Glossary

Bonding curve

Also written or said as: curve, bonding, pre-bond, on the curve

A price formula that sells a new coin cheaply to early buyers and more expensively to later ones.

On pump.fun and similar launchpads a new coin does not start with a normal pool. The launchpad sells tokens along a curve: every buy nudges the price up and every sell nudges it down. On pump.fun's curve the last tokens sold cost about 15 times what the first ones did, so the same 1 SOL buys far fewer tokens near the end. When the curve sells out, the coin graduates to a regular pool.