What is a bonding curve?
Short answer
A bonding curve is a pricing mechanism where a token's price is set by a mathematical formula based on how much has been bought from the curve — price rises automatically as people buy and falls as they sell. Pump.fun launches every coin on one.
Because price climbs with cumulative buys, the earliest buyers pay the least, which is why snipers race to be first. Before a coin "graduates" to a DEX, the curve itself is the liquidity.
Related questions
Why do early buyers pay less on a bonding curve?
Because the formula increases price with each purchase. The first buys happen at the bottom of the curve, so the earliest entrants get the cheapest price.
What is graduation?
When the curve fills (around a set market cap), the collected SOL seeds a new DEX pool — usually Raydium — and open trading begins there.
Is a bonding-curve coin safe from rugs?
Pre-graduation there is no separate LP to pull, but concentration and snipers are real risks. After graduation, normal rug risk applies to the new pool.
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Education only — not financial advice. Memecoins are extremely high risk.
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