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Pump.fun

The dominant Solana memecoin launchpad. Uses a bonding curve pricing mechanism pre-graduation; LP is automatically burned at migration to PumpSwap. 7 million+ tokens analyzed Jan 2024 through Mar 2025; 98.6% ended below $1,000 in liquidity per Solidus Labs.

See also
Tokenomics Bonding Curve Pump.fun's pre-graduation pricing mechanism where price moves deterministically as supply is purchased. The curve requires roughly 85 SOL in buy pressure to complete, bringing the market cap to approximately $69,000. Only 0.63% to 1.4% of curves complete. → Tools PumpSwap Pump.fun's in-house AMM launched March 2025. Replaced Raydium as the destination for bonding-curve graduations. LP tokens are burned automatically on migration, closing the hard rug vector. Post-migration price action is determined by existing holders selling, not by LP structure. → Tokenomics Graduation The transition from Pump.fun's bonding curve to a live AMM pool (PumpSwap since March 2025). Requires roughly 85 SOL in buy pressure; LP tokens are automatically burned. Approximately 0.63% of launches graduated in September 2025. Graduation is the minimum threshold of survival, not evidence of quality. →
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