Pump.fun vs Four.meme vs Genius.fun: How Launchpad Graduation Compares

New launchpads keep appearing, and they often look alike: you create a token in a few clicks, it trades on a bonding curve, and once enough money has flowed in, it "graduates" to a regular liquidity pool. The details differ, and the details decide what a buyer actually faces. This article compares Pump.fun, Four.meme and Genius.fun using the information we could find, and marks where information is missing or conflicting. It is a comparison of published data only. We have not tested these platforms, and nothing here is a recommendation. Figures are as of 3 November 2026 and can change.

What "graduation" means

On a launchpad, a token first trades against a bonding curve, a pricing formula run by a smart contract. When the curve fills to a set threshold, the token graduates: the money raised is paired with a share of the token supply in a liquidity pool on a decentralised exchange. What matters to a buyer is how much money goes into that pool, who controls the liquidity position afterwards and what fees apply. For the background, see our guide on how to check a graduated Pump.fun token before you buy.

Side-by-side overview

	Pump.fun	Four.meme	Genius.fun
Network	Solana	BNB Chain	BNB Chain
Token supply	1 billion	1 billion (per its documentation)	1 billion (per its About page)
Graduation threshold	About 85 SOL fills the curve (from our earlier research)	Documentation says roughly $10,000 equivalent; one exchange guide says about 24 BNB. Sources differ, so check	15 BNB (per its About page)
Where the pool goes	PumpSwap (before 20 March 2025, Raydium)	PancakeSwap	PancakeSwap Infinity
Liquidity position	LP tokens of the official graduation pool are burned	Not stated in the documentation we read	Described as locked and not unlockable by anyone (the platform's own description)
Trading fee on the curve	1% (per one secondary source)	1% per trade, minimum 0.001 BNB (per its documentation)	2% on every curve trade (per its About page)
Launch cost	Low; one secondary source says under $2	About 0.005 BNB network fee; no platform fee (per its documentation)	0.002 BNB per token creation (per its About page)

Treat the table as a starting point. Several cells come from one source only, and some come from the platforms themselves.

Pump.fun

Pump.fun is the best known launchpad on Solana. In our earlier research, we found that a typical graduation happens after roughly 85 SOL has been raised, and that the pool then opens with about 85 SOL and about a fifth of the token supply. Until 20 March 2025, graduated tokens moved to Raydium, and since then to the platform's own exchange, PumpSwap. LP tokens of the official graduation pool are burned, which means the liquidity cannot be withdrawn by the creator, but it does not stop a creator from selling tokens they hold.

On how often tokens graduate, an academic analysis on arXiv reported a graduation rate below one percent, and an analysis by Bitquery reported about one in 58. Methods and periods differ, so the numbers are not directly comparable.

Four.meme

Four.meme operates on BNB Chain. According to its documentation, every token has a preset supply of 1 billion, there is no platform fee for launching (a network transaction fee applies, about 0.005 BNB), and each trade pays a 1 percent fee. When the curve completes, a pool is created on PancakeSwap, and the documentation says that under its multi-token model 20 percent of the supply and all the collected raise tokens are paired. The documentation lets the developer buy part of the supply in the same transaction as the launch, which it describes as protection against snipers. See our article on bundled buys at launch for how this can look from the outside.

Two gaps: the documentation we read does not say whether liquidity tokens are burned or locked, and it does not state the graduation threshold in BNB. An exchange-published guide describes graduation at about 24 BNB and says about 1.3 percent of tokens graduate. That guide is promotional, so verify it on the platform.

Genius.fun

Genius.fun launched on 17 September 2026, according to reports. Its homepage describes it as a launchpad on BNB Chain that connects meme tokens with tokenized stocks. The platform's own About page describes the following, which we report as its claims, not as verified facts:

• A one-time launch fee of 0.002 BNB, a supply of 1 billion tokens and a virtual starting reserve of 6 BNB.
• A 2 percent fee on every trade, split between a foundation treasury (1 percent), the token's creator (0.25 percent), the platform (0.5 percent) and a buyback-and-burn of the token (0.25 percent). The creator chooses once, at launch, whether the foundation's share goes to the foundation vault or to the creator.
• An extra fee in the first 15 seconds of a launch that starts at 97 percent for non-exempt buyers and halves 14 times, with up to 32 creator-declared wallets exempt.
• Graduation when 15 BNB is raised, followed by a locked liquidity position on PancakeSwap Infinity with a 2 percent hook fee on each swap.
• Contracts described as audited forks of an existing design, deployed on BNB Chain.

The About page also describes a plan to let holders turn exposure into shares in a foundation, labelled "coming next". It says meme holders have no redemption claim on the foundation's assets. Reports at launch said that a well-known exchange founder was listed as an adviser to Genius and that an investor had put in tens of millions of dollars, according to Toobit News. We could not confirm this on the platform's own pages.

A report by The Merkle on 9 October 2026 counted 20,436 launches on the platform, of which 159, about 0.8 percent, had graduated, and said only one token was above a $1 million market cap at the time. The launch count was not attributed to a specific source, and market caps change by the hour.

The platform's own page lists some risks: names, symbols and logos can be copied, so only the contract address identifies a token; locked liquidity does not make a token safe; and trades are irreversible. It also states, "Use amounts you can afford to lose."

What the comparison shows, and what it doesn't

• Graduation is rare everywhere we looked. The figures are all under two percent, but the periods and methods differ.
• Fees differ. The curve fee ranges from 1 to 2 percent across the three platforms in the sources we read, and Genius.fun adds a large early-launch fee.
• Liquidity treatment is not the same. Pump.fun burns the LP tokens of its official pool, Genius.fun describes a locked position, and Four.meme's documentation does not say.
• Tokenized stocks add a new layer. Where a launchpad links tokens to tokenized equities, the rights of holders depend on the provider and on the law of your country. If this applies to you, check with your national regulator.
• A locked pool is not a safe token. Concentrated holders, copied names and creators who sell can still hurt buyers. See liquidity vs market cap.

What to check on any launchpad token

1. Verify the token by contract address from an official source, not by name or logo.
2. Check who holds the supply, and whether the largest holders are pools or people. See why the bonding curve and pool accounts look like big holders.
3. Check how the liquidity position is held, and who can change it.
4. Check whether metadata can still be changed. See mutable metadata.
5. Read the platform's own documentation and fee schedule, because fees and thresholds change.

You can also paste a token or contract address into the free scanner on the ScamSonnar homepage for a quick first look. It is free and needs no sign-up.

Launchpad rules, thresholds and fees change often, and several of the figures above come from the platforms themselves or from single secondary sources. Verify every figure on the platform's current documentation before you rely on it.

This article is for general information only. It compares data we found in public sources and is not financial or investment advice, not a recommendation to use any platform or buy any token, and not a prediction of results.

Sources

• Genius.fun and its About page (the platform's own description; not independently verified)
• Four.meme documentation: How it works
• Toobit News: Genius launches token-to-equity meme launchpad (18 September 2026)
• The Merkle: Genius.fun passes 20,000 token launches, but only one sits above a $1M market cap (9 October 2026)
• BingX Learn: What is Four.meme (promotional guide by an exchange)
• KuCoin Learn: How does PUMP work? (updated 29 July 2026)
• Our earlier articles on Pump.fun graduation, which cite an academic analysis on arXiv and an analysis by Bitquery

Several of these sources describe the platforms in the platforms' own words or repeat each other, so they are not independent confirmations. Please read the originals.