The Solana decentralized exchange (DEX) PumpSwap is making waves in crypto trading. Just one week after its launch, it surpassed $1 billion in total trading volume. According to Dune Analytics, PumpSwap has taken 21% of the Solana DEX market, showing strong demand and fast growth.
PumpSwap Explosive Growth Recognized
In the past 24 hours, PumpSwap has handled over $540 million in trades, making it one of the fastest-growing decentralized exchanges (DEXs) on the Solana blockchain.
The platform offers quick transactions and low fees, which have attracted many traders and liquidity providers. This growth has helped PumpSwap gain a significant share of the market.
However, it is also worth noting that PumpSwap’s 21% market share puts it in direct competition with established Solana DEXs like Raydium and Orca.
If the platform maintains its current momentum, it could further solidify its position as a leading exchange on Solana. Looking ahead, PumpSwap is expected to introduce new trading features, governance mechanisms, and liquidity incentives, which could fuel even more growth.
Pump.fun Launched PumpSwap Dex on Solana
About a week ago, Pump.fun launched PumpSwap to become the go-to trading venue for Solana memecoins.
Notably, the new DEX aims to displace Raydium, which currently dominates Solana’s memecoin trading activity. Starting immediately after the launch, memecoins that successfully bootstrap liquidity, or “bond,” on Pump.fun could automatically migrate to PumpSwap.
With PumpSwap, migrations happen instantly and without fees, creating what Pump.fun calls the “most frictionless environment” for trading.
The new DEX operates similarly to Raydium V4 and Uniswap V2, offering familiar functionality. It also provides a more streamlined experience for memecoin enthusiasts.
Raydium Prepares to Launch Its Platform
The PumpSwap debut comes days after Raydium revealed its plans to launch a competing memecoin launchpad called LaunchLab. The move signals a shift from collaboration to direct competition between the two platforms. Likewise, the move marks a battle for dominance in Solana’s memecoin ecosystem.
To gain an edge, PumpSwap plans to introduce a revenue-sharing model inspired by rival GoFundMeme, another emerging protocol.
Soon, a portion of PumpSwap’s protocol revenue will be shared with memecoin creators, aligning their incentives with their communities. Meanwhile, memecoins have been instrumental in driving Solana’s DeFi growth.
The chain’s total value locked (TVL) skyrocketed from $1.4 billion to over $9 billion in 2024, with Raydium’s daily volumes soaring to over $2 billion.
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