What Happens When a Bonding Curve Completes: Pump.fun, LetsBonk and Bags
Migration compared across launchpads - PumpSwap, Raydium CPMM and Meteora DAMM v2 - and what changes for holders, prices and trading tools.
Every launchpad curve has an end. When enough SOL has come in, the curve stops trading and the token moves into a regular liquidity pool - "graduation" on pump.fun, "migration" elsewhere. The moment is the same idea on every launchpad, but the destination and the practical details differ. Here is what happens on pump.fun, LetsBonk and Bags, and what it means for holders and for your tools.
What migration is
On the curve, price is set by a formula and the curve holds both the unsold tokens and the SOL paid in. When the target is reached, three things happen:
- The curve is marked complete and stops accepting buys and sells.
- The SOL raised and the tokens reserved for liquidity are deposited into a new AMM pool, usually in a separate transaction run by the launchpad or a keeper - there can be a short gap with no trading.
- From then on the price is set by the pool's reserves, and anyone can trade it on that DEX or aggregators.
Side by side
| Target | Destination | Where to trade after | |
|---|---|---|---|
| Pump.fun | verified figure | PumpSwap pool | pump.fun, PumpSwap, aggregators |
| LetsBonk / LaunchLab | 85 SOL | Raydium CPMM pool | bonk.fun, Raydium, aggregators |
| Bags | 85 SOL | Meteora DAMM v2 pool | bags.fm, Meteora, aggregators |
Pump.fun to PumpSwap
Pump.fun migrates into its own AMM, PumpSwap. Creator fees keep accruing there. The details - fees, where to trade, what changes in charts - are in after pump.fun graduation.
LetsBonk to Raydium
LaunchLab moves the raised SOL and reserved tokens into a Raydium CPMM pool - a standard constant-product pool. The token is then one of thousands of Raydium pairs, routed by every aggregator. More in Raydium LaunchLab explained.
Bags to Meteora
Meteora DBC migrates into a DAMM v2 pool. The fee-share config set up at launch keeps paying its recipients after the move. More in Meteora DBC explained.
What changes for you
- Your tokens don't move. Holdings stay in the same wallets; only the place you trade them changes.
- Curve-only tools stop working. A tool that trades directly on the curve can't trade a migrated token. SolBundle's Terminal trades pump.fun tokens on the curve and on PumpSwap; LetsBonk and Bags tokens on their curve, and after migration the badge says so and you trade them on bonk.fun, Raydium or bags.fm.
- Price behaves differently. In a pool, sells push the price down by the pool's depth, and new liquidity providers can add to it. A freshly migrated pool is still shallow, so large sells move the price a lot.
- Exits planned on the curve need a review. Take-profit and stop-loss levels set on curve market cap may need adjusting (TP/SL on pump.fun).
Frequently asked questions
Where do LetsBonk tokens go after the bonding curve?
Into a Raydium CPMM pool once the curve raises 85 SOL.
Where do Bags tokens go after the bonding curve?
Into a Meteora DAMM v2 pool once the curve raises 85 SOL.
Do I need to do anything with my tokens when a token migrates?
No. Your tokens stay in your wallet. You just trade them on the new pool instead of the curve.
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