> For the complete documentation index, see [llms.txt](https://docs.neuriio.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.neuriio.xyz/get-started/graduation.md).

# Graduation 

A token **graduates** when the last of its 793.1M curve tokens is sold. Graduation happens inside that same trade: no one has to trigger it, and there's no gap between the curve closing and the pool opening.

## What happens at graduation

1. All the HYPE the curve raised, plus the remaining **206.9M tokens**, move into the token's own pool (the token paired with wrapped HYPE).
2. The pool mints its LP tokens, which represent ownership of that liquidity.
3. **All LP tokens are sent to the dead address `0x…dEaD`.** Nobody holds them, so nobody can ever withdraw the liquidity, including the creator and Neuriio.
4. The pool opens at the curve's closing price, and trading continues there.

## Why nobody can get in first

* **Only Neuriio's launchpad can create a token's pool.** Nobody can open the pool early at a bad price and wait for graduation.
* **Tokens or HYPE sent to the pool's address before graduation are swept to `0x…dEaD`** before the liquidity is added, so they can't be used to skew the opening price.
* The curve is the only market until graduation, and everyone trades it on the same terms.

## After graduation

The token trades on its pool through the Neuriio router. Pools charge **0.25%** per swap; most of that goes to the token's creator. See [Creator fees](/trading/creator-fees.md).

{% hint style="info" %}
The pool is a fork of Uniswap V2, the most widely used and audited AMM design. Neuriio's changes are small and marked in the [verified source](/trust/safety-and-contracts.md).
{% endhint %}


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