the coin sits on a pump.fun bonding curve until it graduates. the curve account holds five numbers and one flag, read directly from the chain and shown here without interpretation. the tank below is the real sol in the curve drawn against the 85 sol graduation line.
curve account virtual token reserves virtual sol reserves real token reserves real sol reserves token total supply complete spot price, sol fetched
┌──────── 85 sol ────────┐ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ │ └────────────────────────┘
the curve is a constant product between the virtual sol reserves and the virtual token reserves. a buy of s sol receives tokens equal to the virtual token reserves minus the product of the two reserves divided by the virtual sol reserves plus s. a sell of t tokens receives sol equal to the virtual sol reserves minus the product divided by the virtual token reserves plus t. the virtual reserves include an offset so that the first buy is not free, and the real reserves are what has actually been paid in. when the real sol reserves reach the graduation amount the curve completes and liquidity moves to a pool.
real sol tokens left spot, sol value, usd
where the curve goes. for each level of sol paid in, the tokensleft on the curve, the spot price and the implied value,computed from the constant product at the current state. theyellow row is where the coin is now.
the real reserves against the virtual ones, and the share ofsupply already sold off the curve.