pump.fun vs LetsBonk: Token Launch, Graduation and Fees Compared
pump.fun and LetsBonk both launch Solana meme coins in one click. How their bonding curves, graduation, LP handling and fees differ, from the official docs.
To a user, the two look much the same: enter a name, upload a logo, click launch. The token first trades on a bonding curve and “graduates” into a trading pool once it raises enough. The real difference is the program running underneath. pump.fun uses its own program and migrates graduates to its own pool, PumpSwap. LetsBonk tokens run on Raydium’s launch program, LaunchLab, and graduate to a Raydium CPMM pool, with many parameters set by the platform itself.
On fees, pump.fun’s official fee page spells out every tier. For LetsBonk, we could not find published rates on its official pages, so those cells in the tables below are marked “No official figure found” rather than estimated.
The short version: how the two platforms differ
A bonding curve is a program that quotes prices automatically by formula: the more people buy, the higher the price, and your counterparty is the program itself. Graduation means that once the curve reaches its end, the remaining tokens and funds are moved into an ordinary trading pool.
| Compared on | pump.fun | LetsBonk (Raydium LaunchLab) |
|---|---|---|
| Underlying program | pump.fun’s own Pump program | Raydium LaunchLab, with the platform plugged in as a third party |
| Quote currency | SOL, USDC, and custom pairs | LaunchLab supports SOL, USDC and RAY; which ones LetsBonk offers: no official statement found |
| Curve shape | One fixed set of parameters | LaunchLab offers constant product, linear and fixed price, and the platform chooses; which one LetsBonk uses: no official statement found |
| When a token graduates | When all sellable tokens on the curve are sold | When the quote currency raised by the curve reaches a set target |
| Pool after graduation | PumpSwap canonical pool | Raydium CPMM pool (launches after August 17, 2026) |
| What happens to the LP | LP tokens received from migration are burned | Part is locked with its fee earnings going to the platform, the rest burned; the split is set by the platform, and LetsBonk’s split was not found |
| Who executes migration | Anyone can call the migration instruction | The migration wallet specified in LaunchLab’s global config |
Both platforms’ program addresses are in the references at the end. You will need them on Solscan to check where a token came from.
Launch and curve: one fixed, one configurable
On pump.fun, every new token is initialized with the same set of global parameters. According to the official program documentation, 79.31% of total supply is sold on the curve (initial sellable supply of 793,100,000,000,000 divided by total supply of 1,000,000,000,000,000). When a buy takes the last tokens remaining on the curve, the program marks the curve complete.
After completion and before migration, all buys and sells on the curve fail. pump.fun’s documentation also describes a “synthetic migration”: the excess of the final buy that empties the curve is filled directly at the price of the pool about to be created, so the price is continuous across migration.
LaunchLab is more of a framework. Raydium’s documentation states that platforms can only choose among the supported curves and cannot invent new ones; a token graduates when the quote currency raised by the curve reaches the target. The example parameters in the documentation are: graduate after 80% of total supply is sold, with the remaining 20% used as initial liquidity in the graduation pool. This is only an example, not LetsBonk’s actual setting.
For ordinary readers, this means: on pump.fun, every token follows the same curve rules; on LetsBonk, the rules depend on platform configuration, which we were unable to find on LetsBonk’s official pages.
After graduation: where liquidity and LP go
LP tokens are the receipts a trading pool issues to liquidity providers. Whoever holds them can withdraw the corresponding share of liquidity, or claim the fees that share earns. So what happens to the LP determines whether the base liquidity can be pulled after graduation.
pump.fun → PumpSwap. The official program documentation is direct: the migration instruction moves liquidity from the completed curve to PumpSwap, and the LP tokens received are burned. Anyone can call the migration instruction, and repeated calls have no effect. The migration fee is 0.015 SOL, deducted from the curve for SOL-paired tokens. On pump.fun’s fee page, the pool after graduation is called the “canonical pool”.
LetsBonk → Raydium CPMM. Raydium upgraded LaunchLab on August 17, 2026: new launches all migrate to CPMM pools, and the LP created at migration is split in two. One part is locked, with a corresponding fee certificate (Fee Key NFT) issued to the platform’s wallet; the other part is burned outright. Before the upgrade, a separate portion of the locked part went to the creator. After the upgrade, it was merged into the platform’s share.
The difference lies in who owns the LP. On pump.fun, all LP from migration is burned and has no holder. On LaunchLab, part is burned and part is locked, and according to Raydium’s documentation, trading fees earned by the locked part are claimed by whoever holds the Fee Key, which after the upgrade is the platform. Either way, the price after graduation depends on how much money is in the pool and how many people sell into it. How the LP is handled doesn’t change that.
Fees: what the official pages actually say
| Fee | pump.fun (fee page, checked October 2026) | LetsBonk |
|---|---|---|
| Launching | No platform fee; only network fee and account deposit | No official figure found |
| Each trade on the curve | 1.25%, of which 0.300% to the creator and 0.95% to the protocol | No official figure found; LaunchLab lets platforms set their own |
| Graduation migration | 0.015 SOL | No official figure found |
| Pool trades after graduation | Tiered by market cap, from 1.25% combined in the lowest tier to 0.30% combined in the highest | Raydium CPMM pool rate; which tier LetsBonk uses was not found |
| Website / app surcharge | From October 17, 2026, orders placed on the pump.fun website or app pay an extra 0.45% (the fee page also lists cases at 0.40%); orders through third-party interfaces don’t pay this, but may pay that interface’s own fees | No official figure found |
On the LaunchLab side, all we can confirm is at the rule level: Raydium’s changelog states that from August 26, 2026, the cap on the front-end trading platform fee a platform can set was raised to 500 basis points (5%). That is the maximum the program allows, not what LetsBonk actually charges.
pump.fun’s creator fee is also worth noting: the creator takes a share of every trade. For SOL-paired tokens, it is 0.300% on the curve and in PumpSwap’s lowest tier (market cap below 420 SOL). It rises to 0.950% in the tier above 420 SOL, then steps down as market cap rises, to 0.050% in the highest tier. The creator can also choose to pass this fee on to holders.
To see which new tokens are launching on pump.fun right now and which risk signals each has triggered, check the new token scanner.
References
- pump.fun fees: pump.fun/docs/fees
- pump.fun program documentation (Pump program address 6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P): PUMP_PROGRAM_README
- pump.fun synthetic migration: SYNTHETIC_MIGRATION
- Raydium LaunchLab documentation: Overview, Bonding curve, Platforms, Creator fees and LP
- Raydium program addresses (LaunchLab: LanMV9sAd7wArD4vJFi2qDdfnVhFxYSUg6eADduJ3uj): Program addresses
- Raydium changelog: Changelog
- BONK website on BONK.fun: bonkcoin.com
