01Comparison
PumpSwap and venue choice
Where graduated tokens land, why the destination has changed more than once, and what actually differs for a holder between a launchpad-native AMM and a general-purpose one.
Open the noteAfter the handover
Once the pool exists the token is trading under rules that have nothing in common with the ones it left. Price is the ratio of two reserves. Depth is finite and it is now somebody else business whether it grows. Anyone can add liquidity, anyone can remove what they added, and the fee a trade pays is charged by a different program under a different model.
This phase covers what changes and what it costs to misread it: identifying the actual pool, reading the discontinuity at the seam, and understanding why the destination venue is itself a question rather than a constant.
Scope Pool identity, pricing, depth, routing and venue choice after a graduation completes
Sourcing AMM program documentation, pool account state, and transactions readable in any explorer
Out of scope Predictions about post-migration price and any claim that a venue guarantees a result
What is different on the far side
Five things that are true after migration and were not true before it. Every one of them changes how a trade behaves, how a chart should be read, or which account a piece of tooling has to be pointed at.
- Change one
Price is a ratio of reserves
A constant-product pool quotes from the balances it holds. Every fill changes those balances, so every fill changes the next quote. Nothing evaluates a function; the pool simply is the state.
- Change two
Depth is finite and mutable
The seeded deposit sets the starting depth. From then on anybody can add to it, and anybody who added can take theirs back out. Depth is now a variable to be checked rather than a property of the design.
- Change three
The venue has an address of its own
A pool is an account, distinct from the mint. Tooling that identified the token by its trading venue has to be repointed, and tooling that identified it by mint keeps working. This is the cheapest lesson on the site.
- Change four
Fees change hands differently
Curve trading fees are charged by the launchpad under its own model. Pool swaps are charged by the AMM, typically split between liquidity providers and a protocol share. Both are parameters, both are operator-set, and neither is stated as a number here.
- Change five
Discovery has to happen again
Aggregators, screeners, wallets and charting sites each index the new pool on their own schedule. Until they do, the token is simultaneously tradeable and invisible depending on which surface someone happens to be looking at.
3 desk notes in this phase
The state a token is in once a pool exists. New account, new pricing rule, new fee path, new routing dependencies, and a chart that has to be stitched across two different mechanisms.
02Identity
The new pool address
The mint is the identity, the pool is the venue, and confusing the two is the single most expensive mistake made in the first hour. How to find the real pool and prove it is the real one.
Open the note03Analysis
Price and depth discontinuity
Why the last curve price and the first pool price are produced by different equations, why the chart jumps, and why the slippage a trader was used to stops being a good guide the moment the venue changes.
Open the noteWhere this came from
The handover documents the event that produced this state. Before documents the curve phase it replaced, which is worth reading first if any of the changes above look arbitrary.
The handover
The migration event itself. What the launchpad program does when a curve completes, what it hands to the destination venue, and the ways the sequence can stall or land somewhere nobody was watching.
Open this phaseBefore
The state a token is in while it still trades on a bonding curve, what can be prepared while that state lasts, and how to watch a curve approach its completion condition without guessing.
Open this phase