The process by which a token launched on a bonding curve platform like Pump.fun migrates to a standard DEX liquidity pool after reaching a predefined market cap threshold (typically ~$69K on Pump.fun). At graduation, the bonding curve liquidity is deposited into a Raydium or PumpSwap pool, enabling open market trading. Graduation signals initial market validation of a token launch.
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The process by which a token launched on a bonding curve platform like Pump.fun migrates to a standard DEX liquidity pool after reaching a predefined market cap threshold (typically ~$69K on Pump.fun). At graduation, the bonding curve liquidity is deposited into a Raydium or PumpSwap pool, enabling open market trading. Graduation signals initial market validation of a token launch.
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Think of it as a market mechanic used to price, route, or move capital through liquidity apps.
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AMMs, routing, liquidity, lending, and trading infrastructure.
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Graduation (graduation) Category: DeFi Definition: The process by which a token launched on a bonding curve platform like Pump.fun migrates to a standard DEX liquidity pool after reaching a predefined market cap threshold (typically ~$69K on Pump.fun). At graduation, the bonding curve liquidity is deposited into a Raydium or PumpSwap pool, enabling open market trading. Graduation signals initial market validation of a token launch. Related: Bonding Curve, Pump.fun, Liquidity Pool
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A mathematical formula that determines a token's price as a function of its supply. As more tokens are purchased, the price rises along the curve; selling decreases supply and lowers the price. Pump.fun popularized bonding curves on Solana for token launches, using them for initial price discovery before a token graduates to a DEX. The curve shape determines how quickly price accelerates with demand.
A memecoin launchpad on Solana that uses a bonding curve mechanism for token creation and initial price discovery, allowing anyone to launch a token with no code in seconds. Tokens that 'graduate' (reach a market cap threshold) migrate to a DEX for open trading. Pump.fun generated over $300M in fees within its first year and launched PumpSwap, its own DEX, in March 2025.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
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A mathematical formula that determines a token's price as a function of its supply. As more tokens are purchased, the price rises along the curve; selling decreases supply and lowers the price. Pump.fun popularized bonding curves on Solana for token launches, using them for initial price discovery before a token graduates to a DEX. The curve shape determines how quickly price accelerates with demand.
A memecoin launchpad on Solana that uses a bonding curve mechanism for token creation and initial price discovery, allowing anyone to launch a token with no code in seconds. Tokens that 'graduate' (reach a market cap threshold) migrate to a DEX for open trading. Pump.fun generated over $300M in fees within its first year and launched PumpSwap, its own DEX, in March 2025.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
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A protocol that enables token swaps using algorithmic pricing against pooled liquidity instead of matching individual buyers and sellers. AMMs use mathematical formulas (typically constant product x*y=k) to determine prices based on the ratio of tokens in a liquidity pool. On Solana, major AMMs include Raydium, Orca, and Meteora.
An AMM design where liquidity providers concentrate their capital within specific price ranges instead of across the full 0-to-infinity range. CLMMs dramatically improve capital efficiency—LPs earn more fees per dollar deposited within their active range. If the price moves outside the range, the position becomes inactive. Orca Whirlpools and Raydium CLMM are leading implementations on Solana.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
A token issued to liquidity providers representing their proportional share of a pool's reserves and accrued fees. LP tokens can be burned to withdraw the underlying assets. The value of LP tokens changes as the pool's token ratios shift and fees accumulate. LP tokens are often stakeable in yield farming programs for additional rewards.