The newly launched decentralized exchange (DEX) from the memecoin platform Pump.fun, known as PumpSwap, has already achieved a remarkable trading volume of over $1 billion just one week post-launch, according to data from a blockchain analytics provider.
On March 19, Pump.fun introduced its own DEX on the Solana network, intending to foster a “frictionless environment” for memecoin trading. Prior to this, memecoins launched on Pump.fun had to transition to the Solana DEX Raydium after establishing liquidity, which made Raydium the leading DEX on Solana.
The Pump.fun team noted that these necessary migrations hindered the momentum of tokens and added “unnecessary complexity” for newcomers. With the new DEX, the project claims that migrations are now instantaneous and cost-free.
A week after its launch, PumpSwap reached a total trading volume exceeding $1 billion. An analytics dashboard by an onchain analyst revealed that PumpSwap achieved a trading volume of $1.1 billion in just the first week.
PumpSwap DEX total trading volume achievements. Source: Blockchain analytics platform
PumpSwap surpasses $1.1 billion in trading volume
Source: Onchain analyst
The launch of PumpSwap coincides with news that Raydium is planning to develop its own memecoin launchpad, creating a competitive dynamic between Pump.fun and Raydium. What was once a partnership now positions these two Solana projects as rivals.
Related: Regulators in Dubai state that memecoins must comply with regulations
Pump.fun unveils DEX amid a decline in memecoins
Magazine: While memecoins fade away, Solana remains a prominent player despite revenue dip