> For the complete documentation index, see [llms.txt](https://docs.novamp.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.novamp.io/protocol/bonding-and-graduation.md). # Bonding & Graduation What a bonding curve and graduation actually are, where they apply (Solana and legacy pre-Path B HyperEVM SherSwap markets), and why EVM direct-pool launches have neither. A **bonding curve** is a pricing mechanism where a token's price is set by a formula against how much has been bought, and **graduation** is the moment that market migrates from the curve to a normal DEX pool. This page explains both — and, crucially, **where they apply and where they don't** on Novamp. {% hint style="danger" %} 🚫 **Novamp's direct-pool EVM chains have no bonding curve and no graduation.** On `🟢 Robinhood Chain` `🔵 Base` `🟡 BNB Chain` `⚪ Ethereum` `🟣 HyperEVM`, new tokens launch **directly onto a real Uniswap / PancakeSwap / HyperSwap pool** and are tradable from block 0. Bonding curves apply only to **Solana** (Pump.fun) and **legacy HyperEVM SherSwap markets** launched before Path B (2026-07-21). {% endhint %} ## Overview | Concept | What it means | | ---------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Bonding curve** | An automated pricing formula: each buy pushes the price up along the curve, each sell moves it back down. Liquidity is held by the curve contract, not a DEX pool. | | **Graduation** | When a curve market fills to a set threshold, its liquidity **migrates to a DEX** (e.g. Pump.fun → PumpSwap). After graduation it trades like any normal pool. | | **Direct-pool launch** | Novamp's EVM model: the token and a real DEX pool are created together in one transaction. There is nothing to graduate — it's already a DEX market. | ## Where each model applies | Chain | Model | Curve? | Graduation? | | ---------------------------------------- | ----------------------------------- | ------ | ----------- | | `🟢 Robinhood Chain` | Direct-pool (Uniswap v3) | ❌ No | ❌ No | | `🔵 Base` | Direct-pool (Uniswap v2 + v3) | ❌ No | ❌ No | | `🟡 BNB Chain` | Direct-pool (PancakeSwap v2 + v3) | ❌ No | ❌ No | | `⚪ Ethereum` | Direct-pool (Uniswap v2 + v3) | ❌ No | ❌ No | | `🟣 HyperEVM` (new launches) | Direct-pool (HyperSwap v3) | ❌ No | ❌ No | | `🟪 Solana` | Bonding curve (Pump.fun → PumpSwap) | ✅ Yes | ✅ Yes | | HyperEVM legacy markets (pre-2026-07-21) | Bonding curve (SherSwap) | ✅ Yes | ✅ Yes | {% hint style="success" %} ✅ HyperEVM's direct-pool launchpad — **Path B**, on HyperSwap v3 — went **live 2026-07-21**. New launches have no curve and no graduation, exactly like RHC/Base/BNB/Ethereum. Only markets that launched on HyperEVM **before** that date remain on the legacy SherSwap curve. {% endhint %} ## How a bonding curve works (Solana / legacy HyperEVM markets) ```mermaid flowchart LR A[Launch on curve] --> B[Buys push price up the curve] B --> C[Sells move price back down] C --> D{Threshold reached?} D -- "No" --> B D -- "Yes" --> E[Graduate: liquidity migrates to DEX] E --> F[Trades on a standard DEX pool] ``` On the curve, there is no order book and no external liquidity provider — the curve contract quotes every trade. When enough has been bought to hit the graduation threshold, the accumulated liquidity is moved into a DEX pool and the token trades normally from then on. ## Why EVM direct-pool launches skip all of this ```mermaid flowchart LR A[NovampLaunchFactory.launch] --> B[Seeder creates + seeds the DEX pool] B --> C[Token live on a real Uniswap/PancakeSwap/HyperSwap pool] C --> D[Tradable from block 0 — nothing to graduate] ``` Because Novamp seeds a real pool at launch, there is no intermediate curve phase and no migration event. Price discovery happens on the DEX from the first block. This is a deliberate design choice: it removes the graduation cliff and the uncertainty of "will it graduate?" entirely on EVM. ## AntiVamp "MC-goal graduation" — a different meaning AntiVamp uses the word **graduation** for something unrelated to a bonding curve: it's a **market-cap milestone that triggers a copycat lock**. When a launch reaches its market-cap goal, AntiVamp applies a **time-limited** cross-chain lock on that identity so copycats can't ride its momentum. {% hint style="info" %} Two different "graduations": * **Curve graduation** (Solana / legacy HyperEVM) = liquidity migrates from a bonding curve to a DEX. * **AntiVamp MC-goal "graduation"** = a market-cap milestone that *triggers a time-limited identity lock*. It does **not** move liquidity anywhere. {% endhint %} Indicative AntiVamp copycat-lock durations (defaults; the longest relevant lock applies): | Trigger | Reserved launch | Unreserved launch | | --------------------------------------------- | --------------- | ----------------- | | Launch **bonds / graduates** (MC goal) | 60 days | 48 hours | | Launch reaches **\~$1M market cap** milestone | 90 days | 7 days | These locks are **time-limited and reversible** — only a manual guardian block is permanent (and even that is guardian-reversible). See [Post-Launch Protection](/identity-protection/post-launch-protection.md). ## Important details | Property | Detail | | --------------------- | ---------------------------------------------------------------------------------------- | | EVM launches | Direct-pool (incl. HyperEVM since 2026-07-21), no curve, no graduation, tradable block 0 | | Curve launches | Solana (Pump.fun → PumpSwap) and legacy pre-Path B HyperEVM markets (SherSwap) | | Solana fee | 0.3% pool fee, split 60% creator / 40% Novamp | | AntiVamp "graduation" | A market-cap trigger for a time-limited identity lock — not a curve event | ## What happens next? * Launching on EVM? You're going straight to a real pool — see [Launch a Token](/creators/launching-a-token.md). * Launching on Solana? The curve applies — see [Launching on Solana](/creators/solana-pump.md). ## Continue exploring * [🧠 How Novamp Works](/protocol/how-novamp-works.md) — both models in one view * [⛓️ Supported Chains](/welcome-to-novamp/supported-chains.md) — venue per chain * [🛡️ What Is AntiVamp?](/identity-protection/what-is-antivamp.md) — the identity layer * [🗂️ Glossary](/resources/glossary.md) — bonding curve, graduation, and more --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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