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A marker, not an event. Nothing happens on chain.
A coin is shown as graduated once its pool holds 4.2 ETH.
Nothing on chain. The threshold appears nowhere in the contracts. Passing it changes a badge on the card and a heading on the coin page, and that is the entire effect.
On launchpads built around a bonding curve, graduation is a real event: the coin trades against a curve until a threshold, then liquidity migrates into a real DEX pool. That migration is what the word describes.
Gekko has no bonding curve. Every coin gets a real Uniswap V3 pool at launch, so there is nothing to migrate to and nothing to unlock. The liquidity was real and locked from the first block.
A coin below the threshold is not restricted, and a coin above it has gained no new guarantee. It is a milestone in the sense a follower count is a milestone.