> For the complete documentation index, see [llms.txt](https://basedinc.gitbook.io/basedbid/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://basedinc.gitbook.io/basedbid/explainers/launch-explainers/how-does-a-pool-graduate-to-a-dex.md). # How does a Pool Graduate to a DEX? **Graduation** is when your token automatically moves from basedbid's **bonding curve** to major exchanges like Raydium or PancakeSwap once the **target market cap** is reached

Click here to learn how to create a Pool

#### How It Works

1. Launch

Your token starts on our bonding curve where users buy and sell directly. You set a **custom market cap** target during creation

2. Trading Phase

As people buy your token, the price increases along the curve toward your target market cap, earning **trading fees** the entire time

3. Graduation

Once your token reaches the target market cap, it **automatically graduates to a DEX**** *****(**no manual steps required)*

4. Exchange Trading

Your token is now live on a major DEX with access to the broader crypto community**,** earning **fees on every swap**

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