How new tokens launch on Solana: bonding curves and graduation, explained simply

The problem launchpads solve

A new token needs a market before anyone can trade it. Normally that means a pool holding the new token and something people already value, such as SOL, and someone has to put that money up. Launchpads skip that step: trading starts on a bonding curve, and the pool comes later.

What a bonding curve is

A bonding curve is a price formula. Every buy raises the price of the next token and every sell lowers it.^[1] Early buyers pay less, and later buyers pay more, until the curve reaches its target.

What graduation means

When the curve has raised its target, the token graduates: it moves into a Raydium pool on its own, and its liquidity is burned or locked for good, so nobody can pull it out.^[1] On Raydium LaunchLab the default JustSendIt mode graduates at 85 SOL, and the Advanced mode lets a creator set a target from 24 SOL.^[2]

1. Create. Someone launches the token with a name, a ticker and an image.
2. Curve. People buy and sell on the bonding curve. The price follows the formula.
3. Graduate. The curve hits its target and the token moves into a Raydium pool.
4. Trade. From then on it trades like any other token, with its liquidity locked.

StonkFun, a launchpad built on Raydium where each coin trades against a token its creator picks, runs its launches on LaunchLab curves, each sized to graduate at the same value as an 85 SOL raise.^[3] It has also offered coins that open straight into a Raydium pool, so check its launch page for the options open today.^[4]

StonkFun and LaunchLab, side by side

Our Raydium hub and StonkFun hub cover both launchpads in depth, including how to launch a token yourself.

Why most new tokens fail

• No product behind them. Most new tokens are memecoins: their value depends on attention alone.
• A few wallets hold most of the supply. When they sell, the price falls fast.
• Hype fades. Attention moves on in days or hours, and buyers disappear with it.
• Fast bots. Automated traders often buy in the first seconds and sell to later buyers.

Before you buy a new token: ten checks

1. 01

   Verify the contract address

   Copy it from the creator's official channel, then compare the whole address. Copycat tokens reuse names and logos.

2. 02

   See where it trades

   Is it still on the curve, or has it graduated into a pool? Raydium's buying guide shows how each case looks.^[5]

3. 03

   Check the holders

   If a handful of wallets hold most of the supply, they can move the price on their own.

4. 04

   Look at the creator's wallet

   How much did the creator buy at launch, and are they selling?

5. 05

   Add up the fees

   A StonkFun curve coin costs 1.25% a trade, plus the 1% or 3% tax on a reward coin.

6. 06

   Check the pair

   A coin paired with a tokenized stock or another memecoin carries that token's risks too.

7. 07

   Check the price impact

   Small pools move a lot on each trade, both when you buy and when you sell.

8. 08

   Beware of impersonators

   Follow only the links on the official page. Nobody legitimate will message you first.

9. 09

   Pick an amount you can lose

   Decide it before you look at the chart, and stick to it.

10. 10

    Plan your exit

    Selling pays fees too, and a thin market may not let you sell at the price you see.

Launching a token yourself

Launching is quick: a StonkFun curve launch costs about 0.012 SOL of network rent and one approval.^[6] Our step-by-step guides show how to launch on StonkFun and on LaunchLab. Before you do, think about what the token is for and who will want it: a launch is the easy part. Meteora, a liquidity platform, has a token launch guide of its own too.