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Graduation moves a filled launch from its bonding curve to a Uniswap v4 pool. When the curve reaches its target:
  1. The final buy closes the curve and refunds any unused payment.
  2. Windrose takes a 2% graduation fee.
  3. The remaining funds and reserved tokens open a pool at the final curve price.
  4. A locker holds the liquidity permanently.
The locker can collect pool fees, but cannot remove or transfer the liquidity. After graduation, the in-app curve is closed. Trade the token in its Uniswap pool using the launch currency.