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

# Graduation

Graduation moves a token from its bonding curve into an official Meteora DAMM v2 pool. Holders keep the same token.

### Graduation targets

| Launch route | Target for new launches                |
| ------------ | -------------------------------------- |
| Curated      | 150 SOL in real bonding-curve reserves |
| Instant      | 85 SOL in real bonding-curve reserves  |

Check the target on the individual project. Existing tokens retain their own configuration unless an authorised on-chain change is made. GOOSE, for example, graduated at a reduced 220 SOL target. LOAD has already graduated.

Real reserves measure the SOL held by the curve. Buys increase them and sells can reduce them. Virtual SOL helps set pricing but cannot be withdrawn or counted as graduation liquidity. Cumulative trading volume, market capitalisation and studio fee income measure different things.

### What happens next

Once the configured target is reached, curve trading closes while the graduation transactions create and fund the pool. There can be a brief interruption during this transition.

The real SOL and remaining curve tokens seed liquidity. The original graduation position is permanently locked, while the fees it earns remain claimable through the allocation system.

Under the updated buyback flow, the project's configured share of accumulated pre-graduation studio fees moves into its buyback escrow at graduation. That includes eligible anti-sniper fee receipts. Purchases and burns happen after graduation.

### Fees after graduation

The standard game schedule moves from a 5% curve fee to a 2% official-pool fee. Meteora deductions and the launch position's fee rights determine the amount available for downstream allocation. Compounding, studio buybacks and staking policies can affect the final receipts.

LOAD's official pool has its own 1.5% fee. [LOAD Graduation](https://loadout.gitbook.io/product-docs/overview/graduation/load-graduation) covers it separately.

Graduation does not establish that a studio has enough money to finish its game. Fee income depends on actual eligible trading activity. See [Studio Graduation](https://loadout.gitbook.io/product-docs/overview/graduation/studio-graduation) and [Fee Structure](https://loadout.gitbook.io/product-docs/overview/fees).