Glossary
Bonding curve
A bonding curve is a pricing formula that sets a token’s price from how much of its supply has been bought: each buy raises the price, each sell lowers it. Launchpads such as pump.fun sell a new token on a curve until it fills, then move its liquidity to a decentralised exchange.
That move is called migration or graduation. Before it, trades go through the curve; after it, through the exchange pool.
Because the earliest buys are the cheapest, the first seconds after a launch matter most. That is why snipers watch for new curves.
Why launchpads use them. A curve means a token can trade from its first second with no pool to seed: the launchpad itself is the other side of every trade. The cost is that the price depends only on how much has been bought, so early buyers get the lowest prices.
Where it ends. When the curve fills, liquidity moves to an exchange pool: PumpSwap on pump.fun, Uniswap V4 on Pons and a PancakeSwap pool on flap.sh. On Pons, a token graduates after 4.2 ETH of real buys, as of 2026-10-29, and its graduated liquidity is locked permanently in Pons’ locker. These are the launchpad’s numbers, not Ballistic’s. See migration.
Questions
What is the difference between a bonding curve and a liquidity pool?
A curve is a formula the launchpad uses to price every trade, with the launchpad on the other side. A liquidity pool holds two token balances that traders swap against, and the ratio sets the price.
Why does the start of a curve matter so much?
Each buy raises the price for the next one, so the first buys are the cheapest. That is why bots watch for new curves and why creators bundle their own buys into the launch.
What happens when a bonding curve fills?
The token graduates: the launchpad moves its liquidity to an exchange pool and trading continues there.