Bonding curve and migration

How pump.fun coins are born and graduate.

No pool at first. New launchpad coins do not start with a normal pool. They start on a bonding curve: a formula that sets the price from how much SOL has been put in so far.

Price climbs as SOL comes in. Every buy pushes the curve up. Every sell pushes it down. Early buyers get more tokens per SOL; later buyers get fewer.

The finish line. On pump.fun the curve fills at about 85 SOL. When it fills, the coin migrates: the SOL and tokens move into a real pool on an AMM and normal trading starts.

Migration is a moment. Many traders buy just before migration hoping for a pop, and many sell right after. Pulse's Final stretch column shows coins close to that line.

Most never make it. The large majority of launches never fill the curve. They fade with a few SOL in and die. A coin at 20% progress is not a coin, it is a bet on attention.

What to watch. Progress %, how fast it is moving, and whether the buys are many small wallets or one big one. The second is a warning sign (next lessons).