Curve and graduation
From a bonding curve priced in the peg to a locked DAMM v2 pool.
The curve
Every coin starts on a Meteora Dynamic Bonding Curve whose quote token is its peg. The whole supply is on the curve. Each peg has its own curve settings, set in peg units when the peg is created:
| Setting | Value |
|---|---|
| Supply | 1,000,000,000 tokens, 6 decimals |
| Starting market cap | about 30 SOL worth of the peg |
| Graduation market cap | about 400 SOL worth of the peg |
| Trading fee | 1% |
Because the curve is priced in the peg, a coin's SOL price moves with the peg's asset as well as with buys and sells on the curve.
Graduation
When the curve has raised its target in peg tokens, Peg's keeper migrates it straight away. The migration instruction is open to anyone; Peg calls it itself because Meteora's own migrator covers a fixed list of quote tokens.
The coin moves to a Meteora DAMM v2 pool against the same peg, at the same price. 100% of the pool's liquidity is permanently locked, in two locked positions.