Launch lifecycle

Create writes metadata and mints the full supply to the curve. Nobody, including the creator, is holding a reserved bag before trading opens.

Anyone can buy and sell. Price rises as people buy and falls as they sell.

Once the curve sells out it closes. What it collected seeds a Uniswap v4 pool, along with tokens held back for liquidity.

Graduation normally happens inside the buy that finishes the curve. If that automatic step fails, anyone can push the launch forward.