Newcomers to Solana often hear terms like “internal” and “external” platforms for token launches. But what do these terms mean, and how do they differ? In this guide, PandaTool breaks down everything you need to know.
What Are “Internal” and “External” Platforms on Solana?
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Internal Platform (Launchpad): Refers to Pump.fun, a Solana-based platform for launching and trading tokens. Launching a token on Pump.fun requires no liquidity pool setup—tokens go live instantly.
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External Platform (Public Market): Typically refers to decentralized exchanges (DEXs) like Raydium or PumpSwap (post-2025). Tokens migrate here after gaining traction on Pump.fun.
How Do They Work?
Launching on Pump.fun (Internal Platform)
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Create a meme token on Pump.fun—no liquidity pool needed.
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Users can trade immediately. As the token’s bonding curve pool grows, it automatically migrates to Raydium or PumpSwap once it hits 85 SOL in liquidity.
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Note: After 2025, Pump.fun tokens migrate to PumpSwap by default, not Raydium.
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Launching Externally (via DEX)
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Use tools like PandaTool’s Token Creator to deploy a token with full customization (supply, decimals, name).
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Manually create a liquidity pool on Raydium or PumpSwap to enable trading.
Key Differences
| Aspect | Pump.fun (Internal) | External Launch (DEX) |
|---|---|---|
| Token Supply | Fixed at 1 billion, decimals locked. | Fully customizable. |
| Token Ownership | Tokens remain in the bonding curve pool. | All tokens go to the creator’s wallet. |
| Liquidity Requirements | No setup required—trading starts instantly. | Requires manual liquidity pool creation. |
| Permissions | No admin controls (e.g., minting, blacklisting). | Full permissions for creators. |
Which Is Better?
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Choose Pump.fun for fairness and community-driven launches.
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Choose External Launches (via PandaTool) for full control over tokenomics and permissions.
Step-by-Step Guides
External Launch via PandaTool
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Visit PandaTool’s Token Creator.
2. Connect your Phantom wallet.
3. Customize token parameters (name, supply, decimals).
4. Confirm and pay fees.
Internal Launch via Pump.fun (Bundled Buy)
- Navigate to the “Bundled Launch” section.
- Enter token details and private keys for bundled wallets.
- Set the bundled buy amount and confirm the transaction.
What Is a Bundled Buy?
PandaTool’s Bundled Buy tool lets creators launch Pump.fun tokens while coordinating purchases across multiple wallets. This helps developers secure more tokens upfront for better project management.
Conclusion
“Internal” (Pump.fun) and “external” (DEX) launches serve different goals. Pump.fun prioritizes simplicity and fairness, while external tools like PandaTool offer flexibility and control. Choose based on your project’s needs.
Ready to Launch?
By understanding these platforms, you can navigate Solana’s token ecosystem with confidence—whether you’re building a community meme coin or a utility-driven project.
本文由PandaAcademy原创，如若转载，请注明出处：https://academy.pandatool.org/en_US/solana/403
。PandaAcademy是PandaTool旗下的Web3学习中心，专注于向普通用户提供区块链和加密货币知识输出
