Every token on Liport goes through the same four stages.

1. Deployment

The creator picks a name, symbol, image, description and (optionally) social links. The frontend pins the metadata to IPFS through Pinata, then submits one Solana transaction that:

1. Creates the SPL mint.
2. Initialises the bonding curve through Raydium’s LaunchLab program under Liport’s platform ID.
3. Optionally does a “dev buy” in the same transaction so the creator takes the first position.

The mint shows up on Discover as soon as the transaction confirms.

2. Bonding curve trading

While on the curve, price comes from the curve’s reserve state. No order book. Buyers send SOL and receive tokens. Sellers send tokens back and receive SOL, minus fees.

What this means in practice:

• Price goes up as SOL flows in and down as SOL flows out.
• Slippage is predictable from the curve state at signing time.
• Every trade pays a fee slice to the creator and to the platform.

See Bonding Curves for the formula and parameters.

3. Graduation

When net inflow into the curve hits 85 SOL, the token can migrate. The migration transaction:

1. Closes the bonding curve.
2. Seeds a Raydium CPMM pool with the paired SOL and token reserves.
3. Marks the token as “Graduated” on Liport.

From that point on, trades go through Raydium’s AMM and the token is routable through any Solana aggregator. See Graduation.

4. After graduation

A graduated token keeps earning creator rewards on every CPMM swap. Creators claim from the Creator Rewards section of their profile. Holders do not need to do anything. There is no rewrap, no claim, and the mint address stays the same.

Flow

Creator
   |  (SOL + metadata)
   v
Deployment (LaunchLab)
   |
   v
Bonding curve trading
   |  fees: creator + platform
   |
   |  85 SOL inflow
   v
Graduation
   |
   v
Raydium CPMM
   creator keeps earning swap fees

Why two phases

A single-phase AMM needs the creator to put up real liquidity on day one, which rules out most launches. Tokens that stay on a bonding curve forever never build proper market depth.

Two phases lets anyone start with near-zero capital. The curve builds depth through price discovery. Once there is real demand, the token moves into a standard AMM.