> ## Documentation Index
> Fetch the complete documentation index at: https://docs.veto.fun/llms.txt
> Use this file to discover all available pages before exploring further.

# Graduation & Uniswap Migration

> How a veto.fun token graduates from the bonding curve into a permanently locked Uniswap v3 pool.

Graduation is the one-way transition from the bonding curve to open DEX trading. It happens automatically when the curve sells out, and it's designed so that **nobody, not the creator and not the team, can interfere with it or profit unfairly from it**.

## Step 1: The curve sells out

When a buy consumes the last of the 793,100,000-token curve allocation:

* The buy is partially filled to exactly the remaining supply; excess ETH is refunded in the same transaction.
* The curve is marked **graduated** and frozen forever. No further curve trades, ever.

## Step 2: Migration to Uniswap v3

Anyone can then call `migrate`. It's **permissionless, free, and takes no parameters**. The typical flow is that the platform triggers it immediately, but if it ever didn't, any user could. Migration does the following atomically:

<Steps>
  <Step title="Wrap the raised ETH">
    The \~4.53 ETH raised on the curve is wrapped to WETH.
  </Step>

  <Step title="Create the pool at the curve's final price">
    A **full-range Uniswap v3 position** is minted from the WETH plus the reserved 206,900,000 tokens, in the 1% fee tier, priced exactly at the curve's closing price, so there's no arbitrage gap between curve and pool.
  </Step>

  <Step title="Lock the LP forever">
    The position NFT is minted directly into the **FeeLocker**, an immutable, ownerless vault with no withdrawal or transfer function. The principal is locked permanently; only accumulated swap fees can ever be collected from it.
  </Step>

  <Step title="Burn the dust">
    Any leftover tokens from the mint are burned to `0xdEaD`; leftover WETH dust accrues to the protocol's fee balance. Nothing returns to any privileged wallet.
  </Step>
</Steps>

## Anti-manipulation protections

Uniswap v3 pools can be pre-created by anyone. If someone initializes the pool at a hostile price before migration (a griefing attack), the migration performs a bounded corrective swap to push the pool back to the fair curve price before minting liquidity. Migration can neither be blocked nor exploited for a price gap.

## Before vs. after

|                 | On the curve                         | After graduation                                 |
| --------------- | ------------------------------------ | ------------------------------------------------ |
| Venue           | veto.fun bonding curve               | Uniswap v3 pool (1% fee tier) on Robinhood Chain |
| Price discovery | Deterministic formula                | Open market                                      |
| Trade fee       | 1% (0.7% protocol / 0.3% creator)    | 1% pool fee → locked LP → 70/30 treasury/creator |
| Who can trade   | Anyone via veto.fun or the contracts | Anyone, anywhere: wallets, aggregators, bots     |
| Liquidity       | Guaranteed by curve solvency         | Locked forever in the FeeLocker                  |

## For holders: nothing to do

Your tokens don't change at graduation. Same contract address, same balance. Only the trading venue changes, and the veto.fun token page routes your trades to Uniswap automatically.

<Note>
  The token remains listed on veto.fun after graduation with its full chart history, and gets a "Graduated" badge. Because it's a standard ERC-20 in a standard Uniswap pool, it will also appear on explorers and DEX trackers across the Robinhood Chain ecosystem.
</Note>