How the bonding curve starts

Every market starts on the same curve. It opens at a market cap of about $4,300 and graduates at about $69,000, measured at the pairing asset’s price when ALPHA admitted that pairing. The curve is set in the pairing asset itself, so from then on the dollar levels move with that asset’s price: if ETH rises 10%, the dollar values of a WETH market rise 10% too.

A new launch is refused when the pairing asset’s live price has drifted too far from that reference, so new markets always start near the same dollar level.

Progress and price

The progress bar shows how much of the 800,000,000 curve tokens has been sold. Each buy raises the price and each sell lowers it. Fees are kept separate and never count toward graduation, and tokens or money sent straight to the market contract do not move the price either.

Progress measures tokens sold. It does not measure project quality or future returns.

Graduation

When the last curve token is sold, the market graduates. Anyone can trigger graduation, and ALPHA does so automatically. The 200,000,000 reserved tokens and the money needed to open the pool at the curve’s final price go into the pool. Almost all of the money raised fits; a tiny rounding remainder stays locked in the market contract, where nobody can withdraw it.

After graduation you trade in the pool, and the same trading fee and creator reward keep applying.

Locked on EVM chains

On Robinhood Chain, Base, BNB Smart Chain, Arc and Ethereum, the market graduates to Uniswap v4. The pool liquidity becomes one full-range position held by ALPHA’s graduation contract, which has no function to withdraw it. Nobody can remove that liquidity: not the creator, not ALPHA.

Locked on Solana

Solana markets graduate to a Meteora DAMM v2 pool that opens at the curve’s final price across the full price range. The pool’s only position is held by the market itself and all of its liquidity is permanently locked in the same step. Meteora DAMM v2 has no way to withdraw permanently locked liquidity, so nobody can remove it: not the creator, not ALPHA. The position’s trading fees are paid in the pairing asset, and anyone can settle them to the market’s fixed destinations: the protocol fee and the creator reward.

Anyone else who adds their own liquidity to the same pool earns a matching share of its fees, which lowers the share that reaches the protocol and the creator. Meteora operates the DAMM v2 program and can adjust its pool settings within its own limits.

The pool is created together with the token at launch, so nobody can create it first. If a sold-out market cannot graduate within 72 hours, selling back to the curve reopens so holders can exit.

What locked liquidity means

Locked liquidity means the pool can always be traded against and nobody can pull it. It does not protect against price drops, thin trading or a creator who abandons the project.

When graduation waits

Graduation can wait for network congestion or a temporary data problem. Until it completes, the market keeps trading on its curve, and nothing is lost: the reserved tokens and the money raised stay in the market contract.