Every coin starts on a bonding curve. When the curve sells out, the coin graduates: its liquidity moves into a permanent DEX pool and trading continues there. The fee split stays exactly the same.
At a glance#
| Pump.fun coins | Meteora coins | |
|---|---|---|
| When it graduates | When all tokens for sale on the curve (about 793 million of the 1 billion) are bought | When the curve reaches its graduation market cap |
| Who sets the threshold | Pump.fun’s program | The coin’s own Meteora config, set at launch |
| Where liquidity goes | The coin’s PumpSwap pool | A Meteora DAMM v2 pool |
| Who moves it | Pump.fun’s program | Meteora’s keepers, with the platform’s worker as a fallback |
| Fee split after graduation | Unchanged | Unchanged |
Pump.fun coins#
The curve and its graduation are run by Pump.fun’s program, not by Pairity. A fresh Pump.fun curve has about 793 million tokens for sale. When they are all sold, the curve is complete and Pump.fun moves the coin’s liquidity into its canonical PumpSwap pool. For a SOL coin with Pump.fun’s current settings, the curve holds about 85 SOL at that point.
The progress bar on a coin page shows how much of the curve has been sold. The platform’s worker checks for graduation every few seconds and marks the coin as graduated once the curve is complete or the pool exists.
After graduation, the coin’s creator fees from PumpSwap trades still flow into the same fee-sharing config, so the locked split keeps paying every recipient.
Meteora coins#
Coins paired with a token that Pump.fun does not accept run on a Meteora Dynamic Bonding Curve. Their curve is sized so the coin starts and graduates at the same value in dollars as a SOL coin on this platform: by default a start market cap worth 30 SOL and a graduation market cap worth 420 SOL, converted into the pair token at launch. The platform can change these defaults.
Where the liquidity goes
- The pool migrates to a Meteora DAMM v2 pool with a 1% trading fee.
- 100% of the liquidity is permanently locked. It is held in two locked positions: one for the creator and one for the coin’s fee wallet, in the same proportion as the creator’s share of the fee split.
- Both positions keep earning trading fees. The creator claims their position’s fees with the Claim button. For the fee wallet’s position, the platform sells the pair-token side for SOL and pays it to the split, and burns the coin side.
- Fees earned on the curve before graduation stay claimable after it.
Trading around graduation#
- When a curve is almost full (99.9% or more), the trade panel pauses with “Graduating — trading resumes on DEX shortly”.
- Once graduated, SOL coins trade in their PumpSwap pool. Coins paired with a token are routed through Jupiter, which finds the coin’s pool.
- The coin page shows “Graduated” instead of the progress bar.
Note