Token graduation on TON is one of the most misunderstood mechanics in the ecosystem. Most people know it means a token moves from a bonding curve to a DEX. Few understand what actually happens at each step and why the automation matters. Four major launchpads on TON now route graduated tokens to STONfi, Grambo, Gram Store, Quantum Club, and Stonks. Each has slightly different mechanics but the graduation pipeline follows the same structure. Phase one is the bonding curve. The token launches with a price determined by a mathematical formula based on current supply. Each purchase increases the price automatically. The curve collects the purchase capital into a reserve. No order book. No market makers. The formula is the market. Phase two is the graduation threshold. When the token hits a defined milestone — a specific capital raised amount or token supply sold, the graduation event triggers automatically. No team intervention required. The protocol handles it. Phase three is the liquidity migration. The reserve capital collected during the bonding curve phase moves into a STONfi V2 pool. The token is now tradeable on a standard AMM DEX rather than through the bonding curve. Price discovery transitions from the formula to the market. Phase four is the LP token lock. On Gram Store the LP tokens representing the migrated liquidity lock for six to twelve months. The team cannot remove the liquidity they raised during this period. This is the mechanism that addresses the most common token launch failure mode, teams extracting liquidity immediately after graduation while holders are left with an illiquid position. Every successful graduation on any of these four launchpads brings new liquidity and new trading pairs to STONfi automatically. The pipeline compounds STONfi's pool depth continuously without requiring manual listing decisions. Explore STONfi pools → https://app.ston.fi/pools #BTC Price Analysis# $BTC #Altcoin Season# $ETH