What does graduating to PumpSwap mean?
Graduation is when a Pump.fun token completes its bonding curve and moves to a full decentralized exchange pool (PumpSwap, or historically Raydium), where it trades with standard liquidity.
Reaching graduation usually means the token attracted enough buying to fill the curve, a milestone many tokens never reach. Afterwards, liquidity behaves like any other AMM pair.
Graduation is a positive activity signal but not a safety guarantee - a graduated token can still lose its liquidity or value.