What is a bonding curve?

How it works

Pump.fun's bonding curve follows a fixed formula (price rises as a function of supply already sold) — every buy moves the price up along the same curve for the next buyer, and every sell moves it back down. There's no separate liquidity pool until the curve "graduates" (pump.fun moves roughly 6 SOL of the raised total into a Raydium pool at that point). It's fully deterministic — anyone can compute the exact price at any supply level in advance.

Why this is also the sniping surface

Because the curve is live and tradeable from the token's creation transaction onward, whoever buys first gets the cheapest price on the curve — that's the entire mechanism a sniper bot exploits. The curve itself isn't the problem; being tradeable before the intended buyers get a chance is. See what sniping is for the mechanics.

Where Fuze fits

A Fuze fair launch still ends up on the same pump.fun bonding curve — Fuze doesn't replace it. What changes is timing: the curve doesn't go live until a funding goal is already met, and the entire allocation is bought in one transaction at one price, so no buyer gets an earlier or cheaper spot on the curve than anyone else.