Graduation is the moment a coin leaves its bonding curve and becomes a normal PancakeSwap v2 market. On Baofa it is a single, permissionless, atomic transaction.
What Graduation Does#
migrate(coin) on the core contract, callable by anyone once the curve is complete:
- Reads the coin's pre-computed PancakeSwap v2 pair address (coin, WBNB) and creates the pair through the PancakeSwap factory if it does not exist yet.
- Deducts the migration fee of 0.5 BNB from the raised BNB and credits it to the withdraw authority's pull balance.
- Wraps the remaining 16.501 BNB into WBNB and transfers it, with the 206,900,000 reserved coins, to the pair.
- Mints the pair's liquidity tokens and sends every one of them to the dead address
0x000000000000000000000000000000000000dEaD. - Verifies the pair's reserves after the mint, marks the coin graduated, opens the coin's transfer gate and emits
GraduatedToPancakeV2andCompleteMigration.
If any step fails the whole transaction reverts and the curve stays complete and intact; nothing is lost and the call can be repeated.
Figures at the Launch Curve#
| Item | Value |
|---|---|
| BNB raised by the curve | 17.001 BNB |
| Migration fee | 0.5 BNB |
| BNB into the pair | 16.501 BNB |
| Coins into the pair | 206,900,000 (20.69 percent of supply), less any coins the completing buy took at the pool's opening price, whose BNB joins the pair instead |
| Pool opening price relative to the curve's final price | about 2.95 percent lower (2.94 points from the fee, 0.01 from the curve's shape) |
| Liquidity tokens | 100 percent to the dead address |
Why the Pair Cannot Be Front-Run#
A PancakeSwap v2 pair address is known before the pair exists. On many launchpads an attacker creates the pair early, seeds it at a false price or mints its first liquidity, and the graduation inherits that state. Baofa closes this in the coin contract itself: until the coin has graduated, BaofaCoin refuses any transfer to its canonical pair address. Nobody can put coins into the pair before the migration does, so the first liquidity is always the protocol's deposit at the curve's price.
The graduation also checks the pair's reserves and the share split after the mint, so a pair that received stray WBNB (sync or skim games) cannot change who owns the liquidity: it belongs to the dead address in full.
Who Calls It and When#
Anyone can call migrate as soon as the curve emits Complete. The app offers the call on the coin page to whoever is looking at it, and the protocol's indexer includes a keeper that submits it shortly after completion when nobody else has. A BNB-quoted graduation carries no value and the caller pays only gas.
After Graduation#
- Trading continues on PancakeSwap v2 at the pool's 0.25 percent fee; the app routes to the pair automatically.
- The curve no longer accepts trades for the coin, and the coin's transfer gate is open permanently.
- Curve-phase creator fees that were accrued remain claimable; nothing is forfeited by graduating.
- The coin contract is unchanged; holders need to do nothing.