Graduation Milestone
Graduation is the most significant event in a Spawn token's lifecycle. It's the transition from the off-chain bonding curve market to on-chain permanence - and it only happens when a token has demonstrated real market demand.
What Triggers Graduation
A token graduates when it reaches a fully diluted valuation (FDV) of 30 ETH in market cap. This is the single threshold - no time component, no secondary conditions.
Graduation is milestone-based, not time-based. A token doesn't graduate after a set number of days - it graduates when it hits the threshold. A token that never reaches the threshold doesn't graduate. This is what makes on-chain presence meaningful on Spawn.
What Happens at Graduation
When a token reaches the graduation threshold, several things happen in sequence:
The ERC20 deploys on-chain. The token transitions from an off-chain market position to a real on-chain asset. Holders receive their tokens.
Liquidity is seeded. A portion of the value accumulated during the bonding curve phase is used to seed liquidity in an on-chain pool. This gives the post-graduation market a functional starting point.
The graduation destination is confirmed. The token deploys on the destination chain chosen at spawn - either Base or Ethereum. If the spawner opted to let the community decide, the destination is determined by community vote before graduation. [See Destination Chain below.]
Destination Chain
When spawning a token, the spawner sets the graduation destination - where the ERC20 will deploy if the token graduates. In Spawn v1, the options are Base and Ethereum.
Spawners can also choose to open the destination decision to a community vote rather than setting it themselves. If the community vote option is enabled, the vote runs during the bonding curve phase and the result determines the graduation destination. This gives communities a direct say in where their token lives on-chain.
More destination chains - including Solana and BNB Chain - are planned for future versions of Spawn. The destination choice at spawn only applies to the current supported set.
What Graduation Signals
Graduation isn't just a technical event - it's a market signal. A token that graduates has:
- Attracted sustained buying conviction through a competitive, fair market
- Crossed a threshold that wasn't guaranteed from the moment of spawn
- Earned on-chain permanence rather than being handed it
For participants, graduation marks the moment the token becomes a permanent on-chain asset. For the broader market, it's a meaningful filter: graduated tokens have passed a real proof-of-demand test.