Is a bonding curve the same thing as an AMM?

Not exactly. Pump.fun's curve is a constant-product AMM built on virtual reserves, and LaunchLab's default curve uses the same family of math. But the curve is a pre-graduation market with a closing threshold. After graduation, trading moves to a separate pool: PumpSwap for Pump.fun, a CPMM pool for LaunchLab, PancakeSwap for Four.meme.

Can a token return to the curve after it graduates?

Pump.fun states that graduation is automatic and irreversible. LaunchLab calls it a one-way gate: even if the AMM pool price drops below the graduation price, the launch does not revert to the curve. Four.meme does not say.

Who owns the liquidity after a Pump.fun token graduates?

Pump.fun says the migrated SOL and tokens become the canonical liquidity pool, and that the pool is owned by the protocol. It also states that Pump.fun does not seed or remove this liquidity after graduation. The page does not describe any other holder of the pool.

What is a tax token on Four.meme?

A tax token charges a percentage fee on trades, chosen by the builder from predefined options at creation. Proceeds can go to a wallet, to holder dividends, to burning or to liquidity, and the allocations must total 100%. Four.meme's page ties the tax to trades after graduation in one place and lists it as active during the curve phase in another.

How much supply does a Four.meme token have?

Four.meme presets the total supply of every memecoin launched through its launchpad at 1,000,000,000. The creator sets the name, ticker, description, raised token, logo and socials. Creating a token costs nothing beyond the transaction fee, around 0.005 BNB, as of 28 October 2026.

Bonding curves on Pump.fun, LaunchLab and Four.meme

On launchpads such as Pump.fun, Raydium LaunchLab and Four.meme, a bonding curve is a pricing formula that lets a new token trade the moment it exists, with a smart contract quoting buys and sells from the launchpad's own reserves. All three open launches on a curve and move liquidity to a liquidity pool once a graduation threshold is reached.

What is a bonding curve?

A bonding curve is a fixed formula that turns a token's supply into a price, so nobody has to match buyers with sellers. Pump.fun describes its version as quoting from reserves held on-chain, with no order book, market-makers or off-chain matching involved: what a buyer pays depends only on how many tokens are in circulation.

Pump.fun's curve is a constant-product AMM, in the same family of math as Uniswap, so buys push the price up, sells push it down, and larger trades get a worse fill than small ones. Raydium's LaunchLab bonding curve documentation covers the curve formulas LaunchLab supports.

How do launchpads use bonding curves?

Launchpads use the curve as the first market for a new token, before any pool exists. The table shows what each project publishes as of 28 October 2026.

Launchpad	Fee while on the curve	Where liquidity goes at graduation
Pump.fun	1.25% total trading fee, split between creator and protocol	PumpSwap
Raydium LaunchLab	Set per launch	A Raydium CPMM pool
Four.meme	1% trading fee (minimum 0.001 BNB)	PancakeSwap

Pump.fun. Every coin starts on the curve, so it can be traded as soon as it exists, with no presale or separate liquidity-seeding step beforehand.

Raydium LaunchLab. Raydium pools previously needed the creator to supply both tokens at the start; LaunchLab instead opens trading on a curve denominated in SOL or USDC. Its product page summarises the flow as buyers trading against the curve until a funding threshold is reached.

Four.meme. Four.meme calls itself an open launch ecosystem on BNB Chain. Its how it works guide presets the total supply of every memecoin at 1,000,000,000. The creator picks a supported token as the trading pair for the internal pool, and before launch can buy part of the supply in the same transaction as a guard against snipers.

What happens when a token graduates?

Graduation is the moment the curve closes and trading moves to a liquidity pool, and each launchpad sets its own trigger and destination.

Pump.fun: the trigger is a market cap on the curve. Its page does not give the figure. The whole pool moves to PumpSwap in one atomic step, with no human action, and the move cannot be reversed. Pump.fun states that it does not seed or remove this liquidity afterwards and that the protocol owns the pool.
LaunchLab: the trigger is the quote collected in the curve's vault reaching a threshold set when the launch is created. The program then creates a CPMM pool seeded with the curve's reserves, and trading continues on a pool that looks like any other Raydium CPMM pool. Graduation is a one-way gate: if the AMM price later falls below the graduation price, the launch does not return to the curve.
Four.meme: the trigger is the internal pool reaching 100%. Four.meme puts 100% of the curve at roughly $10,000 in raised tokens. At that point 20% of the tokens and all the collected supported tokens are paired on PancakeSwap.

For the wider launch-day picture, see the guide to what a TGE is.

What curve shapes exist?

Raydium documents constant-product, fixed-price and linear-price shapes for LaunchLab. Pump.fun uses a constant-product curve, and Four.meme does not publish its curve formula.

Constant-product: price follows the reserves, so it climbs as buyers take supply. LaunchLab calls this its default and most-used curve, and says Pump-style launches all use this form.
Fixed-price: every buy and sell happens at one constant price, set when the launch is created. LaunchLab says this shape fits launches where every buyer should pay the same price.
Linear-price: the price is proportional to the amount already sold, so the first purchases cost little and later ones cost progressively more at a constant rate of increase.

What do fees and tax options look like on a curve?

Fees on a curve depend on the launchpad, and Four.meme adds an optional tax layer. Pump.fun charges one total trading fee on the curve. LaunchLab stores the fee split on each launch, so it can differ from one launch to the next. Four.meme takes a trading fee, and the only cost of creating a token is the transaction fee, around 0.005 BNB.

Four.meme's tax tokens let a builder choose a tax rate from predefined options when the token is created. Four.meme is not consistent on when that tax applies: its tax-token page opens by tying the fee to trades after graduation, then lists it as active both during the curve phase and after the token graduates. How supply, fees and allocations fit together is covered under tokenomics.