Bonding curve
A contract that buys and sells a token along a fixed formula: the more has been bought, the higher the price.
What it looks like in practice
A new pump.fun token first trades only through its curve. When market cap reaches the threshold, the token graduates: liquidity moves into a PumpSwap pool and trading continues like on a normal DEX.
Why it matters
The curve holds most of the tokens not yet sold, so it is often mistaken for a whale. That is wrong: its tokens belong to the sale mechanism, not a person. Without excluding the curve, concentration looks worse than it is.
How QUVR Pulse checks it
QUVR Pulse finds the pump.fun curve by its address (PDA) and excludes it and the pools from concentration. The report also reads the token creator — it is stored in the curve account.
FAQ
Why does a token on the curve show no liquidity?
Before graduation there is no regular pool: the price comes from the curve formula. So liquidity and price impact are shown as “No data”.