The newly launched decentralized exchange on Solana, PumpSwap, which began operations just a week ago, has already exceeded $1 billion in total trading volume, securing a 21% share of the Solana DEX market.
Over the last 24 hours, PumpSwap’s trading activity has surged past $538 million, bringing its overall volume to more than $1.2 billion, as per analytics data.
Despite these impressive trading figures, PumpSwap currently maintains only 21% of the DEX market on Solana (SOL), with Raydium dominating at 57.4%.
Pump.fun introduced PumpSwap on March 20, having begun testing its automated market maker (AMM) features in late February. This development likely prompted Raydium to launch its own token creation platform, LaunchLab, in an effort to safeguard its revenue.
While Raydium continues to dominate the DEX market on Solana, PumpSwap is proving to be a formidable contender. Its instant token migration from Pump.fun is a significant advantage, as tokens created on Pump.fun can now seamlessly transition to PumpSwap right after completing their bonding curves. This solution not only streamlines the process for token creators but also eliminates the previous six SOL fee associated with migrating to Raydium.