RiskMemecoins are highly speculative, and most lose nearly all their value. Nothing here is financial advice. The risks in full
What is graduation?
Graduation is the moment a coin's bonding curve sells out and the coin moves to a regular exchange pool. It happens automatically once the curve fills, with no human step, and it can't be undone.
| pump.fun | pons | |
|---|---|---|
| Chain | Solana | Robinhood Chain |
| Graduates at | About 85 SOL in the curve | 4.2 ETH in the curve (ETH pairs) |
| Moves to | PumpSwap, pump.fun's exchange | A Uniswap V4 pool |
| Liquidity afterwards | Owned by the protocol | Locked for good |
| Graduation fee | 0.015 SOL, from the curve | None that we know of |
People also call it bonding, migrating, or a coin “hitting the curve”. A coin that never fills its curve never graduates, and most don't.
What happens when a pump.fun coin graduates?
When about 85 SOL of real buying has gone into the curve, pump.fun closes it and moves the SOL and the remaining tokens into a PumpSwap pool, in one step. pump.fun takes 0.015 SOL for the move, out of the curve.
From pump.fun's bonding curve page and fee page, read on 14 November 2026. The SOL and token figures come from the curve's formula, worked through in How memecoin bonding curves work.
Do fees change after graduation?
On pump.fun, yes. On the curve every trade pays 1.25%. In PumpSwap the fee depends on the coin's market cap, starting at 1.25% and falling to 0.30% for the largest coins.
- Just after graduation, below a 420 SOL market cap, the fee stays 1.25%.
- Above 420 SOL the creator's share jumps from 0.30% to 0.95%, while the total dips to 1.20%.
- On pons, the coin keeps paying pons's fee of about 1% and its creator tax, now through the pool.
Every tier is in pump.fun fees, explained; pons's in pons fees, explained.
What happens when a pons coin graduates?
When the curve sells out, which for an ETH-paired coin takes 4.2 ETH, pons puts what it collected into a full-range Uniswap V4 pool. That liquidity is locked for good: neither the creator nor pons can take it out.
- The coin keeps its address. Only where it trades changes.
- Its creator tax carries on, collected through the pool's hook.
- Coins paired with something other than ETH graduate at that asset's own amount.
More on pons in What is pons?.
What changes for traders?
Trading carries on in the new pool, at the same address. The coin no longer has a curve: its price now comes from the pool's two reserves.
- Charts and trading tools pick up the new pool; some take a moment to switch over.
- On pump.fun, the pool is seeded so it starts at about the curve's last price: graduation itself doesn't move the price.
- In memetools, a graduated pump.fun coin sells through Jupiter, with no memetools fee. A graduated pons coin trades through Uniswap, with our usual 1% (0.25% with Pro).
Graduation isn't a milestone anyone vouches for. It means enough SOL or ETH went into the curve, nothing more.
Risks
A coin can fall right after graduating if early buyers sell into the new pool. Memecoins are highly speculative, and most lose nearly all their value.
- Graduation says nothing about who holds the coin or whether they'll sell.
- pump.fun and pons can change their graduation rules and fees. These were checked on 14 November 2026.
- Nothing here is financial advice.