whether the market is in the Bonding phase or Bonded.

If a market changes phase while you are reviewing a quote or wallet prompt, your transaction may fail or require a new quote.

Refresh the market page if the phase, quote, or displayed data looks stale.