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What is a bonding curve? How pump.fun and other launchpads use one

A bonding curve is a contract that sells a new token from its own supply and sets the price from the amount already sold. When the curve ends, the token graduates to a DEX pool.

Every fee and end point below is quoted from the launchpad's own docs. We last checked them on . Graduation rates come from the MemeFees engine, 7 complete days to 30 Sep 2026 (UTC).

How a bonding curve works

At launch, the curve holds the tokens that are for sale. A buyer pays the curve in the chain's coin, such as SOL or BNB, and receives tokens. Each buy leaves fewer tokens on the curve, so the next buyer pays a higher price. A seller returns tokens to the curve and receives coins at a lower price.

pump.fun documents its formula: “The curve prices each trade from virtual reserves, in the same way as a constant-product pool.” Its docs also say: “No liquidity is seeded.” With no seeded pool, every early trade goes through the curve (pump.fun program docs, checked 2026-09-25).

Bonding curve progress shows how far a token is from the end of its curve. The Graduating page lists tokens with the progress that their sources report, and the curve stall rate shows how many stop moving. When the curve ends, the launchpad moves the token to a pool. The graduation guide compares those thresholds.

Bonding curves compared across launchpads

Launch model, curve fee, end point and destination for each launchpad, with sources
LaunchpadLaunch modelFee per tradeThe curve endsThen moves toGraduated in 24 h
pump.funStatsBonding curve“1.25% per trade”pump.fun fee schedule (updated 20 May 2026), checked “When all 793.1 million curve tokens are sold”pump.fun program docs, checked PumpSwap—
LetsBONK.funStatsBonding curve“1.5% per trade”Raydium LaunchLab API: letsbonk.fun platform config, checked “after the curve raises 85 SOL”Raydium LaunchLab API: letsbonk.fun platform config, checked Raydium CPMM—
BagsStatsBonding curve“Default mode: 2% per trade”Bags docs: customize token fees, checked “85 SOL in most modes”Bags docs: customize token fees, checked Meteora DAMM v2—
four.memeStatsBonding curve“1% per trade, with a 0.001 BNB minimum”four.meme guide: how it works, checked “100% of the curve, about 18 BNB”four.meme guide: how it works, checked PancakeSwap—
Flap.shStatsBonding curve“1% on BNB Chain, Robinhood Chain, X Layer and Monad”Flap docs: protocol economics, checked “At 800 million tokens sold, 80% of supply”Flap docs: list on DEX, checked PancakeSwap—
Raydium LaunchLabBonding curve“The platform adds its own fee, capped at 5%”Raydium LaunchLab API: live launch configs, checked “JustSendit: 85 SOL, fixed. LaunchLab mode: a creator-set target of at least 24 SOL”Raydium: creating a LaunchLab token, checked Raydium CPMM—
PonsStatsBoth, by version“every trade pays the 1% pool fee”Pons V2 docs, checked “V1: a milestone at 4.2 ETH of WETH in the pool by default; nothing migrates. V2: when the curve sells out”Pons V1 docs, checked Uniswap v4—
NOXA FunPool from launch“the 1% fee tier of the Uniswap V3 pool”NOXA docs: launchpad overview, checked “A milestone, not a migration: 4.2 ETH on Robinhood Chain and MegaETH”NOXA docs: supported chains, checked Stays in its pool—
LetsCashPool from launch“1% (default)”LetsCash docs, checked Not publishedStays in its pool—

Graduated in 24 h: the launch-weighted share of new tokens that completed the curve within 24 hours, over the last 7 complete days, from the MemeFees engine. A dash means the engine has no graduation source for that launchpad. Quotes are copied from the linked source.

Published fee per trade on the curve or launch pool, default settings. Tax tokens and other modes can charge more.

What the curve data shows

Six of the nine launchpads in the table sell every new token on a bonding curve: pump.fun, LetsBONK.fun, Bags, four.meme, Flap.sh and Raydium LaunchLab. NOXA Fun and LetsCash use no curve. They put the token in a trading pool at launch, and each trade pays the pool fee. Pons uses both models, depending on the version.

On the curve, the published fee per trade runs from 1% on four.meme and Flap.sh to 2% on Bags. Raydium LaunchLab publishes no single curve rate: "The platform adds its own fee, capped at 5%".

The curves end in two ways. pump.fun and Flap.sh end the curve when a set number of tokens is sold. LetsBONK.fun, Bags, four.meme and Raydium LaunchLab end it when the curve has raised a set amount of SOL or BNB. By chain, Solana has four (pump.fun, LetsBONK.fun, Bags and Raydium LaunchLab), Robinhood Chain has one (Bags) and BSC has two (four.meme and Flap.sh).

At the end of the curve, the tokens and the raised funds go to a DEX pool: PancakeSwap for four.meme and Flap.sh, Raydium CPMM for LetsBONK.fun and Raydium LaunchLab, Meteora DAMM v2 for Bags and PumpSwap for pump.fun.

Frequently asked questions

What is a bonding curve in crypto?

A bonding curve is a contract that sells a new token and sets the price from the amount already sold. Each buy raises the price and each sell lowers it. On pump.fun, the curve prices each trade from virtual reserves, in the same way as a constant-product pool.

What is a bonding curve on pump.fun?

pump.fun sells each new coin on a curve and charges 1.25% per trade. The curve ends "when all 793.1 million curve tokens are sold", and the coin then moves to a PumpSwap pool.

What happens when the bonding curve is complete?

The launchpad moves the token and the funds the curve raised into a DEX pool, and normal pool trading starts. The destination depends on the launchpad: PancakeSwap for four.meme and Flap.sh, Raydium CPMM for LetsBONK.fun and Raydium LaunchLab, Meteora DAMM v2 for Bags, PumpSwap for pump.fun and Uniswap v4 for Pons.

What is bonding curve progress?

Bonding curve progress shows how far a token is from the end of its curve. On pump.fun, which ends the curve at a token count, progress follows the tokens sold. On LetsBONK.fun, which ends at 85 SOL, it follows the SOL raised. The Graduating page lists tokens with the progress that their sources report.

What is the difference between a bonding curve and a liquidity pool?

A bonding curve is the only seller at the start: the contract sells tokens from its own supply on a fixed formula. A liquidity pool holds two assets, and traders swap against both. NOXA and LetsCash skip the curve and start every token in a pool.

Fee facts are quoted from each launchpad's own documentation, with the date we last checked it. Fees and revenue come from DefiLlama; launch, graduation and survival figures come from the MemeFees engine (see the methodology). MemeFees is independent and not affiliated with any launchpad on this page. This page is general information. It is not financial advice.