Bonding curve

A bonding curve is how a launchpad such as pump.fun prices a token. At launch the token has no DEX pool. You buy directly from the launchpad contract, and the price rises along a predefined formula: 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. Once the curve is fully bought, the launchpad moves the collected funds and the remaining tokens into a regular liquidity pool. That moment is called graduation or migration. The exact thresholds depend on the platform and can change.