How it works

pump.fun lets a coin be priced in another pump.fun coin instead of SOL. Every coin launched on Ballot is priced in its party's token, so on pump.fun and PumpSwap it trades as COIN/BLUE (Left), COIN/GREY (Center) or COIN/RED (Right). This is enforced on-chain by pump.fun's program, not just a label.

Under the hood, yes: a coin on the Right trades against $RED. You don't have to hold it yourself, though: every coin page has a one-click buy in SOL that routes through $RED in the same transaction. That's the point: every buy of a side's coins is also demand for that side's token, so busier coins mean a bigger share of the vote.

Each party token's market cap, as a share of all three. "% reporting" is bonding-curve progress, and "elected" means a coin graduated to PumpSwap.

Because your coin is priced in them. The first buy happens in the same transaction as the launch, so nobody can buy in before you. You can launch without one.

An optional red, blue or grey frame and corner stamp baked into your coin's image, so the party shows on pump.fun, Axiom and in wallets, which only show the image, name, ticker and description.

Briefly, when a party token has just finished its bonding curve and is moving to PumpSwap; it takes a minute or two. pump.fun could also turn off coin-to-coin pairing; if that happens the site will say so.