Graduation & the Canonical LP
When a round clears, it enters Graduating. The effective BNB proceeds are wrapped as WBNB where required by the DEX, and the Project Token/WBNB Canonical LP is created. Once the pool exists, the project enters Trading and market price discovery begins.
BNB Pairing for Both Asset Types
| Asset | BNB-denominated market |
|---|---|
| Project Token | Project Token / WBNB, the project’s Canonical LP |
| Supported Stock Token | Stock Token / WBNB, a separate stock-token market |
Stock Tokens remain part of the product. Their BNB markets may support approved entry conversions and stock-related features. A stock pool is not the same pool as the project’s Canonical LP, and graduating a project does not automatically provision liquidity for a Stock Token. Only approved BSC asset addresses and routes may be used.
Both markets have BNB as the quote asset. Their BNB prices and BNB/USD can change independently; a company-themed token is not automatically backed by, or directly paired with, that company’s tokenized equity.
Where the Canonical LP Assets Come From
The project-token side is totalSupply × R_pool, declared before the auction opens. The quote side is the BNB effective proceeds Σ e_i = V_target, represented as WBNB. Excess deposits reserved for refunds are not part of the LP.
Wrapping BNB into WBNB is a 1:1 operation, not a swap into a Stock Token. The supply shares still obey R_reserve + R_raise + R_pool = 100%. There is no additional project-token mint at graduation.
Irreversibility
Graduating and Trading remain irreversible in the specified life-cycle. A graduated round cannot be re-run or re-priced through the auction refund path. The market sets subsequent prices.