Solana trading glossary
What is a bonding curve and token migration?
Also called: Pump.fun bonding curve, Graduation, Migration
A pricing formula a launchpad uses to sell a new token before it has a normal pool. When the curve fills, the token graduates and its liquidity moves to a DEX pool.
Launchpads such as pump.fun do not start a token with a liquidity pool. Instead the launchpad's program sells tokens along a curve: each purchase raises the price for the next one, and sells move it back down. Anyone can create a token this way for very little, which is why thousands launch every day.
When enough SOL has been paid into the curve, the token completes it, often called graduating. The launchpad then moves the collected SOL and the remaining tokens into a regular AMM pool (on pump.fun this is now PumpSwap), and trading continues there. Most tokens never fill their curve.
Why it matters before you trade
How NAVI shows it
NAVI covers tokens once they trade in pools. The rug check's token age comes from when the first pool appeared, so a freshly migrated token shows as very new, and NAVI's risk score starts higher for tokens with less than two days of history. The newly listed tokens list shows fresh launches with their risk level.
Related terms
- SnipersWallets, usually bots, that buy a new token in its first blocks of trading so they can sell to the buyers who come after.
- Dev walletThe wallet that created a token. Traders watch what it holds, whether it sells, and what happened to other tokens it created.
- Liquidity poolA pair of token reserves on a decentralized exchange that traders swap against. Its size decides how much you can buy or sell before the price moves.
Last reviewed 2026-09-25. NAVI is informational only and nothing here is financial advice.