Pearl Testnet
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Graduation and the AMM

What closes, what opens, and who can activate post-graduation trading.

Token lifecycleCreate1 GNOT fee→Bonding curvebuy / sell · 1% fee→Graduateat 10,000 GNOT→AMM2% fee (1% + 1%)
  1. Bonding curve: buys create tokens and sells remove tokens using the fixed curve.
  2. Graduated: the reserve reached 10,000 GNOT. Curve trading is closed while the AMM waits for activation.
  3. gnot.fun AMM: anyone can activate the built-in pool. Trading then continues through token swaps.

Graduation does not move the token to an external exchange. It switches the token from the bonding curve to gnot.fun’s own on-chain AMM.

AMM activation

After graduation, anyone can call InitializeAMMPool. The call sets the opening pool ratio from the contract state, moves the graduation reserves into the pool, and locks the initial protocol LP in one transaction.

The protocol seed LP has no withdrawal path. Liquidity added later by users belongs to those users and can be removed subject to minimum-output checks.