Graduation

When a pump.fun token reaches sufficient market cap to migrate from the bonding curve to a Raydium liquidity pool.

Graduation is a key milestone on pump.fun when a token successfully reaches the required market capitalization (approximately $69,000¹) to migrate from the bonding curve mechanism to a Raydium liquidity pool.

As of October 2025, graduation thresholds and mechanics are subject to platform updates.

How Graduation Works

The graduation process involves:

Market cap threshold: Token reaches ~$69,000 market cap¹
Automatic migration: pump.fun creates a Raydium liquidity pool
Liquidity provision: Adds SOL and tokens to the pool
Open trading: Token becomes available on DEXs

Pre-Graduation Phase

Before graduation, tokens:

Trade on bonding curve: Price determined by mathematical formula
Have guaranteed liquidity: Built into the curve mechanism
Cannot be rug pulled: Liquidity cannot be removed
Experience price discovery: Community determines fair value

Graduation Requirements

To graduate, a token must:

Reach market cap target: Currently ~$69,000¹
Maintain trading volume: Show sustained interest
Complete the curve: Fill the bonding curve supply
Meet technical requirements: Pass platform validations

Post-Graduation Changes

After graduation, tokens:

Trade on Raydium: Standard AMM liquidity pool
Have traditional risks: Liquidity can be removed
Access wider markets: Available on aggregators
Gain legitimacy: Seen as “proven” projects

Benefits of Graduation

Graduated tokens enjoy:

Increased liquidity: Larger trading pools
Better price stability: Less slippage on trades
Wider accessibility: Available on major DEXs
Enhanced credibility: Proven market demand

Risks After Graduation

Post-graduation risks include:

Liquidity removal: Dev can withdraw funds
Traditional rug pulls: Standard DeFi risks apply
Reduced protection: No bonding curve safety net
Market volatility: Subject to broader market forces

Trading Implications

Graduation affects trading by:

Changing dynamics: From curve to pool mechanics
Altering risk profile: New considerations apply
Shifting strategies: Different approaches needed
Opening opportunities: New trading venues available

Success Indicators

Successful graduations typically show:

Strong community: Active holder base
Sustained volume: Continued trading interest
Clear utility: Defined use case or narrative
Developer activity: Ongoing project development

Graduation vs. Failure

Most pump.fun tokens never graduate:

High failure rate: Majority lose interest before graduation²
Natural selection: Only strong projects advance
Market validation: Graduation proves community demand
Quality filter: Separates memes from movements

Understanding graduation is crucial for pump.fun trading as it represents the transition from experimental token to legitimate DeFi asset.

Sources

Pump.fun Graduation Threshold: Pump.fun Documentation (opens in new tab) - Current market cap requirement for graduation, October 2025
Token Success Rates: Platform analytics and community observations of pump.fun graduation patterns, October 2025

Disclaimer: Graduation thresholds and mechanisms may change based on platform updates. Token success rates vary significantly and past performance does not guarantee future results.