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Pina Bonding Curve

Completion and graduation

A launch ends its life on the curve in two steps. Completion happens inside a buy, the moment the price reaches the migration price. Graduation is a separate, permissionless instruction that moves the raised quote and the reserved base into a new Pina AMM pool, where the token trades from then on.

Trading ──Buy reaches the migration price──▶ Completed ──Graduate (anyone)──▶ Graduated
   ▲  │                                         │                               │
   └──┘ Buy / Sell                              no trading                      trades on the Pina AMM

Completion

CreateConfig derives migration_sqrt_price, the price at which the curve has raised migration_quote_threshold. Every buy stops at that price:

  • the buyer receives the base the curve sells up to the migration price;
  • the buyer pays only the quote the curve used plus its fee; the rest of quote_amount_in stays in their account;
  • the launch’s status becomes Completed and the program emits Completed.

Completion therefore happens exactly at the migration price, never past it, and the last buyer is never overcharged. After completion, Buy and Sell fail with NotTrading, so the price stays where graduation will open the pool.

Graduation

Graduate can be sent by anyone once a launch is Completed. The sender pays rent for the new pool, its vaults, its LP mint, and any LP token accounts it creates (about 0.01 SOL, plus about 0.002 SOL per LP recipient). It runs in this order:

  1. Plan. Take the migration fee from quote_reserve. Compute the base available for the pool: the base vault’s balance minus the creator allocation that has not been claimed yet.
  2. Seed at the curve price. Pair the remaining quote with exactly the base it is worth at the final curve price. Whichever side is in excess is the surplus.
  3. Commit. Mark the launch Graduated, record the pool, zero quote_reserve, and add the migration fee (plus any quote surplus) to the creator and partner fee balances. This happens before any cross-program call.
  4. Create the pool. Call the Pina AMM’s CreatePool, signed by the launch (the depositor and LP owner) and by the program’s AMM authority PDA (the tier’s pool creator). The pool’s creator is the launch creator or the partner, per pool_creator_mode, and its creator fee is paid in the quote token.
  5. Distribute LP. Send creator_lp_share of the minted LP to the creator and partner_lp_share to the partner, creating their associated LP token accounts when needed. Burn the rest.
  6. Burn surplus base. Burn the base the pool did not need, shrinking the token’s supply.
  7. Emit Graduated with the amounts.

If any step fails, the whole transaction fails and the launch stays Completed.

Price continuity

The pool opens at the curve’s final price:

pool_base  = floor(pool_quote * 2^128 / sqrt_price^2)
pool price = pool_quote / pool_base  ≈  (sqrt_price / 2^64)^2

Someone who bought the last token on the curve sees the same price on the AMM a block later. The end-to-end test completion_stops_trading_and_graduation_seeds_the_amm_at_the_curve_price checks the pool price against the curve price to within one part per million.

Where every token goes

Using the reference configuration from Designing curves (1 billion tokens, 85 SOL threshold, 50 million creator allocation, 2% migration fee):

Tokens Amount
Sold on the curve ~720.6 million
Seeded into the AMM pool ~167.6 million
Creator allocation (still vesting) 50 million
Burned at graduation ~61.7 million
Quote Amount
Raised on the curve (quote_reserve) 85 SOL
Migration fee (creator and partner) 1.7 SOL
Seeded into the AMM pool 83.3 SOL

Nothing stays behind except the creator’s unvested allocation and unclaimed fees, both of which remain claimable after graduation.

LP and locked liquidity

The Pina AMM mints LP to the launch, which keeps none of it. With creator_lp_share and partner_lp_share both zero, every LP token is burned and the pool’s liquidity is locked forever. The AMM tracks its own lp_supply, so burned LP is never redistributed to other liquidity providers: the locked share stays locked even as others deposit and withdraw.

The restricted AMM tier

Graduation creates the pool at its canonical address, [b"pool", amm_config, mint_0, mint_1] in the AMM. If someone could create that pool first, at a bad price, graduation would fail or start from the wrong price. The configuration’s AMM tier must therefore be restricted to this program’s AMM authority PDA, [b"amm_authority"] under the curve program. CreateConfig checks that the tier is owned by the Pina AMM and that its pool_creator_authority is that PDA, and rejects any other tier with InvalidAmmConfig. No one but the curve can create pools in it.

Sending Graduate

The CLI derives every account:

Terminal window
pina-curve graduate --base-mint <MINT>

Clients that build the instruction themselves need the AMM accounts. With mint_0 and mint_1 the two mints sorted bytewise:

Account Address
amm_authority [b"amm_authority"] under the curve program
amm_program The Pina AMM, pAMMvXaqR2VVFqznf6dgvUFQjLXXAEeL9cb48cXsGeV
amm_config The configuration’s amm_config
pool [b"pool", amm_config, mint_0, mint_1] under the AMM
lp_mint [b"pool_lp_mint", pool] under the AMM
pool_vault0/1 [b"pool_vault", pool, mint_0] and [..., mint_1] under the AMM
launch_lp_token The launch’s associated token account for lp_mint (SPL Token)

Append creator and creator_lp_token when creator_lp_share is above zero, and partner and partner_lp_token when partner_lp_share is above zero; otherwise leave them out (the generated clients fill their slots with the program id). A missing required pair fails with MissingLpAccount. The full account list is in Instruction reference.

After graduation

Trade the token through the Pina AMM: pina-amm, @pina-rs/amm, pina_amm, or pina_amm_client. The launch account keeps the pool’s address in pool.