Pump.fun's in-house AMM, PumpSwap, remains the sole graduation destination for bonding curve tokens. All tokens reaching the ~$69k market cap threshold now migrate directly to PumpSwap rather than Raydium, keeping liquidity and fees within the Pump.fun ecosystem. Creators receive ongoing royalties of up to 0.05% on every post-graduation trade.
PumpSwap operates on a constant-product x*y=k model with 0.25% total fees split as 0.20% to liquidity providers and 0.05% to the protocol. Creator royalties continue beyond the bonding curve phase, giving token creators a long-term revenue stream - a significant shift from the original Raydium graduation model. Pump.fun remains the highest-volume Solana launchpad by token count and daily transactions. The platform processes hundreds of new launches daily, though individual token performance remains highly speculative.