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

# Graduation to Splash DEX

> What happens when a token leaves the bonding curve

# Graduation to Splash DEX

When a token reaches a market cap of **69,000 ADA**, it graduates from the bonding curve. From that point on, trading continues on Splash DEX.

## What happens at graduation

<Steps>
  <Step title="The bonding curve reaches 100%">
    The token hits the graduation threshold and the bonding curve fills completely.
  </Step>

  <Step title="A Splash pool is seeded">
    Snekfun seeds the Splash DEX pool using the liquidity accumulated on the bonding curve.
  </Step>

  <Step title="Liquidity stays locked">
    The LP is burned, so the base liquidity remains locked.
  </Step>

  <Step title="Trading continues on Splash DEX">
    The token keeps trading after graduation, and Snekfun routes post-graduation trades to Splash DEX.
  </Step>
</Steps>

## What you see in the UI

* The bonding-curve progress reaches `100%`
* The token page may briefly show a waiting state while the Splash pool is being seeded
* Once ready, the token page shows the Splash pool link

<Note>
  In the current UI, pool seeding can take around 5 to 20 minutes after the curve completes. Trust only the Splash link shown on the token page.
</Note>

## What does not change

* The token still has the same token page on Snekfun
* Creator rewards continue after graduation
* Trading fees still apply, but under the post-graduation fee model

Read these next:

* [Bonding curve](/how-it-works/bonding-curve)
* [Creator rewards](/how-it-works/creator-rewards)
* [Trading fees](/how-it-works/trading-fees)