The decentralized exchange (DEX) PumpSwap, a new product from the memecoin platform Pump.fun, has created a sensation in the Solana ecosystem by reaching a total trading volume of $2.43 billion just 10 days after its launch. This is an impressive achievement, helping PumpSwap quickly become one of the top DEXs on Solana, ranking just behind Raydium in market share and surpassing many other famous exchanges like Meteora and Whirlpool.
Pump.fun officially deployed PumpSwap on March 20 with the goal of allowing memecoins on its platform to move directly to this exchange, instead of relying on Raydium – one of the largest AMM (Automated Market Maker) platforms on Solana. In January, Raydium processed up to 25% of the total trading volume on Solana's DEXs, becoming the largest trading platform in the ecosystem. However, the emergence of PumpSwap is shaking that position.
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Last Saturday, PumpSwap accounted for 14.5% of the total trading volume of major DEXs on Solana, while Raydium still maintained its leading position with 47.5%. Two other exchanges, Meteora and Whirlpool, had trading volumes ranging from 12% to 13%. This success shows the increasingly fierce competition in Solana's DeFi ecosystem, especially in the memecoin trading segment.
In addition to achieving massive trading volume, PumpSwap has also generated over $20 million in transaction fees for the protocol, with LPs receiving more than $5 million in fees. To date, nearly 700,000 wallets have accessed the protocol, with over 30 million token swaps performed.
However, despite PumpSwap's important milestones, the trading volume on Pump.fun – the parent platform of this DEX – is showing signs of slowing down as memecoin trading demand declines. This raises the question of whether PumpSwap can maintain this strong growth momentum in the long term.
Not stopping there, Pump.fun has hinted at plans to launch the platform's native token, which could create a new FOMO wave in the community. Meanwhile, their main competitor – Raydium – is not sitting idle, as they are developing their own launchpad called LaunchLab, which may directly compete with Pump.fun in the near future.
With this fierce competitive landscape, the Solana community is eagerly waiting to see if PumpSwap can continue to maintain its position and become a real force in the DEX market. PumpSwap's development is not just a big step for Pump.fun but also a sign of a strong change in the DeFi ecosystem on Solana, as new platforms gradually change the game and challenge the long-established giants.
Compiled by VIC Crypto
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