Pump.fun graduation is the automatic, one-way move of a coin from its bonding curve to a PumpSwap pool. It triggers when the last of the 793,100,000 curve tokens is bought, which, working from the four constants Pump.fun publishes, takes about 85 SOL of net buying and leaves the coin at a market cap close to 410 SOL. The fee schedule lists 0.015 SOL for the migration itself, and the LP tokens from the new pool are burned.
Key points
- The real threshold is in tokens: graduation fires when real token reserves on the curve reach zero.
- Converted to SOL, that is roughly 85 SOL raised and a market cap near 410 SOL, fees aside.
- The often quoted $69k is that SOL figure times one particular SOL price. Pump.fun's docs never state it.
- Migration is permissionless and irreversible; the pool LP tokens get burned, so the liquidity stays locked in.
- After the move, trading runs through PumpSwap and creator rewards keep accruing from the canonical pool.
What does Pump.fun graduation mean?
Every coin launched on Pump.fun begins on a bonding curve, a small pricing program owned by Pump.fun that sells a fixed slice of the supply. The curve can only ever sell 793.1 million tokens. Once a buyer takes the last of them, the curve closes for business. That closing, plus the transfer of its liquidity into a regular AMM pool, is what traders call graduation.
Most coins never get there. Not even close.
That isn't a statistic we're inventing; anyone can scroll the board and watch launches stall at 20% or 40% and slowly bleed. Graduation needs sustained net buying, and net is the word that matters. If you want the full mechanics of how buys push the curve along, we wrote them up in our step-by-step curve walkthrough.
What is the Pump.fun graduation threshold in SOL?
Pump.fun's program README lists the starting state of every curve. Virtual token reserves begin at 1,073,000,000 and virtual SOL at 30. Of the 1,000,000,000 supply, 793,100,000 tokens are real inventory the curve may sell. The product of the two virtual numbers never changes. Four lines of arithmetic get you the threshold.
- Constant k: 1,073,000,000 times 30 gives 32.19 billion.
- Virtual tokens left when every curve token is sold: 1,073,000,000 - 793,100,000 = 279,900,000.
- Virtual SOL at that point: 32.19 billion divided by 279.9 million, about 115.005 SOL.
- SOL that actually came in: 115.005 - 30 = about 85.0 SOL, before trading fees.
Price at the finish is 115.005 / 279,900,000, about 0.000000411 SOL per token. Multiply by the full billion and the market cap at graduation lands near 410.9 SOL. Trading fees ride on top of that flow, so the gross SOL spent by everyone is a little higher than 85, and sells along the way mean far more total volume usually passes through before the curve is done.
Why the dollar figure keeps moving
The "$69k" number you see in threads comes from an older SOL price. You won't find it anywhere in the official documentation. Since the curve is priced in SOL, the dollar value of graduation simply floats with the market.
| SOL price (USD) | Market cap at graduation | SOL raised on the curve |
|---|---|---|
| $100 | about $41,100 | about $8,500 |
| $150 | about $61,600 | about $12,750 |
| $168 | about $69,000 | about $14,280 |
| $200 | about $82,200 | about $17,000 |
| $250 | about $102,700 | about $21,250 |
So when someone says a coin is "close to $69k" on a day SOL trades at $220, they're off by a wide margin. Check progress on the coin page instead, or do the math in SOL.
What happens at migration, step by step
The last curve token sells
When a buy drains the real token reserve to zero, the program sets the curve's complete field to true. From that instant, further buys and sells on the curve are refused.
Someone calls migrate
The migrate instruction is permissionless, so it does not depend on the creator. It is also idempotent: a second call on an already migrated curve changes nothing.
Liquidity moves to PumpSwap
The curve's liquidity goes into a canonical PumpSwap pool for the coin. The README sets the pool migration fee at a minimum of 15,000,001 lamports, which lines up with the 0.015 SOL graduation fee on the fees page.
LP tokens are burned
The LP tokens the new pool issues are burned straight away. Nobody, creator included, holds a claim that could pull the liquidity out later.
One detail we like checking on Solscan: the opening pool price. By our reading the pool pairs the roughly 85 SOL from the curve with the 206,900,000 tokens that were never for sale on it. Divide one by the other and you get about 0.000000411 SOL per token, the same price the curve ended at. So a well-behaved migration shouldn't produce a price jump on its own. Any gap you see in the first minutes comes from trading, not from the move.
What changes after a coin graduates?
| Curve stage | Pool stage (PumpSwap) | |
|---|---|---|
| Pricing | Fixed constant-product formula on virtual reserves | Constant-product AMM on real pool reserves |
| Trading fees | Curve schedule set by Pump.fun | Pool schedule set by Pump.fun, linked to market cap |
| Creator rewards | Accrue to the creator address | Keep accruing in the canonical pool |
| Who adds liquidity | Nobody; the curve is the liquidity | Anyone can deposit; the migrated LP is burned |
| Where it trades | Pump.fun curve only | PumpSwap pool, reachable by routers and charting sites that index it |
| Progress bar | 0 to 100% | Gone; the curve is closed for good |
The fee rows matter less than they look, at least for a run with us. Pump.fun sets one schedule for the curve and another for the pool, and it revises them now and then. During a run, though, the trade fees on curve and pool, the Solana network costs and any Jito tips all sit inside the flat 1% of the volume goal, so graduating halfway through doesn't change what you pay. What does change for the creator is where rewards come from: the canonical pool keeps paying the same creator address. The one-off costs a creator meets along the way are on our Pump.fun fees page.
The audience changes too. On the curve, most eyes are on Pump.fun's own board. After graduation a pool exists that DexScreener and other trackers can list, and their trending lists weigh things like volume, transactions, unique makers and liquidity under a formula they don't publish. Lots of trading on the curve means little to those lists if the pool goes silent within an hour of migrating.
Can graduation fail, stall or be reversed?
It can stall. Sells push the curve back, and a coin can hover at 95% for days because each push gets sold into. It can't be reversed, though. Once complete is set there's no path back to the curve, and with the LP burned there's no way to unwind the pool.
What about the migration transaction itself not landing? Because anyone may call migrate, a completed curve doesn't sit around waiting for its creator. In practice we don't spend time worrying about it.
The real risk sits elsewhere, in the gap between a creator's expectations and what the curve demands, because a coin that required roughly 85 SOL in net buys to complete will often have seen two or three times that in total volume as traders flipped in and out, and plenty of creators mistake that churn for momentum right up until the bar stops moving. Watching net flow instead of raw volume for a day or two usually settles the question of whether a coin is heading for PumpSwap or drifting sideways at 70% with no buyers left to push it over the line.
How do you check that a coin really graduated?
Don't trust a screenshot. Open the mint on Solscan and look at recent transactions for the migrate call, then look for a PumpSwap pool holding the coin. A curve account that still shows tokens left to sell means no graduation yet, whatever a Telegram post claims.
A quick sanity check works on the coin page too. With the progress bar gone and trades are now flowing through a pool, the move happened. If the bar reads 97%, it didn't.
What should a creator sort out before graduation?
Three things, mostly. Have socials and a site linked on the coin page before the switch, since that page keeps being the first place people land. Know your creator fee address, because fees on the pool keep accruing to whoever controls it. And decide in advance what you want activity to look like in the first two hours on PumpSwap; deciding it at 2 a.m. in a panic goes badly.
If you plan to submit Enhanced Token Info or buy a boost on DexScreener, check their docs first. Those are paid listing features with their own rules, and DexScreener says plainly that trending uses many signals beyond the ones you can buy.
Planning volume across the graduation line
The awkward hour is the one right after migration. Early holders take profit, curve traders move on, and the new pool can go quiet just when DexScreener starts showing it to a wider crowd. We'd rather see activity hold steady across the line than spike before it and vanish after.
That's why our runs don't stop at the curve. With volume that carries through graduation, the wallets keep trading after the switch, now against the canonical PumpSwap pool, at the pace you chose. If you're mostly interested in the pool side, there's a separate write-up on volume in the PumpSwap pool. None of this can force a coin to graduate; only net demand finishes the curve, and we won't promise it.
Quick answers
How much SOL does a Pump.fun coin need to graduate?
About 85 SOL of net buying on the bonding curve, fees aside. That is the gap between 30 virtual SOL at launch and roughly 115 virtual SOL once the curve inventory is sold out.
What is the market cap at Pump.fun graduation?
Close to 410 SOL on the 1 billion token supply. The dollar value moves with SOL, so a figure like $69k is only a snapshot of a single day.
How much does graduation cost?
The official fee page puts the PumpSwap migration at 0.015 SOL. The program README describes it as covering the accounts created during migration.
Does the creator have to do anything to graduate a coin?
No. The curve completes on the buy that sells the last curve token, and the migrate instruction can be called by anyone.
Can liquidity be pulled after a coin graduates?
Not the migrated liquidity. The LP tokens from the PumpSwap pool are burned during migration, so no wallet holds a claim on that liquidity.
Do I pay extra trading fees during a run after graduation?
No. The run follows the coin from the curve into its canonical PumpSwap pool, and every trading fee before and after the move, together with priority fees and tips, is covered by the flat 1% of the volume goal.
Put this into practice
Drop your mint into the console, set wallets and volume, and the fee is shown before anything is sent. One flat 1% of the goal, no wallet link required.
We operate the volume runs sold through the console and revise these pages whenever Pump.fun changes its curve, feed or PumpSwap rules. Found a stale number? Tell us at support@softatjeh.com.