Graduation

What happens when the curve fills, and who does it.

When

The curve completes when it holds the graduation threshold, 85 SOL. The buy that reaches it takes only what was needed. From then on nothing trades on the curve; the coin page shows the pool as soon as the migration lands.

The migration

Migration is a permissionless Meteora instruction (migration_damm_v2): Meteora's keepers send it within moments on mainnet, and anyone could. It creates the DAMM v2 pool on Meteora's fixed 1% config (Hv8Lmzmn…) with the SOL the curve raised and the supply held back, at the curve's closing price. No migration fee is taken.

Locked, by whom

The launch config says that 100% of the liquidity is the partner's, permanently locked. The partner is the pad's fee claimer, a program-derived address. The position's NFT sits with that address, and the pad's program has exactly one instruction that touches it: harvest_migrated, which claims the position's fees. There is no instruction that removes liquidity, and nobody holds a key that could.