>>88819161Graduations give you the option to come back, unlike terminations which are eternal. Someone like Mikeneko would have come back if she had a graduation instead of a termination.
In terms of HoloCN, they all graduated, yes, but in an extremely peculiar manner (which is why they're not mentioned at all in Hololive's website despite being a graduation). Not much of a stretch to think that the terms that made them all graduate are closer to a traditional termination than a graduation.
In the off-chance that they are given the option to come back, I think it might go like this:
>Likely to try to come backYogiri, Doris
>Not likely to come backSpade Echo (she's the most successful out of all of them), Artia (she abandoned vtubing and manages her own vtubing company in China using whatever cash she had left during the 2020-2021 crypto boom), Rosalyn (she found her own dedicated audience)
>Not knownCivia (she just acknowledged Hololive a few months ago and she does vtubing part time, has a full time job)
I'd love for anyone from Gen 1 to come back, but if Hololive reopened HoloCN, they would most likely get a new batch of people plus a VERY big background check least we have a Coco 2.0 incident again and infighting between them