TL;DR
A token “graduates” on Pump.fun when its bonding curve fills completely (~85 SOL), triggering an automatic migration to a Raydium liquidity pool where it trades like any other SPL token.
Every Pump.fun token starts on a bonding curve. As buyers deposit SOL, the curve fills. When it reaches the threshold (approximately 85 SOL of total deposits), the Pump.fun contract automatically burns the remaining bonding curve supply, creates a new Raydium AMM pool, and deposits the accumulated SOL as liquidity. This entire process happens in a single on-chain transaction with no developer intervention needed.
Only about 1–3% of Pump.fun tokens ever graduate. Graduation means the token has passed a real market test — enough people believed in it to deposit significant SOL. Once on Raydium, the token gets wider visibility: it appears on DEX aggregators like Jupiter, charting platforms like Birdeye and DEX Screener, and becomes accessible to a much larger pool of traders. This often triggers a second wave of buying.
Post-graduation, the token trades on Raydium’s standard AMM with the initial liquidity locked by the migration. Price discovery continues in the open market. Some tokens pump significantly after graduating due to increased exposure. Others dump as early bonding curve buyers take profits. The first few minutes after graduation are typically the most volatile.
MadeOnSol’s Deployer Hunter tracks which deployers have historically high graduation (bonding) rates. Since the vast majority of Pump.fun tokens die on the curve, knowing which deployers consistently produce graduating tokens gives you an early-signal edge. You can filter by deployer tier and get alerts when tracked deployers launch new tokens.