Raydium LaunchLab Mandates CPMM-Only Graduation and Locks Creator LP at Token Migration

Raydium Raydium RAY$0.620-0.6% deployed a protocol-level upgrade to its LaunchLab token launch program on August 17, making CPMM pools mandatory for all newly initialized launches, consolidating creator and platform LP shares into a single locked position at token graduation, and formalizing SOL, USDC USDC, and RAY RAY as the supported quote assets for bonding curve launches.

The changes apply to launches created after the upgrade. Tokens initialized before today under an earlier program version retain access to MigrateToAmm for backward compatibility if their on-chain state encodes a legacy migrate_type. Any launch created from this point forward through the Initialize, InitializeV2, or InitializeWithToken2022 instructions must use migrate_type = 1, directing graduation to a CPMM pool rather than the legacy AMM v4.

CPMM Is Now the Only Graduation Path for New LaunchLab Tokens

LaunchLab bonding curves graduate automatically once the quote vault balance reaches the configured graduation threshold, a value derived from the curve's supply and pricing parameters. Before today's change, migration destination was platform-configurable: operators could route graduating tokens to CPMM or AMM v4. The upgrade removes that choice for new launches.

The Raydium changelog states it directly: "New launches are CPMM-only. Initialize, InitializeV2, and InitializeWithToken2022 require migrate_type = 1." Tokens seeded before today may still execute MigrateToAmm if their state permits.

CPMM uses the constant-product formula and carries a simpler account layout than the legacy AMM v4. Standardizing to a single pool type also unifies the post-graduation fee configuration, the creator-fee routing, and Token-2022 extension handling at migration, reducing surface area for implementation divergence across platform integrations.

Creator LP Now Locked With Platform Share at Graduation

The more structurally significant change is to LP distribution at migration.

LaunchLab's PlatformConfig stores three scale parameters (platform_scale, creator_scale, and burn_scale) that must sum to exactly 1,000,000. Before the upgrade, creator_scale generated a separate Fee Key directed to the token creator at graduation, giving the creator exercisable LP rights after a lock period.

From today, those two scales merge for new migrations. The platform-config documentation specifies the updated formula:

The resulting locked LP wraps into one Fee Key NFT directed to the platform's platform_nft_wallet rather than split between the platform and the original token creator. The remaining LP, determined by burn_scale, burns permanently at migration.

"Before the 2026-08-17 upgrade, creator_scale was locked separately and its Fee Key went to the token creator," Raydium's documentation states. "For migrations executed after the upgrade, it is added to platform_scale."

In practice: creator graduation-time LP can no longer be independently liquidated. The unified locked position sits under the platform's designated wallet; the burn allocation is removed from circulation at migration with no Fee Key issued.

SOL, USDC, and RAY as Configurable Bonding Curve Quote Assets

LaunchLab bonding curves operate in a quote asset: buyers send it to the curve in exchange for newly created base tokens during the launch phase. The upgrade formalizes three supported quote mints: SOL, USDC, and RAY.

Quote asset selection is locked at launch initialization and cannot be changed mid-curve. The cpswap_config field in PlatformConfig binds the post-graduation CPMM pool to a specific pool configuration tied to the chosen quote asset. Platform operators set their permitted quote assets through PlatformConfig rather than per launch, giving platform-level control over the token creation environment.

Platform Authorization Replaced With Config Allowlists

The upgrade also restructures how platforms authorize new launches. The previous model used GlobalConfig.requires_platform_auth, a global flag that applied across all platforms. That field is removed.

In its place: a restrict_global_config flag (occupying a reused padding byte in the account layout) enables per-platform enforcement via platform-allow-config PDAs, seeded with the platform_config and global_config addresses. When active, platforms must derive and include this PDA to execute new launches, providing granular control without a shared global switch affecting every platform on the protocol.

What Builders Must Update in MigrateToCpswap

Builders integrating MigrateToCpswap directly must update their account arrays to match the new ten-account layout. The upgrade adds two accounts at indices 8 and 9: CPMM support-mint PDAs for both sorted mints, derived via [b"support_mint", mint]. Missing these accounts causes the migration instruction to fail.

The remaining eight indices cover platform Fee Key infrastructure (owner, mint, ATA, locked-LP PDA, and metadata) along with the original creator fallback, the CPMM permission PDA, and an optional platform-configured creator address. Platform trade fees remain capped at 100 basis points per Raydium's platform-config documentation; creator fees are capped at 50 basis points, enforced by GlobalConfig's max_share_fee_rate.