Graduation & the Canonical LP

When a round meets its target it enters Graduating: the USDG proceeds are converted to the creator's chosen Stock Token, and the Canonical LP is minted against it. Once that pool exists, the project enters Trading and price discovery begins.

The Pairing Decision

Most launch protocols pair a new token's liquidity against the chain's gas token. That has a structural consequence nobody chose: when the chain's native asset moves, every position on it moves too, for reasons that have nothing to do with any individual project.

On Jump, the creator selects a tokenized real-world asset at project creation, and that is what the Canonical LP is paired against. Two things follow:

• A project's liquidity is denominated in something with an independent, real-world reference — not in the beta of the chain it happens to be deployed on.
• A memecoin about a company can be priced against that company. The joke and the underlying sit in the same pool.

Why this chain

Tokenized equities have to exist as first-class on-chain assets for this pairing to be possible at all. That is the concrete reason Jump is built on Robinhood Chain rather than a general-purpose L2. See Robinhood Chain & USDG.

Where the Pool's Tokens Come From

The token side of the Canonical LP is the R_pool share fixed at project creation — a share of the same 10^11 total supply, never a later mint. The currency side is the auction's USDG proceeds, converted at graduation.

Because R_reserve + R_raise + R_pool = 100% is enforced on-chain, there is no supply available to seed a pool beyond what was declared before the auction opened.

Irreversibility

Graduating and Trading are both irreversible states. A graduated round cannot be unwound, re-run, or re-priced by the protocol. From that point, the market sets price.