In just ten days since its launch, PumpSwap, the decentralized exchange created by Pump.fun, has recorded a cumulative trading volume of $2.43 billion.
Since launching on Mar. 20, the platform has generated $5.4 million in protocol fees, attracted 700,000 active wallets, and enabled 30.59 million swaps, according to data from Dune Analytics.
Although Raydium (RAY) still held 74% of the market share as of Mar. 30, PumpSwap has rapidly gained traction, making up 8% of Solana’s (SOL) total DEX trading volume.
PumpSwap was created by Pump.fun to make trading memecoins and providing liquidity easier. Previously, memecoins launched on Pump.fun migrated to Raydium after completing the bonding curve.
PumpSwap removes this extra step by combining trading, liquidity, and token creation on a single platform, enabling quick and free migrations. Like Raydium v4 and Uniswap (UNI) v2, the platform uses a constant product automated market maker model and bases pricing on liquidity pools rather than order books.
Pump.fun originally charged a six-SOL migration fee to Raydium, but PumpSwap replaced this with a 0.25% trading fee, of which 0.20% goes to liquidity providers and 0.05% to the protocol. This structure is expected to evolve once Creator Revenue Sharing is introduced.
PumpSwap’s early adoption was recently boosted by an integration with MEXC, a leading cryptocurrency exchange. On Mar.25, MEXC announced that PumpSwap would be supported by its DEX+ aggregator.
MEXC’s 34 million+ users in 170 countries can now easily access tokens on the platform through the MEXC app and website, making it the first aggregator to support direct trading of PumpSwap-listed tokens. This move will potentially help in drawing in more liquidity and traders to the platform.
As the memecoin frenzy cools, Solana’s total DEX volume has dropped sharply, from $258 billion in January to just $50 billion in March, as per DefiLlama data. However, both Pump.fun and Raydium, now with its LaunchLab incubator, seem to positioning themselves for a potential market rebound.
