pumpfun-mechanicslisted

# 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: ``` k = virtualSolReserves × virtualTokenReserves ``` ### Initial Parameters | Parameter | Value | |-----------|-------| | Initial Virtual SOL | 30 SOL (30,000,000,000 lamports) | | Initial Virtual Tokens | ~1.073B tokens (1,073,000,000,000,000 raw, 6 decimals) | | Token Total Supply | 1B tokens (1,000,000,000,000,000 raw) | | Real Token Reserves | ~793M tokens (793,000,000,000,000 raw) | | Real SOL Reserves | 0 (no real SOL at launch) | | Fee | 1% (applied externally by the program) | **Virtual vs Real**: Virtual reserves define the curve shape. Real reserves track actual withdrawable funds. The difference (1.073B - 793M = 280M virtual tokens) shapes the initial price but can never be withdrawn. ### Spot Price ```python price_sol_per_token = virtual_sol_reserves / virtual_token_reserves # In human-readable units: price = (virtual_sol / 1e9) / (virtual_token / 1e6) # At genesis: 30 / 1,073,000,000 ≈ 2.796e-8 SOL/token # At graduation: ~4.1e-7 SOL/token (~14.7x from launch) ``` ### Buy Tokens (SOL → Tokens) ```python def buy_tokens(v_sol: int,