Memecoin launchpads: pump.fun, bonding curves and migration
How a new token is born, what a bonding curve is and what it means when a token graduates to a DEX.
Key takeaways
- A launchpad lets anyone create a token without writing a contract
- At launch the price comes from a bonding curve, not a DEX pool
- After reaching a threshold the token migrates to a regular liquidity pool
- Only a small share of tokens ever complete the curve
What a launchpad is[1]
A launchpad is an app where you enter a name, ticker, image and description, and the platform creates a token with preset rules. Supply is fixed, mint and freeze authorities are usually disabled and trading starts immediately. That is why so many memecoins exist.
- Fixed supply set by the platform
- No manually added liquidity at launch
- A platform fee on every trade
- A token page with chart, chat and holder list
Bonding curve: price from a formula[2]
At launch the token has no DEX pool. You buy directly from the launchpad contract and the price rises along a predefined curve: the more tokens already sold, the more the next one costs. Selling works in reverse and lowers the price.
The progress bar on the token page shows how much of the curve has been bought.
Migration: completing the curve[1][3]
Once the curve is fully bought, the launchpad moves the collected funds and remaining tokens into a regular liquidity pool on a DEX. On pump.fun that is PumpSwap; other platforms use Raydium, Meteora, Uniswap or PancakeSwap. From then on an AMM pool sets the price and the token appears on aggregators such as DexScreener.
- Check whether the token is still on the curve or already on a DEX
- After migration, compare pool liquidity with your order size
- Watch for heavy selling right after migration
- Check exact migration thresholds on the launchpad itself, as platforms change them
Major launchpads by network[1][4][5]
Solana: pump.fun is the largest memecoin launchpad, alongside LetsBonk (the BONK community) and Moonshot. Base: Zora turns posts and creators into tokens, while Clanker creates tokens straight from Farcaster posts. BNB Chain: Four.meme is the network's main launchpad.
Whatever the platform, check the network, full token address, holder distribution and whether the creator holds a large share of supply.
The statistic few people mention[3]
Public on-chain analyses show that only a few percent of pump.fun tokens ever complete the bonding curve. The vast majority are abandoned within minutes or hours of launch.
Sources
Primary material used to verify the information. A number beside a section points to the related source. A link is not an endorsement of the asset discussed.