When the last token on the curve sells, trading pauses and the pool opens on its own, usually inside a minute. Nothing happens to your balance while it does.

Everything the curve raised, and the tokens held back for it, become the pool. It opens at 0.000008 NEAR — the price the last buyer on the curve paid — and the launch itself owns the position and cannot withdraw it. The amounts shown are a NEAR coin's.

The pool is the 250,000,000 tokens held back at launch and everything the curve raised. A token graduates at twice its pair's reserve, an amount fixed in the pair when the token was created: 2,000 NEAR on a NEAR coin, with a market cap of 8,000 NEAR at that moment. On every pair the market cap at graduation is four times the raise; the pairs page has each pair's figures.

Where the pool opens was chosen when the token was made (Shards pool or Rhea pool):

• A Shards pool opens inside the token's own contract, in a position the launch itself owns. It cannot withdraw the principal, so there is nobody with the right to pull the liquidity.
• A Rhea pool opens as a new pool on Rhea, NEAR's largest exchange. The positions there belong to the token, and nothing can remove them, so the liquidity is locked there too.

Trading reopens at the price the last curve buyer paid: exactly, on a Shards pool, and within Rhea's smallest price step, on a Rhea pool. It is the same page and the same trade panel, with no separate swap screen. On a Rhea pool the panel's trades become swaps on Rhea, and the token can also be traded on Rhea itself; its tax is charged on every trade either way. The one new charge is a 1% pool fee that did not exist on the curve. It is the same on both kinds of pool, and what the token's own liquidity earns from it is divided exactly like the tax: 20% to the platform, 80% through the creator's four shares.

Why opening the pool is a separate step

The last buyer's trade only closes the curve. The pool opens straight after, as a step of its own, so a problem opening the pool can never break or block that trade, which goes through exactly as quoted either way. The platform opens it, usually inside a minute. On a Shards pool the token page also offers a button in case it is ever slow, and anyone can press it. A Rhea pool has no button: opening it takes more than a wallet can send, so the platform always does it.

If Rhea cannot open the pool

If a Rhea pool has not opened after 7 days and at least 3 tries, the token can move to a Shards pool instead. Only its creator, its current fee wallet or the platform can start that move. Its liquidity is locked there, and it trades on Shards from then on. The token page says when that becomes possible. Nothing happens to anyone's balance.

The arithmetic behind all of it is on the curve.