A graduation run makes many bots buy one token, in sizes that fit the contract's limits, until the program graduates it (99% of the curve sold). It starts after the early window ends. Other bots leave that token alone while it runs. The program's own limits and your RPC speed decide how long it takes: expect about 30 to 60 minutes.

"protection working" = the contract refused it on purpose; the bot just retries later.