Graduation
When the curve fills, pump.fun moves the coin to PumpSwap. The vault keeps filling.
When it happens
A pump.fun curve holds a fixed number of tokens for sale. When the last of them is bought, about 85 SOL into the curve, the curve completes and pump.fun seeds a PumpSwap pool with the collected SOL and the reserved tokens. The liquidity belongs to the pool; nobody, Socialpad included, can withdraw it.
What changes
- Trades happen on PumpSwap instead of the curve. The coin’s page links to pump.fun for them.
- Price is set by the pool rather than the curve formula.
- The coin’s page shows Graduated instead of a fill percentage.
What does not
- The fees. PumpSwap charges pump.fun’s fee on every pool swap and credits the creator’s share to the same creator, the vault.
- The vault’s address, balance, and the rules for opening it.