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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.

See also
Tools 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. → 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. → Tokenomics LP Token A token representing a share of an AMM liquidity pool. Burning LP tokens permanently locks the pool, eliminating the hard rug attack vector. Pump.fun automatically burns LP tokens at graduation — this is the protocol default, not a developer virtue signal. →
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