ProtocolEnglish
No graduation
Why there is no threshold, no pool, no migration
Curve products normally have an ending. A threshold is hit, the curve closes, the reserve is swept into an AMM pool, and the asset starts a second life somewhere else.
UNPRICED has no threshold. No graduation, no sweep, no pool, no migration, no transferable token, at any level. A market never changes nature. It grows on the same curve, forever.
Why
A capped market is a dead market. The earlier design was a straight line with a supply ceiling. Simulated against four alternative shapes it came last: −41 % of volume versus the quadratic curve under average demand, −80 % under strong demand, and 82 % of its life spent full. A market nobody can buy produces nothing, for anyone.
Graduation moves risk instead of removing it. After a migration the price stops being a function of supply and becomes a function of whoever holds the LP position. The reserve that always bought your claims back becomes a pool someone else drains. The first rule of this system, that the displayed price is not a collective exit, stops being enforceable the moment the exit stops being a formula.
The pool's benefits do not apply here. The arguments for graduating are secondary-market liquidity, arbitrage price discovery, and listability. Claims are non-transferable by design, the curve is the price discovery, and there is nothing to list.
The curve keeps paying. An uncapped market never stops producing trade fees. A creator's seat and a referrer's link keep earning as long as anyone trades, instead of going quiet the day the market fills.
What that changes
| With graduation | Here | |
|---|---|---|
| Where you sell | A pool, at whatever price it holds | The curve you bought on |
| Who provides liquidity | LPs, who leave | The reserve, which nobody withdraws |
| What ends the market | A threshold | Nothing |
| What your claim becomes | A transferable token | A claim |
| Price after the "end" | An external pool | supply² / 720,000,000, same as day one |
The trade
- No external listing. Claims do not appear on an exchange or an aggregator, do not bridge, do not serve as collateral.
- No arbitrage upside. No moment where an outside market re-rates the asset above the curve. The curve is the whole of it.
- No transfer. No gifting, no private sale, no moving a position between wallets. The curve is the exit.
These are the design. They are what makes the price honest.