Graduation

Graduation is automatic. The transaction that fills the curve is the one that triggers it, so nobody has to be watching. If that step does not complete, anyone can run it afterwards without permission.

Where the money goes

• Everything the curve raised becomes one side of a Uniswap v4 pool, paired with the reserved supply.
• The LP position is transferred to a locker contract with no withdrawal function. Not a timelock, not a multisig. The function does not exist.
• Any supply left over is locked in the same place.

The safety valve

Graduation happens in two steps rather than one. If a launch gets stuck between them for seven full days, the protocol can return what was collected instead of leaving it stranded. The week of waiting means it can never be used to interfere with a graduation that was going to work, and a launch that has been through it is permanently marked.