memefab is on the GIWA Sepolia testnet. Testnet ETH and tokens have no monetary value. Memecoins can go to zero — play small, for fun.

Graduation & locked liquidity

When a token graduates

When the last of the 800M curve tokens is sold, the curve has taken in 3 ETH (net of fees). This is the same bar planned for mainnet. The token moves to Graduating, and curve trading stops.

What graduation does

graduate(token) can be called by anyone. memefab runs a keeper that calls it within moments. In one transaction it:

1. Prices the pool at the curve's final marginal price, so the DEX price continues from where the curve ended.
2. Pairs liquidity: the curve's ETH plus the token's clean-room fees, matched with reserve tokens at that price.
3. Burns the reserve tokens the pairing did not use. With no clean-room fees, about 133M of the 200M reserve is paired and about 67M is burned.
4. Mints a wide Uniswap-V3-style position and sends it to the LP locker.

Locked forever: the LP locker

The locker contract holds every graduated position permanently:

• It has no function to withdraw liquidity, transfer the position or change who receives fees. This is not an admin setting that someone could switch. The code does not contain such a function.
• Nobody can pull the liquidity, including memefab and the creator.
• Fee collection can be triggered by anyone. The fees go only to the creator (70%) and the protocol treasury (30%), and the protocol's share of the meme-token side is burned. See Fees.

A locked LP means the pool's liquidity cannot be withdrawn. It does not mean the price holds. Anyone can still sell into the pool, and the price can fall to near zero.

Protection against pool games

• The pool is reserved at launch. It is created and priced when the token launches, and the token contract refuses transfers into that pool until graduation. Nobody can set the DEX price with real liquidity ahead of time.
• Price repair. If someone moves the pool's price before graduation, the migrator corrects it before adding liquidity. A wrong price cannot be used to drain the graduation liquidity.
• Safety valve. If migration keeps failing for 24 hours, anyone can call reopenTrading(token). Curve trading resumes, holders can sell back to the curve, and the token graduates again when the curve sells out.

After graduation

The token trades on the DEX. On the testnet that is Zeoul, linked from the token page. A creator's locked first-buy tokens, if any, become claimable at graduation.

Graduation is not an endorsement and not a promise of future liquidity, price or volume. It means the curve filled.

Testnet graduates

Creators who graduate a token on the public testnet become founding creators. See Founding creators and memefab × JUMAK.