Curve Graduation Under Liquidity Tolls: A Reproducible Funding Failure and Post-Graduation Receipt Boundary

A launch token can restrict transfers during its issuance phase and later move its reserve into a permanent AMM position. That transition must account for every charge imposed by the destination venue. This report examines PonsV2Token together with its configured, modified v4-style PoolManager and block-scoped transfer-fee components. A local sold-out fixture holds exactly one native-currency unit as both balance and recorded reserve. Graduation attempts to settle 1.003999999999999998 units after the manager applies its liquidity toll, and the call reverts for insufficient balance. Artificially adding unaccounted balance in the harness permits the same graduation path, isolating the funding boundary without proposing a production fix. A second diagnostic shows that empty-calldata native receipts after graduation can still increase reserve accounting, although explicit donate calls are closed. The final suite records fifteen passes and one retained failure across eleven existing component tests and five new analysis tests. These results qualify the implementation's intended transition and preserve adverse evidence; they do not establish production exploitability, economic protection or financial inclusion. Preparation of this report was assisted by Codex. The research programme is directed toward human agency, financial inclusion, and evidence-based accountability. Intended social benefits are distinguished from measured technical results in the manuscript. The manuscript and newly authored analysis are offered under CC BY 4.0. Any supplied source files retain the license terms stated in the supplement; the record license does not replace third-party source licenses.