> For the complete documentation index, see [llms.txt](https://hello-fun-1.gitbook.io/hello.fun-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hello-fun-1.gitbook.io/hello.fun-docs/post-graduation-trading.md). # Post Graduation Trading Graduation moves a Hello.Fun token from its bonding curve into a Uniswap v4 liquidity market. The token remains the same. The pairing asset remains the same. What changes is where and how trades are executed. ### The Market After Graduation Before graduation, buying and selling takes place through the bonding curve. After graduation, normal trading moves to the Uniswap v4 pool created during the graduation process. ```mermaid flowchart LR A["Bonding Curve Trading"] --> B["Graduation"] B --> C["Uniswap v4 Trading"] C --> D["Continuing Market"] ``` The graduated pool becomes the token's continuing liquidity market. ### Buying After Graduation When a user wants to buy a graduated token, Hello.Fun obtains a quote from the Uniswap v4 market. The user reviews the expected output, slippage and price impact before signing the transaction. ```mermaid flowchart LR A["Pairing Asset"] --> B["Uniswap v4 Pool"] B --> C["Token"] C --> D["Buyer"] ``` For an ETH paired token, the user provides ETH and receives the launched token. ### Selling After Graduation Selling follows the opposite path. The user provides the launched token to the Uniswap v4 market and receives the pairing asset according to the available market quote. ```mermaid flowchart LR A["Token"] --> B["Uniswap v4 Pool"] B --> C["Pairing Asset"] C --> D["Seller"] ``` For an ETH paired token, the seller receives ETH. ### Trade Quotes Post graduation quotes come from the Uniswap v4 market rather than the bonding curve. This is an important difference between the two stages. ```mermaid flowchart TD A["Trade"] --> B{"Market Stage"} B -->|"Before Graduation"| C["Bonding Curve Quote"] B -->|"After Graduation"| D["Uniswap v4 Quote"] ``` Hello.Fun uses the appropriate market when preparing the trade. ### Slippage Protection Minimum output protection continues after graduation. The user selects an acceptable slippage tolerance before submitting the transaction. The trade includes a minimum acceptable output based on that setting. If the transaction cannot satisfy the minimum output, it reverts instead of completing outside the accepted tolerance. ```mermaid flowchart TD A["Uniswap v4 Quote"] --> B["Slippage Tolerance"] B --> C["Minimum Output"] C --> D["Swap Submitted"] D --> E{"Minimum Output Met?"} E -->|Yes| F["Swap Completes"] E -->|No| G["Transaction Reverts"] ``` ### Price Impact Trades can affect the market price depending on their size relative to the available liquidity. Hello.Fun displays price impact so users can review the expected effect of a trade before confirming it. A larger trade can have a greater effect on the market than a smaller trade. ### Trading Fees Post graduation trading includes several fee components. | Fee | How It Works | | ------------- | ------------------------------------- | | Protocol Fee | 1% on pool swaps | | Creator Fee | Rate selected when the token launched | | Liquidity Fee | 1% through the Uniswap v4 pool | The creator fee remains the rate established at launch. The protocol fee cannot be increased for an existing launch. The liquidity fee is fixed by the deployed pool configuration. ### Creator Fees Continue Graduation does not end the creator fee. The creator fee established when the token launched continues to apply to eligible swaps through the graduated market. These fees accrue through the Hello.Fun fee system and can be claimed by the creator. ```mermaid flowchart LR A["Uniswap v4 Swap"] --> B["Creator Fee"] B --> C["Creator Fee Balance"] C --> D["Creator Claims"] ``` ### The Hello.Fun Hook Hello.Fun uses a Uniswap v4 hook as part of the graduated market. The hook handles the Hello.Fun protocol fee and creator fee associated with swaps. Its permissions are deliberately limited. The hook does not have the before swap permission used to intervene before a swap begins. It therefore cannot use a before swap action to selectively block a sell. ### Liquidity Stays Locked Trading activity does not give the creator access to the graduated liquidity. The Uniswap v4 liquidity position remains held by the Hello.Fun liquidity locker. Fees can be collected without removing the underlying liquidity principal. ```mermaid flowchart TD A["Permanent Liquidity"] --> B["Uniswap v4 Market"] B --> C["Buying"] B --> D["Selling"] B --> E["Fees Generated"] A --> F["Liquidity Principal Remains Locked"] ``` The continuing market therefore operates while the graduated liquidity remains in place. ### Wallet Signed Transactions Users remain in control of their transactions after graduation. Hello.Fun prepares the interaction, but the user signs the transaction through their connected wallet. ```mermaid flowchart LR A["Prepare Trade"] --> B["Review Quote"] B --> C["Sign With Wallet"] C --> D["Onchain Swap"] ``` Hello.Fun does not hold user private keys or sign trades on behalf of users. ### The Market Continues Graduation is not the end of a Hello.Fun token's market. It is the transition into the next stage. **Bonding Curve → Graduation → Uniswap v4** Before graduation, the bonding curve provides the market. After graduation, Uniswap v4 provides the market. The pair continues. The liquidity stays. Trading goes on. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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