PumpFun Mechanics — Bonding Curves, Graduation & Instruction Parsing PumpFun is the dominant Solana token launchpad. Understanding its bonding curve math, graduation process, and instruction formats is essential for analyzing new token launches, building trading strategies around graduation events, and parsing on-chain PumpFun activity. Bonding Curve Math PumpFun uses a virtual constant-product (CPMM) bonding curve: Initial Parameters | Parameter | Value | |-----------|-------| | Initial Virtual SOL | 30 SOL (30,000,000,000 lamports) | | Initial Virtual Tokens | 1.073B tokens (1,073,000,000,0…