[//]:content-type-MARKDOWN-DONOT-DELETE To enrich the Alpha ecosystem and meet user demand for trading on emerging token launch platforms, Gate Alpha now officially supports internal trading for four major platforms: Pump.fun, Bonk.fun, Launchlab, and Moonshot. More popular token launch platforms will be added in the future. Users can access internal trading by opening the Gate app and navigating to: [Home] - [Alpha] - [select the corresponding launch platform (Pump.fun, Bonk.fun, Launchlab, or Moonshot) ] to enter the internal trading page. Version Requirement: Internal trading is currently available only on the Gate app. Please update to version 7.12.5 or above to participate in these trades. ![](https://gimg2.gateimg.com/image/image202507211639217121428591.png) **What Are Token Launch Platforms?** Take Pump.fun as an example — it’s a Solana-based platform for the issuance and trading of meme coins. It promotes fair launches by lowering the technical barrier for deployment, allowing anyone to launch a token for under $2. As a result, hundreds of new trading pairs are listed on decentralized exchanges daily. **What Is Internal vs. External Trading?** Using Pump.fun as an example: * Internal Trading refers to the early-phase transactions conducted directly within the platform using a dedicated mechanism. On Pump.fun, internal trading occurs in the initial liquidity pool governed by a Bonding Curve, where token prices automatically adjust based on supply. * External Trading begins after the token transitions from internal trading to a public decentralized exchange. Once internal liquidity reaches 85 SOL (≈ $69,000), the platform automatically migrates funds and minted tokens to Raydium, creating a liquidity pool (LP) and listing the token for open trading. In this phase, prices are determined by broader market supply and demand via AMM (Automated Market Maker) mechanisms. **What Is Liquidity Migration?** Liquidity migration refers to the process where a token’s initial liquidity (from the internal trading phase) is transferred to a decentralized exchange such as Raydium. This involves moving both the accumulated funds and tokens to create a public trading pool. This process usually takes a few minutes to a few hours, depending on network congestion. During migration, tokens are not tradable until the process is complete. **Risk Disclaimer** Alpha focuses on emerging digital assets, which often feature low market caps and experimental innovation. Please note that the digital assets offered within Alpha are not guaranteed to be listed on Gate’s main spot or futures markets. Prices of digital assets may fluctuate due to market conditions, and your investment value in Alpha could rise or fall accordingly. There is a risk of partial or total loss of your principal. Please ensure you fully understand that digital asset prices can change rapidly and significantly — this is an inherent feature of such investments. Participate rationally and make informed decisions based on your own risk tolerance. Gate Team July 21, 2025 **Gateway to Crypto** Trade over 3,500 cryptocurrencies safely, quickly, and easily on Gate **Take Action Now** Sign up and claim up to $10,000 in welcome rewards Invite friends and earn a 40% commission **Stay Connected** Visit Gate's official website Download the Gate App | Desktop Follow us on X (Twitter) to get more bonuses Join our Telegram community to discuss trending topics Engage with our global community for the latest insights **Transparency & Security** Check our 100% Proof of Reserves

Gate Alpha Now Supports Internal Trading of Token Launch Platforms: Pump.fun, Bonk.fun, Launchlab, and Moonshot