Pump

Pump.fun (PumpSwap)

PumpSwap is Pump's constant-product AMM. Once a token graduates off the pump.fun bonding curve (at roughly 85 SOL raised), it is seeded with liquidity in a PumpSwap pool, where it trades like any other AMM pair.

Creating pools is permisionless, however, almost all of the volume generated on PumpSwap is from graduated bonding curve pools.