the bonding curve

a bonding curve is a math function that determines a token's price from how much SOL has been collected so far. no orderbook, no AMM during this phase — just price = f(sol_in_curve).

§the function we use

Meteora DBC (Dynamic Bonding Curve) supports up to 16 programmable segments. our config is mildly super-linear: price grows faster than linearly as more SOL flows in.

§why a curve at all?

three reasons:

1. anyone can buy at any time without a counterparty. the curve is always willing to sell at the current price. no liquidity provider needed.
2. early buyers get a structural advantage. the price climbs as more SOL enters, so people who buy early pay less per token. that's by design — early belief should earn more upside.
3. graduation creates a milestone. the curve closes at a defined market-cap target. that's a coordination point: "this token has enough activity to migrate to a real AMM."

§graduation target

the curve is framed in market cap, not raised-SOL. every hehe.fun launch starts at 30 SOL initial FDV and graduates when it reaches 400 SOL migration FDV — a ~13.3× price climb along the curve.

the SDK derives the actual quote-token threshold from that mcap range: ~86 SOL raised triggers graduation. that number is pinned platform-wide — no creator dial, no per-token override.

why this specific shape:

• mcap-anchored framing makes the curve readable from any chart: "where does the price end vs. where it began" is the same story on every launch
• ~13× growth is steep enough to reward early belief without being absurd
• ~86 SOL raised is low enough that a token with real momentum graduates fast — and faster graduations mean tokens shift sooner into the perpetual post-grad fee mode — yet high enough that the post-grad DAMM v2 pool has meaningful depth from day 1
• uniform across the platform — every chart on hehe.fun has the same x-axis story

§what happens when you trade

every trade on the curve:

1. moves the curve forward (buy) or backward (sell) by the SOL amount
2. pays a 2.5% fee — 0.5% Meteora protocol + 2.0% partner cut (our piece). of the 2.0% partner cut, our distribution program splits 1.60% to the staker pool / 0.20% to creator / 0.20% to treasury
3. updates the price for the next trader

slippage exists because the curve moves with each trade. between submitting and confirming, other trades may push the price. you can set slippage tolerance on the trade panel.

§comparison to alternatives

bonding curves are the right tool for the launch phase. AMMs are the right tool for the steady state. Meteora DBC's design transitions between them automatically at graduation.