The token is the race.
The slab is the prize.

No token has launched yet. Nothing is reserved and being first confers no claim, but the first race on a card is the one everybody watches. Gem Mint 10s under a few hundred dollars fund fastest.

1. 1
   Graduated

   When its pump.fun curve sells out, the token graduates to PumpSwap. Nothing is bought here; it unlocks claiming, and the vault keeps earning from the graduated pool.
2. 2
   Lower grades

   Every grade of the card for sale is a rung, cheapest first. A rung is reached when the vault can afford its listing; the launcher can claim any reached rung once the token has graduated.
3. 3
   The peg

   The grade the token targets. The vault buys it the moment it can afford the cheapest listing; every rung shows the trading volume that gets there.
4. 4
   Higher grades

   Grades above the peg stay on the ladder. Keep trading and the vault keeps buying; every card leaves a receipt: cert, tracking, transaction.