How Markets Work
Popdex markets move through a lifecycle.
A market starts in the Bonding phase. After Graduation, it becomes Bonded.
These words are similar, but they mean different things:
- Bonding phase = before Graduation.
- Graduation = the transition.
- Bonded = after Graduation.
Bonding phase
The Bonding phase is the first market phase.
In the Bonding phase, the market has not graduated yet. Users may be able to buy or sell the attention asset, and the market page may show Graduation Progress.
A market in the Bonding phase is still moving toward Graduation. It may have different behavior, limits, available actions, and risks than a Bonded market.
The Bonding phase does not mean safe. It only means the market is before Graduation.
Graduation
Graduation is the transition from the Bonding phase to Bonded.
Graduation does not mean a market is approved, audited, endorsed, high quality, liquid, profitable, or safe. It only means the market has moved from the Bonding phase into the Bonded state.
A market may show Graduation Progress before it graduates.
Bonded
Bonded is the market state after Graduation.
In a Bonded market, trading may continue under Bonded market behavior. Liquidity actions may also be available where supported.
A Bonded market can still be volatile, illiquid, risky, or unavailable. Bonded does not mean guaranteed execution or guaranteed value.
Market card fields
Popdex market cards and market pages may show several fields.
Buzz
Buzz is Popdex’s attention signal for a market.
Buzz is informational. It is not a recommendation, endorsement, or guarantee.
Price
Price is displayed market price information in USDC.
Price is not a promise that your trade will execute at that exact result. Final execution depends on the current market state, liquidity, slippage settings, wallet approval, and live-chain execution.
Last Reset
Last Reset shows the most recent displayed reset time for a market’s Buzz-related period.
Reset information is market data. It may be delayed, rounded, or updated after live market activity.
Liquidity
Liquidity describes assets available in the market to support trading and, where supported, liquidity actions.
Low liquidity can increase slippage, failed transactions, or difficulty entering and exiting positions.
Graduation Progress
Graduation Progress appears for markets that are still in the Bonding phase.
It gives users a simple way to understand how close a market in the Bonding phase is to Graduation. It should not be treated as a quality score, investment signal, or guarantee.
Token address
A token address is the public blockchain address associated with an attention asset.
Always verify token addresses carefully. Token names and symbols can be confusing or duplicated.
What changes across phases?
| Topic | Bonding phase | Bonded |
|---|---|---|
| Phase meaning | Before Graduation | After Graduation |
| Graduation Progress | Usually relevant | No longer the main phase signal |
| Liquidity actions | May be unavailable | May be available where supported |
| Buzz and price | Displayed as market information | Displayed as market information |
| Risk | Experimental and risky | Experimental and risky |
How to read a market safely
Before trading or providing liquidity, check:
- whether the market is in the Bonding phase or Bonded;
- Buzz and Price;
- available liquidity;
- Graduation Progress if the market is still in the Bonding phase;
- the token address;
- the quote and minimum output;
- wallet warnings;
- transaction status after submission.
Do not rely on a single field. A market can look active and still be risky.