What is the Pump.fun bonding curve?
The Pump.fun bonding curve is an automatic pricing formula: as people buy a new token the price rises along a fixed curve, and as they sell it falls - no order book or manual market maker is needed.
Every Pump.fun token launches on this curve. Early buyers get a lower price; the more that is bought, the higher the price climbs, which makes launches permissionless and instant.
Once enough has been bought and the curve fills, the token graduates to a full automated market maker with a normal liquidity pool.