Bonding (graduation)
Bonding is a track leaving the curve and joining the open market. It is the thing every track on the board is working toward, and most never get there.
The three thresholds
All three. Not two, not a weighted score — a track has to clear every one:
| Threshold | Why it's there | |
|---|---|---|
| Raised | 42.5 SOL | Real money committed, not a quoted valuation |
| Holders | 75 | Spread across people, not one wallet |
| Qualified listens | 1,250 | Someone actually played it |
The raise is measured in SOL actually sitting in the track's reserves — not market cap. Market cap is a quote and can be moved with a single trade; reserves are money that was really paid in.
Holders are counted after a filter that collapses wallets funded from the same source, so splitting your SOL across a hundred fresh wallets does not buy you a hundred holders. Listens are counted under the rules on the Listens page.
The thresholds are stored on-chain and enforced by the program. They can be changed by the config authority without shipping new code, which is why this page reads them from the chain's values rather than quoting a number from memory.
What "About to Bang" means
The board's About to Bang tab shows tracks close to clearing all three. Progress is the lowest of the three, because that is the one actually holding the track back — a track at 100% of the raise and 4% of the listens is 4% of the way there, not 68%.
What happens mechanically
When a track qualifies, anyone can trigger graduation — it is not something we do by hand, and it does not need our permission:
1. The curve freezes. No further buys or sells against the curve. Ever.
2. A DEX pool is created, seeded with the SOL the track raised and the 200,000,000 tokens that were held back for exactly this. Pool creation costs ~0.25 SOL, taken from the track's own reserves.
3. The LP tokens are burned. The tokens representing ownership of that liquidity are destroyed. Nobody can withdraw it — not the creator, not us. Liquidity that can be pulled is not liquidity.
What changes for you if you hold it
Your tokens do not move and you do not need to do anything. What changes is where they trade: the curve is closed, so buying and selling happens on the DEX pool instead, at whatever price the market sets. Bonding is not a payout and not a milestone anyone owes you anything for.
A bonded track can still go to zero. Bonding means it found enough buyers and listeners to reach a real market — not that it will hold any particular price there.