Docs · for everyone
Trading and graduation
A new coin trades on a bonding curve from about $20k market cap, and graduates to a regular Raydium pool if it reaches about $109k.
- trade panel on coin pages: on here
At a glance
- start
- about $20k
- market cap when the coin goes live
- graduation
- about $109k
- market cap, with no dev allocation
- to graduate
- about $32.7k
- of net buying on the curve
- launch to graduation
- 5.4x
- how far the price rises along the curve
- fees
- about 1%
- of each trade on the curve
- a $1,000 buy
- about +8%
- price move at the very start, before fees
The curve
A bonding curve sells a fixed number of tokens at a price that rises with each buy and falls with each sell. There is no order book and no other trader on the other side: you trade against the curve.
Every coin has 1 billion tokens. The curve sells 700 million of them. The other 300 million are kept for the pool the coin moves to later.
The curve's depth comes from a virtual reserve of about $24.5k. Nobody deposited it. It is a number in the pricing formula that keeps early buys from moving the price too far.
Graduation
When the curve has raised its target, about $32.7k of net buying, the coin graduates. The raised SOL and the 300 million remaining tokens move into a Raydium CPMM pool, an ordinary trading pool.
The pool's liquidity is locked: 90% is burned and 10% sits under a fee key held by aio, which earns that share's trading fees. Neither part is meant to be withdrawn, so the pool stays.
A locked dev allocation lowers the graduation target instead of raising the start: about $94k with 5% reserved, about $80k with 10%.
Trading on aio
Each coin has a page with its market cap, curve progress and recipient. Where the trade panel is switched on, the page also has a chart, a trade feed, top holders and a buy and sell box. Quotes expire after 30 seconds and are checked again before you sign.
aio never holds your wallet's keys for trading. It builds the transaction and your wallet signs it. Coin pages also link to the coin on Raydium.
The trade-off of a deep start
Starting at $20k makes early trades calmer, but graduating takes about 4.2 times the net buying of the older, lower curve. More coins stay on the curve, or never graduate. The pool after graduation is about 4 times deeper.