Bonding-curve launch
The token
It is born inside Meteora's program, with these details.
6 is the Solana default.
The other side of the pair — the funding target is counted in it.
The curve
Choose the target and the tokens; the final price follows.
Where the curve begins, in quote currency.
How many tokens are sold on the way to graduation.
How much to raise before migrating to the ordinary pool.
The program requires at least 10%. Above that it is your choice, and it is irreversible.
Your wallet
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Signing happens in your wallet. The key never leaves it.
Non-custodial: everything is built in your browser and signed by you.
Liquidity with no idle money
Depth is the SHAPE of a curve, not deposited capital.
In an ordinary pool, depth comes from money somebody left there. On a bonding curve there is no pool with idle money: there is a declared curve, and buys walk along it. It is pump.fun's mechanism.
You choose two things — how much to raise before graduating and how many tokens to sell along the way. The final price is a consequence, not a choice. When the curve reaches the target it completes and migrates to an ordinary pool, now with real money on both sides: what the buyers paid.
⚠️ The token is born inside Meteora's program: the mint signs the instruction that opens the curve, and there is no version that accepts a token that already exists. If you already have a token, use the ordinary pool or the sell ladder.
What you trade away
10% of the liquidity is locked forever. The other 90% is yours.
On graduation, part of the liquidity is born permanently locked — not even you can withdraw it. We measured the floor by sweeping the percentage against the program: below 10% it refuses with InvalidMigrationLockedLiquidity; from 10% up it accepts. The threshold does not depend on the curve.
The default here is the minimum: 10% locked, 90% free. You may lock more, and locking more is a commitment signal anyone can check on chain — but it is irreversible, so the choice is yours and it is made before you sign.
How it is built
Two transactions, and the bill appears before the first.
The first transaction declares the curve (the Config): starting price, tokens along the way, funding target, and where the liquidity goes afterwards. The second creates the token and the curve's pool in the same instruction.
⚠️ A curve that falls is refused before any spending: if the target is too small for the number of tokens, the average price ends up below the starting price. That is not a launch, it is a programmed loss.