Graduation trigger
A buy can cap its usable gross amount so net reserve lands exactly on the configured target. When the target or curve inventory limit is reached, the curve marks itself graduated and calls the configured graduator. The state transition is one-way; replay and unregistered caller checks prevent a second graduation.
Pool initialization
The graduator pairs the reserved token allocation with curve USDC, creates or initializes the configured v3 pool, and mints a full-range position. Tick spacing and the pool fee tier are immutable deployment choices for that graduated market.
The terminal curve price is used to minimize discontinuity at the handoff. Rounding, tick boundaries, and external trades can still produce small observable differences.
Permanent liquidity lock
The position NFT is minted to the Lotus liquidity vault. The vault verifies ownership when registering a position and does not expose a principal-withdrawal path. Fee harvesting is separate from principal ownership.
What to verify
Supply and liquidity after bond
Post-bond Liquidity is the actual USDC balance held by the registered pool. Token inventory and its marked value remain visible in Details but are excluded from the headline liquidity number. Circulating supply includes holder and official-pool inventory but excludes any tokens permanently removed by the graduation model.