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

# Graduation

> How Kova fair launches become permanently locked V2 markets.

Native Kova launches trade on a V2-compatible virtual-reserve bonding curve before graduation. This is necessary because a constant-product V2 pool cannot begin with one reserve at zero.

<Steps>
  <Step title="Trade on the curve">
    Buys reduce the token reserve and increase the real canonical quote reserve. Sells reverse that movement. Quotes and slippage limits are available directly from the launch factory.
  </Step>

  <Step title="Reach the configured milestone">
    Each chain manifest defines the virtual starting reserve and objective quote-asset graduation threshold. The interface shows progress from live contract state.
  </Step>

  <Step title="Graduate atomically">
    The buy that crosses the threshold automatically sends the remaining curve tokens, real quote reserve, and retained liquidity fees through the KovaSwap router.
  </Step>

  <Step title="Lock the V2 position">
    The resulting KovaSwap V2 LP tokens are minted to `0x000000000000000000000000000000000000dEaD`. The liquidity cannot be recovered.
  </Step>

  <Step title="Route normal swaps">
    Curve trading closes and the standard KovaSwap router, smart router, aggregators, and bots can trade the graduated pair.
  </Step>
</Steps>

Graduation is automatic and permissionless. No admin transaction, approval committee, or manual listing step exists.

<Note>
  External launchpads graduating an already-distributed token can still use `kova.pools.prepareGraduation(...)`. That integration path is separate from the native Kova bonding curve.
</Note>