SUBJECT
Pump.fun
Operated by Baton Corporation Ltd.
PLATFORM OVERVIEW
- Platform Type: Solana-based memecoin launchpad and automated trading venue
- Launch Date: January 19, 2024
- Domain Registered: September 19, 2023
- Current Status: Active (as of January 31, 2026)
CORE OPERATIONAL MECHANICS
Token Creation
- No-code creation of fungible tokens on Solana blockchain
- Fixed total supply: 1 billion tokens per creation
- Initial allocation:
- 800 million tokens → Bonding curve for trading
- 200 million tokens → Reserved for post-graduation liquidity
Bonding Curve Mechanism
Automated pricing system where token price increases as more SOL is used to purchase tokens.
"Mathematical concept that describes the relationship between the price and supply of an asset"
- Price progression: Step-function or exponential-like (observed in analyses)
- Trading process: Users buy/sell directly against curve via platform interface
- Price dynamics: Rises with buys, falls with sells
Graduation & Migration
- Graduation Threshold: Approximately $69,000 market cap (calculated as price × 1 billion supply)
- Migration Process:
- ~$12,000 in liquidity deposited to Raydium DEX (or PumpSwap canonical pool post-changes)
- Liquidity sourced from accumulated SOL in bonding curve
- Corresponding LP tokens burned
- Bonding curve retired
Creation Cost Evolution
- Initial Model: ~0.02 SOL paid by creator
- August 2024 Change: 0 SOL for creator (first buyer covers cost)
- Migration Fee: Fixed fee (e.g., 0.015 SOL as of October 2025 documentation)
DOCUMENTED METRICS
Sampled from public analytics; non-exhaustive
Cumulative Fees (Lifetime)
$901.07M
As reported January 31, 2026
Fees (30 Days Prior)
$30.67M
Rolling 30-day period
Tokens Created
Multi-Million Scale
Over 6 million unique tokens by mid-2025
Trading Volume
Billions (SOL)
Cumulative; high daily activity persists into 2026
Note: Peak periods show tens of thousands of tokens created daily. Exact lifetime figures vary by source.
CURRENT PLATFORM STATUS (JANUARY 31, 2026)
- â— Platform Active
- â— PumpSwap integrated for graduated tokens
- â— Livestream functionality re-enabled with restrictions (cross-reference FILE 008)
UNCORROBORATED / REDACTED ATTRIBUTES
- Exact bonding curve mathematical formula (virtual reserves model referenced in analyses; no single official equation published beyond general description)
- Full smart contract source code audit status (public analyses exist; no confirmed third-party audit disclosed)
- Internal migration fee allocation details beyond documented protocol/creator splits
SOURCE ANNOTATIONS
[1]
[2]
https://en.wikipedia.org/wiki/Pump.fun
Launch date reference (citing primary sources)
[3]
https://defillama.com/protocol/pump.fun
Cumulative fees and revenue metrics
Data as of: January 31, 2026
[4]
https://www.theblock.co/post/310376/pump-fun-cuts-fees-and-unveils-80-incentive
Fee structure change announcement
August 9, 2024