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Bonding curve
A bonding curve is a pricing formula that sets a token's price from how many tokens have already been bought, with the launch contract itself acting as the seller. On Pump.fun, every new coin starts on a curve, so it is tradeable instantly without anyone seeding a liquidity pool.
Builder codes (Hyperliquid)
Builder codes are a Hyperliquid feature that lets a third-party app or bot charge its own fee on trades it sends for you, on top of Hyperliquid's trading fees. You approve a maximum fee per app once, the fee is applied onchain, and you can revoke it at any time.
Bundled launch (bundles and bundled buys)
A bundled launch is a token launch where a group of wallets buys in the same block, or within seconds of trading opening, often controlled by the creator or by sniper bots. Bundled buyers get the lowest prices and can hold a large share of supply that they can sell together.
Cashback vs referral discount
A referral discount lowers the fee rate taken on each trade, usually by a fixed share such as 10%, when you sign up with someone's code. Cashback charges the full fee first and pays part of it back later, often in tiers that grow with volume or rank. Thresholds and conditions apply.
Copy trading
Copy trading is automatically mirroring another wallet's trades from your own wallet: when the tracked wallet buys or sells a token, your bot places a similar order moments later. You trade at your own, later price and pay your own fees on every copied trade.
Embedded wallets (non-custodial / MPC)
An embedded wallet is a crypto wallet built into an app, created when you sign in with email, social login or a passkey, instead of connecting a separate wallet such as Phantom. Whether it is non-custodial depends on who can authorise signatures, and that depends on how the app configured it.
Freeze authority
Freeze authority is the address allowed to freeze token accounts for a specific token. A frozen account keeps its balance but cannot send, receive or burn that token, so the holder cannot sell. If the freeze authority has been revoked, no account for that token can ever be frozen.
Fully diluted valuation (FDV)
Fully diluted valuation (FDV) is a token's price multiplied by its maximum supply, meaning every token that will ever exist. It differs from market cap, which normally counts only circulating supply. A big gap between the two signals that many tokens are still to be unlocked or minted.
Honeypot token
A honeypot token is a token you can buy but cannot sell. Its rules keep buys working so it looks actively traded, but block or confiscate sells. Your funds stay stuck while the deployer keeps the liquidity. Price charts cannot reveal one, because the buys are real.
Jito tip
A Jito tip is a SOL payment to one of Jito's tip accounts that bids for your transaction or bundle to be included by validators running Jito's software. Tips go to validators and their stakers. They are separate from, and usually paid alongside, Solana's normal priority fee.
LP burn (burned or locked liquidity)
LP burn means the tokens that represent a liquidity pool deposit have been destroyed or permanently locked, so that liquidity can never be withdrawn. It removes one common rug pull route, where the creator pulls the pool. It does not stop large holders from dumping tokens into that pool.
Market cap vs liquidity
Market cap is a token's price multiplied by its supply, a headline valuation. Liquidity is the money actually sitting in trading pools that you can sell into. A memecoin can show a large market cap with a small pool, and then you cannot exit anywhere near the displayed price.
Mint authority
Mint authority is the address allowed to create new units of a token, increasing its supply. If a memecoin's mint authority is still active, whoever controls it can mint more tokens at any time and dilute every holder. If it has been revoked, the supply can no longer grow.
Perps funding rate
A funding rate is a periodic payment between long and short holders of a perpetual futures contract that keeps its price close to the underlying asset. When the contract trades above the spot price, longs pay shorts. When it trades below, shorts pay longs. It is charged on your full position size.
Price impact
Price impact is how much your own trade moves a token's price, because you are buying from or selling into a pool with limited reserves. The bigger your trade relative to the pool's liquidity, the worse your average price. You can see it in the quote before you confirm.
Priority fee (Solana)
A priority fee is an optional extra amount of SOL you add to a Solana transaction so the current block leader is more likely to process it ahead of competing transactions. It goes entirely to the validator and is added on top of the fixed base fee every transaction pays.
Pump.fun graduation (migration to PumpSwap)
Graduation is the moment a Pump.fun coin's bonding curve sells out and its liquidity moves into a PumpSwap pool. From then on the coin trades against that pool, with tiered PumpSwap fees, instead of against the curve.
Rug pull
A rug pull is when a token's creators or insiders take the money out: they withdraw the liquidity pool or dump a large hidden supply, leaving other holders with a token that is near worthless or cannot be sold. It is one of the most common ways memecoin traders lose money.
Slippage
Slippage is the difference between the price you were quoted and the price your trade actually fills at. Your slippage setting is the worst outcome you will accept. If the market moves further than that before your trade lands, the transaction fails instead of filling.
Sniping (sniper bots)
Sniping is buying a new token in the first blocks after it can be traded, usually with a bot that watches for launches or migrations and submits orders automatically. Snipers aim to get the lowest prices. Their positions are often sold quickly into later buyers.