What Are the Internal and External Market Stages?

Click on the "Pump" section in the navigation bar of the APP or PC, and you will find three categories of tokens:

1. New: Newly created tokens in the Internal Market Stage (higher risk).  

2. Finalizing: Tokens in the Internal Market Stage that are about to complete distribution.  

3. Launched: Tokens that have entered the External Market Stage (relatively lower risk).  

Internal Market Stage vs. External Market Stage

When a new project deploys its token using the automated issuance tool, pump.fun, users can purchase the project's tokens with SOL. Once the market cap reaches $69,000, the system automatically adds liquidity for the project from pump.fun to Raydium.  

• Internal Market Stage (Small Market): Before reaching a market cap of $69,000, projects remain in their very early stages with extremely high risk.  

• External Market Stage (Large Market): After reaching a market cap of $69,000 and successfully adding liquidity, projects transition to the External Market Stage, where risks are relatively lower and the market is more mature.