A bonding curve sets the price from a formula based on how much SOL is in the pool. No order book, no market maker.
Every token on Liport launches with the same curve parameters.
The formula
Liport uses Raydium’s LaunchLab constant product curve. At any moment:
price ≈ SOL reserve / token reserveBuys add SOL and remove tokens, so price goes up. Sells do the opposite. The curve starts cheap and gets more expensive as SOL flows in.
What is fixed at launch
| Parameter | Value |
|---|---|
| Graduation target | 85 SOL of net inflow |
| Raydium protocol fee | 0.25% |
| Liport platform fee | 0.55% |
| Creator fee rate | 0.20% |
| Supply locked by the curve | Fixed at launch |
The live curve state for any token is readable on-chain. The token page also shows a graduation progress bar.
Slippage
Slippage on a bonding curve is not the same as AMM slippage. There is no other liquidity to front-run you. Two things move your fill:
- Other trades that land before yours in the same block.
- Your own trade size relative to the current reserve.
The trade widget quotes an expected receive amount from the curve state at the moment of the quote. The on-chain program enforces a minimum receive set by your slippage tolerance.
Pricing intuition
- Early on the curve, small SOL buys move the price a lot.
- As the curve fills, each extra SOL buys fewer tokens.
- Near the graduation threshold, prices line up with the post-migration pool price.
What ends the curve
One thing: net inflow reaching 85 SOL. After that the curve account closes and the token moves on. See Graduation.