PumpSwap DEX nears $2.5 billion in cumulative volume 10 days after launch
Quick Take
- PumpSwap, the DEX recently launched by memecoin platform Pump.fun, has processed $2.43 billion in cumulative trading volume after just 10 days, shaking up the Solana DEX ecosystem.
- The DEX’s successful launch puts it second behind Raydium in terms of market share, above other leading exchanges such as Meteora and Whirlpool.
PumpSwap, the new decentralized exchange (DEX) from the creators of memecoin launchpad Pump.fun, has processed $10 billion in cumulative volume in its first ten days since officially launching, according to a Dune Analytics dashboard tracking the exchange.
Pump.fun launched the DEX on March 20 to allow successful memecoins to migrate directly to PumpSwap, bypassing Raydium, among the leading Solana-based exchanges and automated market makers (AMMs). Raydium, in January, processed a quarter of total DEX volume, according to The Block's data, more than any other exchange.
PumpSwap currently ranks second in market share among leading DEXs, according to the Dune Analytics dashboard.
Yet on Saturday, PumpSwap processed 14.5% of the volume processed by several major leading Solana DEXs, with Raydium claiming the largest market share at 47.5%. Meteora and Whirlpool both processed between 12% and 13%.
PumpSwap has generated over $20 million in protocol fees and its liquidity providers have received over $5 million in fees, according to the dashboard. Nearly 700,000 wallets have already accessed the protocol, with over 30 million total swaps.
Despite the success of PumpSwap, Pump.fun has lately seen volume across its exchange fall as demand for memecoin trading cools. Pump.fun's team has previously teased plans for a native token launch.
Meanwhile, Raydium is working on a memecoin launchpad of its own called LaunchLab, likely intended to compete with Pump.fun, The Block previously reported.
This article was updated on Sunday, March 30 at 6:30 pm EST to account for corrections to the cited Dune dashboard.
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