PumpSwap, a decentralized exchange (DEX) created by the team behind memecoin launchpad Pump.fun, has processed an impressive $10 billion in trading volume within its first 10 days, according to Dune Analytics.
Launched on March 20, PumpSwap allows memecoins to migrate directly from Pump.fun without needing to go through Raydium, a leading Solana-based DEX and automated market maker (AMM).
PumpSwap vs. Raydium: Market Share Shakeup
Raydium has long dominated the Solana DEX market, processing 25% of total DEX volume in January, according to The Block’s data. However, PumpSwap is quickly catching up.
On Saturday alone, PumpSwap accounted for 67.4% of Solana DEX trading volume, while Raydium held just 18.2%. No other exchange surpassed 5% market share, according to analytics dashboards.
Fees and Wallet Growth on PumpSwap
PumpSwap’s explosive adoption has generated:
- $20 million in protocol fees
- $5 million in liquidity provider fees
- Nearly 700,000 wallets interacting with the platform
These numbers highlight the growing demand for decentralized memecoin trading.
Challenges and Competition Ahead
Despite PumpSwap’s strong start, trading volume on Pump.fun has declined, signaling a cooling demand for memecoins. However, Pump.fun has hinted at plans for a native token launch, which could reignite interest.
Meanwhile, Raydium isn’t backing down. The platform is reportedly developing LaunchLab, a memecoin launchpad designed to compete directly with Pump.fun.
As the memecoin ecosystem evolves, the battle between PumpSwap and Raydium will shape the future of Solana DEX dominance.
