Pump program

November 11, 2025 ยท View on GitHub

Pump program allows creating SPL coins that are instantly tradeable on a bonding curve without having to seed liquidity. When the coin hits a certain market cap the liquidity from the bonding curve is migrated to PumpSwap (an AMM on Solana). The LP tokens received from the PumpSwap pool are then burnt.

The bonding curve formula is based on Uniswap V2 and uses synthetic x and y reserves to ensure that there is liquidity for the coin.

Pump program is deployed at address 6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P on both Mainnet and Devnet.

State

Global

The global configuration of the program is stored in the only Global account, whose address is 4wTV1YmiEkRvAtNtsSGPtUrqRYQMe5SKy2uB4Jjaxnjf (PDA-derived from ["global"] seeds). The content of this account can be examined on Mainnet Solscan:

{
  "initialized": {
    "type": "bool",
    "data": true
  },
  "authority": {
    "type": "pubkey",
    "data": "FFWtrEQ4B4PKQoVuHYzZq8FabGkVatYzDpEVHsK5rrhF"
  },
  "fee_recipient": {
    "type": "pubkey",
    "data": "62qc2CNXwrYqQScmEdiZFFAnJR262PxWEuNQtxfafNgV"
  },
  "initial_virtual_token_reserves": {
    "type": "u64",
    "data": "1073000000000000"
  },
  "initial_virtual_sol_reserves": {
    "type": "u64",
    "data": "30000000000"
  },
  "initial_real_token_reserves": {
    "type": "u64",
    "data": "793100000000000"
  },
  "token_total_supply": {
    "type": "u64",
    "data": "1000000000000000"
  },
  "fee_basis_points": {
    "type": "u64",
    "data": "100"
  },
  "withdraw_authority": {
    "type": "pubkey",
    "data": "39azUYFWPz3VHgKCf3VChUwbpURdCHRxjWVowf5jUJjg"
  },
  "enable_migrate": {
    "type": "bool",
    "data": true
  },
  "pool_migration_fee": {
    "type": "u64",
    "data": "15000001"
  },
  "creator_fee": {
    "type": "u64",
    "data": "0"
  },
  "fee_recipients": {
    "type": {
      "array": [
        "pubkey",
        7
      ]
    },
    "data": [
      "7VtfL8fvgNfhz17qKRMjzQEXgbdpnHHHQRh54R9jP2RJ",
      "7hTckgnGnLQR6sdH7YkqFTAA7VwTfYFaZ6EhEsU3saCX",
      "9rPYyANsfQZw3DnDmKE3YCQF5E8oD89UXoHn9JFEhJUz",
      "AVmoTthdrX6tKt4nDjco2D775W2YK3sDhxPcMmzUAmTY",
      "CebN5WGQ4jvEPvsVU4EoHEpgzq1VV7AbicfhtW4xC9iM",
      "FWsW1xNtWscwNmKv6wVsU1iTzRN6wmmk3MjxRP5tT7hz",
      "G5UZAVbAf46s7cKWoyKu8kYTip9DGTpbLZ2qa9Aq69dP"
    ]
  }
}
  • The initialized field is set to true and never used.
  • The authority pubkey is the authority which can update the global configuration.
  • The fee_recipient pubkey is one of the 8 fee_recipients which can be used by buy / sell instructions, together with the other 7 Global::fee_recipients pubkeys.
  • The initial_virtual_token_reserves, initial_virtual_sol_reserves, initial_real_token_reserves and token_total_supply fields are used as the initial parameters for the bonding curve of each newly created coin.
  • The fee_basis_points == 100 bps represents the fee in bps transferred to the fee_recipient account on buy / sell instructions.
  • The withdraw_authority pubkey is the authority which can call the deprecated withdraw instruction.
  • The enable_migrate flag is used to enable the new migrate instruction and disable the deprecated withdraw instruction. Currently, it is set to true.
  • The pool_migration_fee are the minimum lamports necessary to pay for all accounts created during migrate instruction. It is currently set the minimum of 15000001, less than MAX_MIGRATE_FEES == 15_000_000, which represents the maximum cost of all accounts created during a migrate instruction.
  • The creator_fee is set to 0 and is not used.

Bonding curve

Each coin has an associated bonding curve account, which is PDA-derived from ["bonding-curve", mint] seeds. An example bonding curve account can be found at https://solscan.io/account/EsmVk4MTsoT71JFaRM5DWFZboKpMQjfY6EYzAgUuksXw#accountData:

{
  "virtual_token_reserves": {
    "type": "u64",
    "data": "1072999999992855"
  },
  "virtual_sol_reserves": {
    "type": "u64",
    "data": "30000000013"
  },
  "real_token_reserves": {
    "type": "u64",
    "data": "793099999992855"
  },
  "real_sol_reserves": {
    "type": "u64",
    "data": "13"
  },
  "token_total_supply": {
    "type": "u64",
    "data": "1000000000000000"
  },
  "complete": {
    "type": "bool",
    "data": false
  }
}
  • The virtual_token_reserves, virtual_sol_reserves, real_token_reserves and token_total_supply fields are initialized on coin creation to the corresponding values from Global account. The initial real_sol_reserves is set to 0.
  • On each buy operation, virtual_sol_reserves and real_sol_reverses increase with the same lamports amount according to the bonding curve formula, while virtual_token_reserves and real_token_reserves decrease with the same coin amount.
  • On each sell operation, virtual_sol_reserves and real_sol_reverses decrease with the same lamports amount according to the bonding curve formula, while virtual_token_reserves and real_token_reserves increase with the same coin amount.
  • The complete field is initially set to false. It is set to true at the end of a buy instruction, when real_token_reserves == 0, so there are no more real tokens left in the bonding curve.

Instructions

  • create(user, name, symbol, uri, creator) allows a user to create a new coin with the given name, symbol and uri. The creator pubkey is the creator which will be added to the mint Metaplex metadata creators array, together with the provided name, symbol and uri.

    • In general, user and creator are the same pubkey, but they can be different, for example, on the free coin creation flow, when the first coin buyer also creates the coin on-chain. In this case, creator pubkey is the original coin creator, while user pubkey is the first buyer. This is also the reason why creator pubkey is not required to be a signer for this instruction, as the original creator cannot sign the tx of the first coin buyer.

  • buy(user, associated_user, mint, amount, max_sol_cost) allows a user to buy the exact amount of coins from the bonding curve of the given mint, using at most max_sol_cost lamports.

  • sell(user, associated_user, mint, amount, min_sol_output) allows a user to sell the exact amount of coins to the bonding curve of the given mint, receiving at least min_sol_output lamports.

  • withdraw(withdraw_authority, mint) is a now-disabled instruction which allowed the withdraw_authority pubkey to withdraw the liquidity of a completed bonding curve and migrate it to Raydium from an off-chain server.

  • migrate(user, mint) allows any user to migrate the liquidity of a completed bonding curve of the given mint to PumpSwap AMM. A completed bonding curve is a bonding curve with complete == true and real_token_reserves == 0. The migrate instruction is idempotent, meaning that running it on a completed and migrated bonding curve does nothing. It is also permisionless, so anyone can migrate a completed bonding curve.

  • extend_account(user, account) allows anyone to extend the data size of any program-owned account (Global or BondingCurve) in order to allow adding new fields to the existing account types.

  • initialize(user, global) initialized the sole Global account on Pump program deployment and can be executed by anyone. The first pubkey which successfully executes initialize is the one which sets the Global::authority field. This instruction cannot be called more than once because the second time it is called, the Global account already exists.

  • update_global_authority(global, authority, new_authority) allows the current Global::authority to update the Global::authority field to a new pubkey.

  • set_params(global, authority) allows updating all the Global account fields, apart from Global::authority, which is updated using update_global_authority instruction.