Pump.fun still leads Solana token launches in May 2026, even after LetsBonk traded the top spot with it several times and Raydium’s LaunchLab kept gaining creators. Pump.fun added USDC bonding curves on May 21 and split its revenue model 50/50 between PUMP buybacks and operating cash, while PumpSwap quietly sits as the second-largest Solana AMM behind Raydium. This guide compares all three on fees, mechanics, and tooling.
The Backstory
Pump.fun was the only serious launchpad for Solana meme coins through most of 2024 and 2025. Tokens launched on Pump.fun’s bonding curve, and when they graduated, they migrated to Raydium’s AMM pools. Raydium collected the trading fees.
Then Pump.fun launched PumpSwap, its own DEX built on a constant-product AMM (same model as Uniswap v2). Graduated tokens now stay inside Pump.fun’s ecosystem instead of moving to Raydium. Raydium lost a major source of volume.
Raydium’s answer was LaunchLab, a direct competitor to Pump.fun’s bonding curve. Now creators can launch tokens on either platform, and each one funnels graduated tokens into its own AMM. That competition benefits traders with lower fees and more options.
In late April 2026, Pump.fun also changed the rules on its PUMP token. The old policy routed 100% of bonding curve and PumpSwap revenue into open-market PUMP buybacks and burns. The new split sends 50% into an irreversible buyback contract and keeps 50% as company operating cash. A month later, on May 21, Pump.fun added USDC bonding curves alongside the original SOL curves to let creators raise in a stable quote currency.
Fee Comparison
| Feature | Pump.fun | Raydium LaunchLab | PumpSwap (post-graduation) |
|---|---|---|---|
| Token creation | Free | Free | N/A |
| On-curve trading fee | 1% | 1% | N/A |
| Migration/graduation fee | 0 SOL (via PumpSwap) | ~0.3 SOL | N/A |
| Post-graduation swap fee | 0.25% (on PumpSwap) | ~0.25% (on Raydium) | 0.25% |
| LP fee share | 0.20% to LPs | Varies by pool | 0.20% to LPs |
| Protocol fee | 0.05% | Varies | 0.05% |
| Creator revenue share | Planned | Available | Planned |
What the Fees Mean
On-curve fees are identical at 1% on both Pump.fun and LaunchLab. The real difference shows up at graduation.
Pump.fun used to charge 6 SOL to migrate tokens to Raydium. PumpSwap wiped that out — graduation is now free, and tokens move directly into a PumpSwap liquidity pool. LaunchLab charges about 0.3 SOL for migration into Raydium pools, which is much cheaper than the old Pump.fun fee but still not zero.
After graduation, both PumpSwap and Raydium charge around 0.25% per swap, split between liquidity providers and the protocol. Trading costs are similar on both sides once a token has graduated.
For creators, LaunchLab already offers revenue sharing on graduated tokens. Pump.fun has announced plans for creator revenue sharing through PumpSwap but hasn’t fully rolled it out yet.
USDC Bonding Curves on Pump.fun
The May 21 update added a USDC curve option alongside the original SOL curve. Both run side by side. Creators pick one quote currency at deployment, and traders see different starting points depending on which curve the token uses.
| Curve type | Starting market cap | Graduation threshold |
|---|---|---|
| SOL curve (original) | ~$2K | |
| USDC curve (new) | $4K | ~$58,783 raised |
The USDC curve sits at a roughly 2x higher starting cap and graduates near 2x the SOL threshold. Revenue from USDC pools follows the same 50/50 split: half flows into the PUMP buyback contract, half stays with the company. The change matters more to creators than to snipers. Most bots route both quote currencies the same way, but the higher starting cap on USDC launches changes early entry math, so a typical 0.5 SOL bag fills a smaller share of the curve than it would on a SOL launch.
LaunchLab still only supports SOL-paired curves as of May 2026, though Raydium has more flexible custom-curve configs that can be priced in any SPL token a creator wires up manually.
Bonding Curve Mechanics
Pump.fun’s Curve
Pump.fun uses a fixed bonding curve. Every token follows the same shape. Early buyers pay less, the price rises predictably as SOL enters the curve, and the token graduates when it hits roughly 85 SOL.
What works: Predictable mechanics that every trader and bot already understands. The sniping ecosystem is deeply optimized for this curve.
What doesn’t: No flexibility. Every launch behaves the same way, and snipers have optimized the curve so heavily that casual buyers struggle to get early entries on popular launches.
LaunchLab’s Curve
LaunchLab offers configurable bonding curves. Creators choose between linear, exponential, or logarithmic curves, and set custom graduation thresholds. Different curves create different price discovery dynamics.
What works: More variety. Unusual curves can reduce bot advantage since a single sniping strategy won’t work across every launch. Lower graduation thresholds mean tokens can reach open AMM trading faster.
What doesn’t: More homework before you buy. You need to check each token’s curve configuration. Less battle-tested than Pump.fun’s fixed model, and some configurations will be unfamiliar.
Practical Impact
If you’re a sniper, Pump.fun’s fixed curve is more predictable and your tools are already calibrated for it. If you trade manually and want setups with less bot competition, LaunchLab’s variable curves can help. Serious traders should have scanners running on both.
Graduation and Post-Graduation Trading
| Aspect | Pump.fun + PumpSwap | Raydium LaunchLab |
|---|---|---|
| Graduation threshold | ~85 SOL raised | Variable (lower default) |
| Post-graduation DEX | PumpSwap | Raydium CPMM/AMM |
| Migration fee | 0 SOL | ~0.3 SOL |
| LP burned on graduation | Yes | Yes |
| Swap fee after graduation | 0.25% | ~0.25% |
Why Graduation Matters
Graduation is often the highest-stakes moment in a meme token’s life:
- Pre-graduation: Only bonding curve buyers are in. Thin liquidity. Prices move fast on small volume.
- Graduation: Token moves to an open AMM. Liquidity gets added. DEX screeners pick it up and new buyers arrive.
- Post-graduation: The token either catches real momentum or falls apart as early holders take profit.
With PumpSwap, Pump.fun tokens graduate into a PumpSwap pool with no fee and no delay. The old Raydium migration had a 6 SOL fee and a brief gap during the transition — PumpSwap removes both.
LaunchLab tokens graduate into Raydium pools, which is familiar territory for anyone using Raydium-integrated tools. The 0.3 SOL migration fee is low enough that it rarely affects price action.
What Is PumpSwap?
PumpSwap is Pump.fun’s native AMM, launched in early 2025. It uses a constant-product formula (x * y = k), the same model behind Uniswap and Raydium v4.
Key facts:
- 0.25% fee per swap (0.20% to LPs, 0.05% to protocol)
- Zero migration fee for Pump.fun graduated tokens
- Already the second-largest AMM on Solana by volume (behind Raydium at ~50% vs PumpSwap’s ~18%)
- Supports liquidity providing — anyone can add or remove LP
- Integrated with Jupiter, so PumpSwap pools appear in aggregator routing
PumpSwap’s main advantage is the seamless connection to Pump.fun launches. Tokens graduate directly into a PumpSwap pool, and traders can keep trading on the same Pump.fun interface. No switching platforms, no waiting.
For a deeper walkthrough of trading and LP on PumpSwap, see our PumpSwap trading guide.
Volume and Market Share
Pump.fun (May 2026)
- Around 15K-17K new tokens launched daily, peak days still hit 20K
- Graduation rate: roughly 1.4% of launches
- Gross protocol revenue annualizing near $320M for 2026, down from $971M in 2025
- Captured over 30% of all Solana app revenue in Q1 2026
- Still the leading single launchpad by daily volume and graduations
PumpSwap
- Second-largest Solana AMM by volume (~18% market share)
- Handles all post-graduation Pump.fun trading
- Growing steadily as more Pump.fun tokens graduate into its pools
LaunchLab
- Hundreds of launches daily, growing
- Smaller than Pump.fun but attracting creators who want Raydium integration and revenue sharing
- Graduation rate appears slightly higher thanks to lower thresholds
What This Tells You
Pump.fun has more targets but more noise. LaunchLab has fewer launches and less competition per token. PumpSwap handles post-graduation volume for Pump.fun tokens, so if you’re trading graduated tokens through Jupiter or any major bot, you’re already using PumpSwap liquidity.
Bot Support
Pump.fun + PumpSwap
Every major Solana trading bot supports Pump.fun, and PumpSwap support is now widespread:
- BullX — full Pump.fun sniping and PumpSwap trading
- GMGN — scanning, wallet tracking, copy trading across Pump.fun and PumpSwap
- Trojan — Telegram-based sniping for Pump.fun launches
- BonkBot, Axiom, Banana Gun — all support Pump.fun; PumpSwap access through aggregator routing
LaunchLab
LaunchLab bot support is growing but not as deep:
- BullX — adding LaunchLab integration
- GMGN — Raydium pool scanning covers graduated LaunchLab tokens
- Some bots support LaunchLab through Raydium’s existing API
- Newer integrations are being built as LaunchLab volume grows
Pump.fun still has the deeper bot ecosystem. But because PumpSwap pools route through Jupiter, most bots can trade PumpSwap tokens even without dedicated integration.
Which Platform Fits Your Trading Style?
Focus on Pump.fun + PumpSwap if:
- You rely on sniping bots and want the most mature ecosystem
- Zero-fee graduation and seamless post-graduation trading matter to you
- You trade high volume and want maximum launch coverage
- Your tools are already built for Pump.fun mechanics
Focus on LaunchLab if:
- You want less competition on early entries
- You prefer Raydium’s ecosystem and tooling
- Variable bonding curves interest you
- You like being early to a growing platform
Trade both if:
- You want full coverage of Solana meme launches
- You use multi-platform scanners like GMGN and BullX
- You go wherever the setup looks best
The Bottom Line
Pump.fun remains the leader in Solana meme coin launches. PumpSwap strengthened its position by keeping graduated tokens in-house, eliminating migration fees, and building the second-largest AMM on Solana. LaunchLab is a real competitor with configurable curves, lower migration costs, and Raydium’s established ecosystem behind it. The May 2026 USDC pair launch gives creators a stable quote option, and the 50/50 buyback split makes the PUMP burn schedule more predictable.
The practical approach: run scanners on both Pump.fun and LaunchLab using GMGN and BullX. Learn LaunchLab’s curve options before putting real money in. Treat USDC-paired Pump.fun tokens as a separate flow with their own entry math. Don’t lock yourself into one platform, trade wherever the best opportunity shows up.
What to Read Next
- PumpSwap Trading Guide — How to trade, provide LP, and use bots on PumpSwap
- Pump.fun Sniper & Auto-Buy Bots — Sniping strategies for Pump.fun launches
- Detect Bundled Launches & Insider Wallets — Safety checks before buying
- Building Your Solana Meme Trading Stack — Complete tool setup guide
- Best Solana Sniper & Trading Bots — Full bot comparison
Disclaimer: This guide is for educational purposes only. Meme coin trading carries significant risk. Platform mechanics, fees, and features change rapidly — always verify current details before trading. Never invest more than you can afford to lose. See our full Risk Disclaimer.
