pump.fun & Launchpads
pump.fun became the dominant Solana token factory in 2024–2025. It lets anyone mint and immediately trade a token against a bonding curve — no liquidity needed at launch. Tokens that hit a market cap threshold "graduate" to Raydium. The low barrier to entry means the vast majority of pump.fun tokens lose most of their value within hours or days of launch. Speed of creation does not imply quality.
