Pump.fun

pump

Rank #49•Meme, Solana Ecosystem, Decentralized Finance (DeFi)

CoinYQ Dossier

Pump.fun made launch automatic; PUMP made the fee story conditional

Pump.fun’s first promise was mechanical: a new coin could become tradeable before its creator assembled a market. That removed a launch barrier, then created a second problem at graduation. PumpSwap made the handoff callable by anyone, but did not remove the keys that set fees and can halt AMM operations. When PUMP arrived, fee-funded burns offered a link between platform activity and one token; the project’s own disclaimer and a developing court case define how narrow that link is.

The January 2024 shortcut opened a market before it proved a project

Pump.fun says it launched in January 2024 so anyone could create and trade tokens. The program explains the shortcut precisely: synthetic reserves quote a price from the first trade, so a creator does not need to seed a separate pool before buyers arrive.

Equal access to the curve is a property of the transaction path, not a review of the coin. The program accepts a name, symbol, metadata URI and creator address; it does not certify a creator’s claims or guarantee later demand. The product scaled launch, and left asset judgment with traders.

Graduation moved from an operator handoff to a public instruction

The original completed-curve path used a withdraw authority and an off-chain server to move liquidity to Raydium. At the documented snapshot, enable_migrate was true: the authority-only withdraw route was disabled and any user could call idempotent migrate to move a completed curve into PumpSwap, where the received LP tokens were burned.

The change narrowed one handoff at that snapshot without making migration permanently permissionless or the system holder-governed. Pump’s Global authority can change every other Global field, including enable_migrate, curve and supply parameters, migration fee and fee recipients. PumpSwap’s admin can rotate itself, change fee configuration, or disable pool creation, deposits, withdrawals, buys and sells. PUMP ownership is not the key to any of those actions.

PUMP converted revenue into burns, then the disclaimer drew the boundary

The July 2025 sale gave the platform a native token with a disclosed one-trillion allocation: 33% ICO, 24% community and ecosystem, 20% team, 13% existing investors with the remaining 10% split among livestreaming 3%, liquidity and exchanges 2.6%, ecosystem fund 2.4%, and foundation 2%. Those percentages do not supply a complete vesting calendar.

By 4 September 2026 the token page displayed 164.18 billion PUMP burned and a 50% revenue target. Its methodology says 50% of revenue was programmatically locked for burning for one year as of 28 April 2026. The same page says PUMP is not a right to revenue or distribution and that purchases outside the deterministic commitment may be suspended, changed or discontinued. A burn record is therefore evidence of past execution, not a perpetual holder claim.

Regulators and a court tested different parts of the “fair launch” story

The FCA warned on 3 December 2024 that Pump.fun was unauthorised in the United Kingdom and that users would lack Financial Ombudsman and FSCS protection. US plaintiffs later alleged a wider deceptive fair-launch and token scheme. Allegations in a complaint are not findings.

On 31 August 2026 the SDNY court kept Counts I and II—substantive RICO and conspiracy—only for Kendall Carnahan and Michael Okafor against Baton, Alon Cohen, Dylan Kerler and Noah Tweedale. It dismissed Diego Aguilar’s claims against the defendants who moved for dismissal and all claims against the specified Solana defendants. Counts III and IV concerning FRED and GRIFFAIN were dismissed with prejudice on the merits under Rule 12(b)(6); claims concerning the other 18 Pump Tokens were dismissed without prejudice for lack of class standing. Count V was dismissed against every moving defendant. The unidentified, unserved Lead KOL Doe defendants 1–25 were outside these motions. Survival at the pleading stage did not establish liability.

How the project changed

2024-01
Pump.fun opens the curve before the pool
The project dates its launch to January 2024; the product lets a new coin trade on synthetic reserves without seeded external liquidity.
2024-12-03
The FCA blocks a simple global-access story
The UK regulator warns that Pump.fun is unauthorised and that Ombudsman and FSCS protection will not apply.
2025-07-12
The reported PUMP sale is scheduled to open
The pre-sale report scheduled an offer of 150 billion PUMP from 12 July, excluding US and UK participants, with transfers expected by 18 July. That report does not establish sellout or completed transfers.
2026-04-28
A one-year burn allocation becomes programmatic
The current methodology says 50% of revenue was locked and allocated to burn for one year as of this date.
2026-08-31
Some US claims survive and others are dismissed
Counts I and II survive for Carnahan and Okafor against Baton and the three named officers. Aguilar’s claims against the moving defendants and all claims against the specified Solana defendants are dismissed; the order also dismisses the addressed securities and unjust-enrichment claims on different grounds. Unserved Doe defendants are outside these motions.

What to verify before relying on the token story

A curve supplies a trading path, not diligence; user-created coins can involve false promotion, concentrated holdings, bots, manipulation and abrupt loss of liquidity.
Pump Global authority can change enable_migrate, curve and supply parameters, migration fee and recipients; PumpSwap admin can change fees or disable core AMM operations. Permissionless migration is therefore a documented snapshot, not an immutable holder right.
The buyback page records historical burns but expressly denies holders a revenue right and permits most future purchase activity to be changed or stopped.
The disclosed allocation does not provide a complete independently verified vesting schedule, leaving uncertainty around team, investor and ecosystem release timing.
The transfer-hook extension retained an authority at the reviewed slot although its program ID was null; future extension changes and token-program behavior require fresh chain verification.
The FCA warning limits UK protections and access rules can change by jurisdiction.
Surviving RICO allegations against Baton and officers create litigation risk, but the motion-to-dismiss ruling is not proof of liability and dismissed several other claims.

Evidence and primary sources

Last evidence review: 2026-09-05

What is Pump.fun?

Pump.fun is a token-creation and trading product whose main programs run on Solana. PUMP is a separate Token-2022 asset at mint pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn; it is not any of the user-created coins and does not represent ownership of their curves or PumpSwap pools.

The launch program creates a coin and a deterministic bonding curve. Once the curve is complete, anyone can migrate its liquidity into PumpSwap. PUMP arrived later as the protocol’s native ecosystem token. The token page connects it to fee-funded market purchases and burns, but expressly says that PUMP carries no right to revenue or other distribution.

What problem does Pump.fun solve?

In January 2024 Pump.fun compressed several jobs into one action: create a coin, open a price curve and let buyers trade without the creator first finding an outside liquidity provider. That made launch access fast and uniform at the program level. It did not establish that every creator, promotion or coin was fair, solvent or lawful.

Graduation exposed the next bottleneck. A completed curve once depended on a withdraw authority and an off-chain migration path. The documented current design disables that route and lets any caller migrate a completed curve to PumpSwap. The market handoff became permissionless, but fee recipients, curve settings and AMM switches still sit behind administrative keys.

How does Pump.fun work?

A create call records a name, symbol and metadata URI and pairs the new coin with a PDA-derived curve account. Virtual and real reserves determine buy and sell quotes. The curve becomes complete when real token reserves reach zero. At the documented snapshot, enable_migrate was true, so anyone could call idempotent migrate and the old authority-only withdraw route was disabled; migrated liquidity entered PumpSwap and the received LP tokens were burned.

PumpSwap is a constant-product AMM at program pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA. Pump’s Global authority can update every Global field except the authority itself, including enable_migrate, curve and supply parameters, migration fee and fee recipients. PumpSwap’s admin can disable create, deposit, withdraw, buy or sell, rotate the admin and update LP and protocol fees and recipients. These powers belong to program keys, not to PUMP holders.

PUMP uses Token-2022 and has six decimals. A finalized Solana RPC check on 5 September 2026 at slot 444,465,836 returned null mint and freeze authorities, a null metadata update authority, and a transfer-hook extension whose authority was set but whose program ID was null. The same read reported a live mint supply of 835,557,698,826.515840 PUMP, below the original one trillion after burns. The token page says 50% of revenue had been programmatically locked for burning for one year as of 28 April 2026, while its disclaimer says future purchases may otherwise be suspended, modified or stopped.

Key facts

Pump.fun dates its launch to January 2024; its Pump program creates immediately tradeable coins on bonding curves.
PUMP is the Token-2022 mint pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn, distinct from user-created coins and PumpSwap LP tokens.
The PUMP allocation disclosure totals one trillion: 33% ICO, 24% community/ecosystem, 20% team, 13% existing investors with 3% livestreaming, 2.6% liquidity and exchanges, 2.4% ecosystem fund and 2% foundation.
A finalized RPC read on 5 September 2026 returned null mint, freeze and metadata-update authorities; the transfer-hook authority remained set but its program ID was null.
At the documented snapshot enable_migrate was true, making completed-curve migration permissionless and idempotent while disabling the old authority-only withdraw path; Global authority can change that flag.
Pump Global authority can update every Global field except itself, including migration, curve, supply and fee settings; PumpSwap admin can disable five core operations, rotate admin and change fees.
The token page says 50% of revenue was programmatically allocated to burns for one year as of 28 April 2026 and displayed 164.18 billion burned on 4 September.
The same page denies PUMP holders a revenue or distribution right and warns that other future purchases may change or stop.
The FCA warning of 3 December 2024 says Pump.fun is unauthorised in the UK and users lack Ombudsman and FSCS protection.
The 31 August 2026 SDNY order let specified RICO claims proceed against Baton and three officers but dismissed other defendants and claims; it was not a liability judgment.

Official links

Official website Whitepaper Block explorer X / Twitter GitHub

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Frequently asked questions

Is Pump.fun itself the PUMP token?

No. Pump.fun is a platform and set of programs. PUMP is one Token-2022 asset; user-created coins and PumpSwap LP tokens are separate assets.

Does PUMP receive half of platform fees?

No holder distribution right is documented. The page describes a 50% buyback-and-burn target and a one-year programmed allocation, then expressly denies a right to revenue or other distribution.

Who controls the programs?

Pump Global authority can update every other Global field, including enable_migrate, curve and supply parameters, migration fee and fee recipients. PumpSwap admin can change fees and disable create, deposit, withdraw, buy and sell. Holding PUMP does not confer these keys.

Can PUMP still be minted or frozen?

At finalized slot 444,465,836 on 5 September 2026, Solana RPC returned null mint and freeze authorities. That is a time-specific chain state, not a statement about every Pump.fun-created coin.

Does migration prove a launched coin is safe?

No. Permissionless migration only moves completed-curve liquidity to PumpSwap and burns the migration LP tokens. It does not verify creator claims, price stability or legal status.

Did the US court find Pump.fun liable?

No. The 31 August 2026 order decided motions to dismiss. Certain RICO claims survived at the pleading stage, while several defendants and other claims were dismissed; liability was not decided.

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