How It Works
A token, a pair, a straight-line price, and a pool at the end of it.
Create
Name it, give it a ticker and an image, and paste the mint of any SPL token to pair it with: SOL, a stablecoin, a tokenized stock, another meme. One transaction creates the token and its bonding-curve market.
Trade on the curve
Price is a straight line. It starts low and rises with every token sold; sells walk it back down the same line, so the reserve always matches the tokens out. A 1% fee is taken on the quote side of every trade, and every transfer of the token, here or anywhere else, carries a fixed 1.5% tax that feeds the rewards.
Graduate
When the reserve reaches the graduation target, trading on the curve stops. The reserve and the 37.5% of supply held back are seeded into a Raydium CPMM pool at the curve's final price, and the LP is burned, so nobody can pull it.
Earn from every trade
From the first trade on, the 1.5% tax is collected by the token itself: on the curve, on Raydium, wallet to wallet. At every push the collected tax is sold for the pair asset. bagggr keeps 0.4% of every transfer and takes it in SOL; 0.1% buys the token back and burns it, on every token; the remaining 1% goes to the creator's fee wallet or to holders in the pair asset, or is bought back and burned too, every 15 minutes to every 24 hours, as chosen at launch. Nobody is left holding the token, and after graduation the tax keeps flowing from Raydium trades too.
The curve
Linear, on purpose. It is the one curve a buyer can check in their head, and the one a program can integrate without rounding tricks.
The graduation target is set per pair asset (about $9.6K of it at launch). The curve is a constant product with virtual reserves, pump.fun's shape: the price crawls early and accelerates late, rising 16× from a market cap near $3K to $48K; v0 and vt0 follow from the target and the 800M on sale, so the curve raises exactly the target by the time it sells out and the pool opens at that price.
Defaults
- Total supply
- 1,000,000,000
- Sold on the curve
- 800,000,000 (80%)
- Held back for the pool
- 200,000,000 (20%)
- Price at graduation
- 16× the starting price
- Trading fee
- 1% of the quote leg on the curve, buys and sells
- Transfer tax
- 1.5% of every transfer of the token · fixed at launch
- Graduation target
- About $9.6K of the pair asset raised, all of it into the pool
- Market cap at graduation
- About $40K
- Liquidity after graduation
- Raydium CPMM · LP burned
- bagggr's share
- 0.4% of every transfer · always taken in SOL
- Buy back & burn
- 0.1% of every transfer, on every token
- Reward stream
- 1% of every transfer → creator, holders, or a buyback that burns the token
- Reward push
- 15m, 30m, 1h, 6h, 12h or 24h · gas ≤ 10% of the push
- Raydium pool fee
- 0.25% per swap after graduation · stays with the pool
Questions
What can I pair with?
Any SPL token. Well-known assets (SOL, USDC, USDT, JUP, BONK, mSOL, xStocks) are verified in the launch form; anything else is read from the chain and shown as unverified. Buyers can always pay with SOL: on a token paired with something else, the trade panel swaps SOL into the pair asset through Jupiter inside the same transaction, and sells can come back out as SOL the same way.
Can the creator pull the liquidity?
No. The reserve sits in the curve's program-owned vault until graduation, then moves into the pool. The LP tokens are burned or locked by the program according to the rule chosen at launch; there is no admin path to withdraw.
How is the price before I buy known?
The front end reads the curve's state (tokens sold, reserve) straight from the chain and runs the same formula the program does, so the estimate you see is the quote the program will fill, minus whatever moves in the same block.
What happens to the fees?
The 1% curve fee goes to the protocol. The 1.5% transfer tax is written into the token itself (a Token-2022 transfer fee), so it is charged on every transfer wherever it happens and nobody, bagggr included, can change it after launch. At every push the collected tax is sold for the pair asset, into the curve before graduation and into the Raydium pool after. bagggr keeps 26.67% of it (0.4% of every transfer), always in SOL (converted when the pair is not SOL); 6.67% (0.1%) buys the token back and burns it, on every token; the remaining 66.67% (1%) is the reward stream: sent to the creator's fee wallet or split among holders, in the pair asset, or also bought back and burned (on the curve that money stays in the reserve, so the pool opens deeper). Raydium's own 0.25% pool fee stays with the pool.
Who pays for the reward pushes?
The pushes do. A pusher runs on the schedule the creator chose (every 15 or 30 minutes, hourly, or every 6, 12 or 24 hours), harvests the tax, and its transaction fees come out of each push, capped at 10% of it. Nobody funds a gas wallet, and a stalled pusher leaves the money in the vault rather than losing it.
Is the tax charged on reward payouts too?
No: payouts are in the pair asset, or in SOL, never in the token. The only taxed step is the sale of the pot itself, which is a transfer of the token, so 1.5% of each pot is withheld on the way and folds into the next push. Whether you buy on the curve or on Raydium, the trade panel shows what you receive after the tax.