Étienne Girard
PumpSwap, the decentralized exchange (DEX) developed by the team behind memecoin launchpad Pump.fun, has achieved a cumulative trading volume of $2.5 billion within just 10 days of its launch, according to Dune Analytics.
Launched on March 20, PumpSwap allows successful memecoins to migrate directly to its platform, eliminating the need for Raydium, one of the largest Solana-based decentralized exchanges (DEXs) and automated market makers (AMMs). Data from PRIME previously indicated that Raydium handled one-fourth of all DEX volume in January, making it the dominant player in the ecosystem.
PumpSwap Gains Market Share Among Solana DEXs
Currently, PumpSwap ranks as the second-largest DEX by market share, per Dune Analytics. However, Raydium continues to lead the sector, maintaining a 47.5% share of total Solana DEX volume.
On Saturday alone, PumpSwap processed 14.5% of the total trading volume among major Solana-based decentralized exchanges. Meanwhile, Meteora and Whirlpool each accounted for between 12% and 13% of market activity.
PumpSwap Generates $20 Million in Fees as Adoption Grows
Since its debut, PumpSwap has amassed over $20 million in protocol fees, with liquidity providers earning over $5 million in rewards. The platform has also gained rapid adoption, with nearly 700,000 unique wallets interacting with the protocol and over 30 million total swaps executed.
Despite PumpSwap’s impressive growth, Pump.fun has experienced a decline in trading volume as memecoin demand softens. The team has hinted at a potential native token launch, though no official timeline has been announced.
Meanwhile, Raydium is preparing to launch its own memecoin launchpad, LaunchLab, in what appears to be a direct challenge to Pump.fun’s dominance in the space, as previously reported by PRIME.
