pump.fun: Fees and Referral Terms

pump.fun: from token launch to PumpSwap

pump.fun launches tokens on Solana with a bonding curve: its reserves determine the purchase and sale price. After the curve completes, trading moves to a PumpSwap liquidity poolA shared reserve of assets held in a smart contract. It is used for swaps or settlement between participants; its purpose and rules are set by the application..

Product

Token launch platform

Network

Solana

Market lifecycle

Bonding curve → PumpSwap

What changes when a pump.fun token graduates?

Before graduation, purchases and sales settle against the bonding curve. Buys raise its price and sells lower it. Once the tokens allocated for curve sales have sold out, the curve completes and closes to trading.

Migration transfers the reserves allocated to liquidity into the token's canonical PumpSwap pool. The migration instruction is permissionless: any account can call it for a completed curve. Holders keep the same token and mint addressThe address of a Solana record identifying a particular token and storing its total supply and authorities. All units of that token share this address. Wallets and explorers may label it mint.; subsequent trades use the pool.

Does every pump.fun purchase use SOL?

A coin can be paired with SOL, USDC or another asset enabled by the platform. The pair asset is the currency used to price and trade that coin. For a USDC pair, for example, the coin's price and trading fees are measured in USDC.

Solana network fees and account creation still use SOL. Creating a coin has no platform creation fee. For SOL-paired coins, graduation deducts a separate migration fee from the quote reserves. These are separate operations from a purchase or sale.