A Pump.fun coin that graduated to Raydium is a coin whose bonding-curve liquidity was migrated onto that separate Solana exchange before PumpSwap opened in 2025, which is why more than 93,500 such coins have their canonical pool on Raydium alone. The familiar rule that graduation lands a coin in a PumpSwap pool arrived too late to apply to them.
PumpSwap, Pump.fun's own exchange, only opened in March 2025. Every coin that graduated before then had its pool built somewhere else, on Raydium, so its trading stayed entirely off PumpSwap. That gap trips up anyone who learned how a Pump.fun coin works from a current guide and then goes hunting for the PumpSwap pool of an older graduate, because for these coins graduation built that pool on Raydium instead.
Knowing that a coin belongs to the pre-2025 group, and knowing where its market actually sits, is the difference between finding your liquidity and writing off a live coin as empty.
How recent is the graduate-to-PumpSwap rule?
The graduate-to-PumpSwap arrangement has only held since March 20, 2025, the day the venue opened. Every current guide describes it, and it is right for coins graduating now, but it is a recent setup, and it differs from how the process worked for most of Pump.fun's life so far.
Pump.fun's own bonding-curve model describes graduation as the moment a coin's market cap on the curve hits the threshold, the curve closes, and the whole liquidity pool migrates atomically to PumpSwap, where it becomes a canonical pool the protocol owns and holds untouched afterward (source: Pump.fun docs). That is the model readers are taught, and it is correct, but only for the period since the switch.
That period is short. PumpSwap opened on March 20, 2025, and from that day Pump.fun routed graduating coins to its own exchange instead of Raydium, the Solana exchange it had relied on until then (source: Cointelegraph). A coin's graduation date decides where its pool lives, regardless of its status today. Anything that graduated in 2024 or the first months of 2025 went to Raydium, and the later switch left those coins where they were. So the mental picture most readers carry, graduate and appear on PumpSwap, quietly fails for a whole era of coins that predate the venue.
How the old Raydium migration worked
Under the old model, a coin reached a graduation market cap of about $69,000, and a Raydium pool was created for it using the liquidity the curve had gathered. Opening that pool cost roughly 6 SOL, and the pool's liquidity was then locked by burning the LP (liquidity provider) tokens, which put it permanently out of reach.
Raydium is one of the largest automated market makers on Solana, where trades run against a pooled reserve instead of an order book, the pool type BloFin's explainer on Raydium liquidity pools walks through. A coin had to reach $69,000 in market cap on Pump.fun before it moved to Raydium for open trading, and creating that pool carried a 6 SOL migration fee taken out of the migrated funds (source: The Block).
The burn step is what fixed each coin's liquidity in place. When a coin graduated, roughly $17,000 of liquidity was added to its Raydium pool and the LP tokens were sent to an address beyond anyone's control, which locked the pool for good (source: SolanaFloor). This was common. More than 93,500 coins graduated and moved their liquidity to Raydium under this model, with over 2.87 million SOL ending up locked across those pools. The graduation process works differently today, but these older coins were routed somewhere else entirely, and the routing was permanent.
Where a Raydium-era coin trades today
A Raydium-era coin trades on Raydium, where its liquidity has sat since the day it graduated, and often on other Solana exchanges that opened pools for the same token later. The deepest market is almost always the original Raydium pool, so a real buy or sell meets the coin in that Raydium pool.
Fartcoin is a clear example, one of the best-known coins ever to graduate from Pump.fun. Its single mint trades in several pools, but the deepest by a wide margin is a Fartcoin-and-SOL pool on Raydium holding about $7.6 million, and that pool was created on October 18, 2024, five months before PumpSwap existed (source: GeckoTerminal). Its other markets sit on Orca and Meteora, exchanges that added pools for the mint over the following year. Its main markets sit on Raydium and those later venues, since graduation built its pool there.
This is the ordinary shape of a large early graduate, and it is why reading a coin as pool-less on the strength of a missing PumpSwap listing gets the market backwards. The liquidity is real, it is deep, and it is simply on the venue graduation put it on. These coins sit inside the wider world of Solana memecoins, where one token can trade in many places at once, and the venue that hosts the most depth is the one that actually governs what a trade costs.
For traders who want direct exposure to PUMP itself, the platform's own token trades as PUMP/USDT on BloFin, where the fee schedule sets what each position costs.
How to find the market by the mint address
To find a Raydium-era coin's market, copy its mint address, paste it into a market-data tool that lists every pool for the token, and read the Raydium pool instead of the PumpSwap one. A page built around the current graduate-to-PumpSwap model may show these coins as lacking a venue, which still leaves their real market intact on Raydium.
The trap is easy to fall into. You hear that an older coin graduated, you go looking for its PumpSwap pool the way a current guide tells you to, you come up empty, and you conclude the coin is abandoned or drained of liquidity. In fact its market can be millions of dollars deep on Raydium, exactly where graduation put it. The fix is to identify the coin by its mint, the one label that stays fixed to a coin, and let a market-data tool show you every pool that holds it.
The same habit helps with the mirror case of tokens Pump.fun did not launch, where a coin on a Pump.fun front end originated elsewhere. In both situations the coin page and the real market are separate things, and the mint is what tells them apart. Check the address instead of the label, and the venue question answers itself: an old graduate points you to Raydium.
How common are Raydium-era graduates?
Coins that graduated to Raydium make up a major group. They cover a huge share of every coin that graduated in Pump.fun's first year and a half, and some of the largest and most traded coins the platform ever produced belong to that group, because the biggest names from that first period all graduated well before PumpSwap opened.
The coins that defined Pump.fun's breakout, the standouts from its busiest early months, launched and graduated in a window when Raydium was the sole destination graduation had. That is why the Raydium-pool pattern reaches the platform's headline assets, describing where the market for many of them still sits. Reading a missing PumpSwap pool as proof of a dead coin is therefore a mistake about some of the most liquid tokens Pump.fun ever produced.
A token's trading venue is a fact you confirm directly, because a coin that looks pool-less on one platform's page can be deeply liquid on the venue that actually holds its market. For anything that graduated before PumpSwap opened, look to Raydium first, then check the mint to see the full spread of pools trading it.
Looking to trade PUMP? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and navigate to the PUMP/USDT Spot trading page or PUMPUSDT Perpetual page.
Frequently asked questions
Did coins that graduated to Raydium move to PumpSwap when it launched?
No. The March 2025 switch changed the destination for new graduations only, and it left coins that had already graduated where they were. Their liquidity was already sitting in Raydium pools with the LP tokens burned, so it stayed locked in place even if Pump.fun had wanted to move it. The result is that an older graduate stays a Raydium coin permanently, while a coin graduating after the switch is a PumpSwap coin, and the dividing line is simply the date each one crossed the threshold.
How can I tell whether a coin graduated before PumpSwap existed?
Check the creation date of its main liquidity pool, or the coin's own launch date, against March 20, 2025. A market-data tool usually shows when each pool was created, and a deep Raydium pool with a creation date in 2024 or early 2025 is a reliable sign the coin graduated under the old model. Launch date alone is a weaker clue, since a coin can take time to graduate, but a coin that both launched and built its pool before that spring almost certainly went to Raydium instead of PumpSwap.
Can a Raydium-era coin get a PumpSwap pool later?
Yes, but it would be a new and separate pool, distinct from the canonical one graduation creates. A Solana token's mint is public, so anyone can open a pool for it on any exchange, including PumpSwap, and seed that pool with their own funds. A pool made this way is just one more market among the coin's many, and for an old graduate it is usually tiny next to the established Raydium pool. It lacks the protocol-owned status that a real graduation pool has, so the coin's actual depth stays on Raydium.
Does an old Raydium graduate pay different trading fees than a newer coin?
Yes, because fees follow the pool you trade in. A trade in a Raydium pool pays Raydium's fee schedule, set by Raydium itself, while a coin that graduated to PumpSwap trades under PumpSwap's own post-graduation fees. Since a Raydium-era coin's real market is on Raydium, the cost of trading it is governed by that venue. Two coins that look identical on a front end can therefore cost different amounts to trade purely because they live on different exchanges.
Are new Pump.fun coins still sent to Raydium?
Since the March 2025 switch, a coin that graduates goes to PumpSwap by default, so today's graduations build PumpSwap pools instead of Raydium ones. That makes the Raydium-era graduates a closed historical set, fixed at whatever coins crossed the threshold before the switch. The group stays the same size, and it endures, because those pools were locked at graduation and continue to hold the liquidity for coins that many traders still buy and sell.
Researched and written by the BloFin Academy editorial team with AI-assisted drafting. Primary sources include Pump.fun's bonding-curve documentation, The Block, and SolanaFloor. All facts independently verified against cited documentation current as of September 2026.
This article is for informational and educational purposes only. It is not financial, investment, trading, or legal advice. Memecoins are extremely high-risk and most lose all their value quickly. Platform mechanics and venues change often, so verify current details against primary sources before acting. Do your own research and never risk funds you cannot afford to lose.