Graduation

Graduation happens when all 800 million tokens on the curve have been sold. At that point the curve holds 4.2 ETH, whatever order the buys and sells came in. Buyers pay the 1% fee on top of that, so the total they spend is a little higher.

There is no vote and no manual step. The buy that takes the last curve token also graduates the token, in the same transaction. The token page shows how close the curve is to its target.

1. 1The curve closes. Nobody can buy from it or sell to it again.
2. 2A Uniswap V4 pool opens. It is funded with the 4.2 ETH from the curve and the 200 million tokens held back at launch. It opens at the curve's final price, so the price does not jump when trading moves over.
3. 3The liquidity is locked for good. Nobody can remove it, including the creator and Cru. The pool rejects every attempt to withdraw liquidity.
4. 4The crew is fixed. The total number of crew tokens is recorded. From now on, your share of the crew fee is your crew tokens divided by that total. No new crew can join.
5. 5The claim countdown starts. Creator fees and crew rewards can be claimed from 24 hours after graduation.
6. 6Buybacks can start. The buyback vault can only be spent once the pool exists. Any tiny amount of ETH left over from rounding when the pool is funded joins the vault, and any leftover tokens are burned.

Rewards build up from the first trade, but nobody can claim them until 24 hours after graduation. The creator waits too. After that, everyone can claim whenever they like, as often as they like.

Selling crew tokens during that day works the same as at any other time: you give up that part of your share and the same part of your unclaimed rewards, and both go to buyback and burn.

See The crew for how your share works after graduation, and Buyback and burn for how the vault is spent.