# Graduation

> When the curve sells out, its KAS and the reserve open a TOKEN/KAS pool.

A token graduates when the last of its 800,000,000 curve tokens is sold. The graduation transaction closes the curve for good and creates the token’s pool, seeded with:

- the 400,000,000 reserved tokens, and
- all the KAS the curve raised, minus the curve fees not yet paid out, which are paid to Kasseal and the creator in the same transaction when they are at least 1 KAS (a smaller remainder stays in the pool’s KAS reserve).

For the Standard preset that is 573,540 KAS, a market cap at graduation of about $68,997 at $0.0401 per KAS. There is **no graduation fee**. Anyone may submit the graduation; Kasseal’s graduation service normally does it within seconds of the sell-out.

Between the last curve buy and the pool’s first block, the token page shows **Pool seeding…**; swaps open on their own once the graduation transaction is accepted. If the curve sells out while your curve order is on its way, that order stops with nothing charged and the trade box switches to the pool: review the new quote and approve the swap there.

> **Note:** The liquidity created at graduation has no withdrawal path in any contract set: no one can remove it.

## The pool’s opening price

The pool opens about **9% above the last curve price**, because the reserve is a third of the supply while the KAS is everything the curve raised. Whoever buys the last stretch of the curve can therefore sell part of it into the new pool at once; on every Standard version that is worth about 0.17% of the KAS the pool opens with (about 1,000 KAS on the anchor curve). The first trades on the pool usually bring the price back towards the last curve price, so expect that move if you buy right before graduation or right after it.

## Pool setup

On contract set v1, the graduation is followed by a one-time **pool setup** transaction that creates the pool’s LP shares. After it, anyone can add liquidity to the pool (see [Add and remove liquidity](https://app.kasseal.com/docs/liquidity)). Swaps work from the graduation on; only deposits wait for the setup. The graduation service normally sends both within seconds.

If it has not, anyone can do it from the token page: a sold-out token shows **Open the pool**, and a graduated pool that is not set up yet shows **Finish pool setup**. The review lists the network fees and the 10 KAS the setup leaves in the pool’s LP-share inventory, which stays with the pool and is not returned. If someone else is first, nothing is charged.

In Explore, **Graduated** means the curve is complete and the pool is on its way; **Listed** means the token trades on its pool.

Source: https://app.kasseal.com/docs/graduation