> For the complete documentation index, see [llms.txt](https://handbook.spend.market/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://handbook.spend.market/markets/graduation-and-complete-sets.md). # Graduation & Complete Sets Graduation is the moment a market crosses from pool to book. **When it happens.** Automatically, when total pool collateral reaches the $10,000 graduation threshold. A market that never hits it stays in Phase 1 until resolution. ### What happens * **The pool freezes.** No new pool entries. Your Phase 1 stake becomes a balance of outcome tokens you own outright. * **The yield vault redeems.** Principal returns to the market, and accrued yield is passed through to Phase 1 participants in full, pro-rata by entry timing, with no clawback. * **The seed fund seeds the book.** Capital from Phase 1 entry fees is deployed to provide initial liquidity. * **Trading opens.** Anyone can place orders. > **Example.** You committed $700 to YES at an implied $0.70 in Phase 1, so 1,000 YES tokens. At graduation those 1,000 tokens are yours outright and tradable, plus your share of vault yield since entry. Now you can sell into the book at the going price, place a limit order at your number, or hold to resolution for $1.00 per token. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://handbook.spend.market/markets/graduation-and-complete-sets.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.