The most intense period for many launch platforms is often the few minutes before opening, but after the bonding curve completes, there is frequently insufficient liquidity. The design focus of LaunchLab lies in this 'graduation' step: once a new token meets preset conditions, there is no need for the project to scramble for market-making funds at the last minute. Instead, the assets remaining in the bonding curve are migrated to a Raydium pool.
Price Discovery Occurs First in the Curve Stage
When a creator launches a token, they set the total supply, the proportion to be sold via the curve, the quote asset, and the graduation target. Buying and selling occur on a bonding curve driven by a virtual reserve; as buying increases, the price changes along the curve, and selling is calculated using the same set of rules in reverse.
Fees generated from transactions are split among liquidity providers, the protocol, and the creator according to their configured shares. Third-party platforms can set their own fee rates and distribution methods, so the specific fees for each new token on StonkFun cannot be directly equated with Raydium's default parameters. It is still necessary to check the configuration of the corresponding pool before trading.
Migration to CPMM Upon Reaching the Threshold
When the amount of the quote asset in the bonding curve reaches the target, LaunchLab triggers graduation. The remaining project tokens and the raised quote assets enter a CPMM (Constant Product Market Maker) pool, forming the initial liquidity. After the curve closes, users no longer buy or sell from the original curve but trade in the new Raydium pool.
Raydium's official documentation shows that newly initialized LaunchLab projects are all migrated to CPMM. The graduated pools can subsequently be used by Raydium Swap and aggregation routers, meaning trades are not confined to the StonkFun frontend alone. Users brought in by the platform may thus contribute to broader on-chain trading volume on Raydium.
Graduation Quantity Does Not Equal Effective Liquidity
A project reaching its threshold only indicates it has raised a sufficient amount of the quote asset during the curve stage. Whether it can sustain trading volume after graduation still depends on community activity, quote asset depth, pool capital size, and arbitrage efficiency. A large number of new tokens graduating quickly but losing trading volume within hours still contributes limited long-term fee revenue for the protocol.
The connection between StonkFun and LaunchLab adds a new entry point for Raydium, but the market will ultimately test it with two sets of data: how many projects graduate smoothly each day, and how much trading volume remains in these pools one week after graduation. The former reflects launch popularity, but the latter determines whether liquidity has truly settled.
