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A trader can launch one token on a Meteora Dynamic Bonding Curve pool, quoted in USDC and created by the StonkMe program. Backers buy the token on the curve. When the curve reaches 2,000 USDC it graduates to a regular pool, and the program moves the creator’s share into the trader’s stake:
  • the migration fee, half of the graduation amount,
  • any surplus above it,
  • the curve’s trading fees owed to the creator.
That money is locked. It backs the trader’s trades and can be lost to liquidation, but it can never be withdrawn. The token itself is never collateral; only the USDC it raised is.

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Example from devnet

Three backers put in 700, 700 and 800 USDC. The curve graduated at 2,000, and 1,016.16 USDC (the migration fee plus surplus and fees) landed in the trader’s stake, locked. Anyone can call the collect step, so a trader’s stake fills even if they’re offline.