Docs · Guides
For traders
One curve per launch, no migration, a known fee, and a vault that trades against you only inside published rules.
The curve
Each launch trades on its own constant-product curve: x · y = k, where x is 30 SOL of virtual reserves plus the real SOL in the curve and y the tokens left in it. Spot price is x / y. This is the legacy venue of the two launches created before pump.fun launches; its liquidity never migrates to a DEX and no instruction takes it out while anyone outside the curve and vault holds the token. New launches trade on pump.fun instead (see Venues).
Sells can only pay out real SOL in the curve, so the curve stops quoting at the price where its real SOL reaches zero: the price it started at. That’s a property of the curve’s math, not a promise about what a token is worth.
Fees, impact and slippage
- 1% fee on every buy (taken from the SOL in) and sell (from the SOL out).
- Quotes use the program’s exact integer maths; the trade panel shows price impact and the minimum you’ll receive.
- Slippage sets that minimum. If price moves past it while you sign, the transaction fails instead of filling worse.
Reading the band
The chart shows the on-chain and the agent band around it. Orange diamonds are vault-agent trades: it can only buy below the lower edge and sell above the upper one, within its per-window budget — see the vault agent. Agent trades are tagged in every trades table.