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

# Graduation

> What happens when a curve fills.

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.