Description
Bonding Curves and Graduation
The Pump program uses virtual token and SOL reserves to determine prices as users buy and sell. This allows trading to begin without a creator supplying a conventional two-sided liquidity pool. Each curve has its own account and token mint.
When the protocol's completion conditions are met, migration moves liquidity into PumpSwap. The resulting AMM pool is a different market account. Historical curve activity and subsequent pool activity should not be treated as two simultaneous sources of the same trades.
Identifying a Market
The published Solana program is 6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P. Matching its account ownership with the correct mint helps distinguish a curve from an unrelated token sharing the same name. Users sign transactions with a Solana wallet and need SOL for network costs.
Risks And Practical Considerations
Permissionless launches provide no assurance about a creator or a token's purpose. Concentrated holdings, sharp price movements and curve completion can change trading conditions quickly. Program fees, transaction ordering and slippage affect the amount received. A visible market is not a safety review or an assurance of resale value; this explanation is not a trading recommendation.