A bonding curve is a pricing formula that lets a token be bought and sold from the very first second — with no exchange listing, no market makers, and no presale. It is the engine behind every memecoin launchpad that matters.
Mingtu and pump.fun both use a constant-product curve: virtual_SOL × virtual_tokens = k. The pool holds two numbers. When you buy, you push SOL in, and tokens flow out along the curve until the product returns to k. When you sell, the same math runs in reverse.
Price only moves when someone trades. Every buy raises the price; every sell lowers it; the impact scales with size. There is no order book to spoof, no maker to front-run you, and the quoted price is honest arithmetic anyone can verify.
Liquidity exists from block zero. A new coin on a normal exchange needs market makers and listings. On a curve, the curve is the market — the first buyer gets a fill the instant the coin is created.
| Constant | Value |
|---|---|
| Total supply | 1,000,000,000 tokens |
| Tokens on the curve at launch | 793,769,982 |
| Starting virtual reserves | 30 SOL / 1,073,769,982 tokens |
| Starting market cap | ~28 SOL |
| Graduation trigger | 85 SOL raised (~$69k market cap) |
When the curve runs out of tokens — 85 SOL of real buying — it closes forever. The raised SOL and the remaining tokens migrate automatically into a permanent AMM pool (MingtuSwap), owned by the protocol, where the coin trades on with real depth. Roughly 0.6% of coins launched on pump.fun ever graduate; the curve absorbs that failure rate calmly because every trade, winning or doomed, pays its 0.5%.
A curve is fair arithmetic, not a safety net. Anyone can launch a coin that goes to zero; the math guarantees price discovery, never profit. The curve's creator economics are public and the fee ledger is append-only — everything else is the same casino the tape tells you it is.
Put a coin on a curve →