The decentralized exchange (DEX) known as PumpSwap, launched by memecoin platform Pump.fun, has accomplished $10 billion in cumulative trading volume within 10 days of its March 20, 2025, introduction. The rapid expansion of PumpSwap disrupts Solana DEX markets by threatening Raydium’s industry leadership position along with Meteora and Whirlpool. PumpSwap demonstrates its ability to revolutionize memecoin trading through its rapid ascent after launch because of these key features, which promise more than fleeting success
Volume Juggernaut Redefines the Market
PumpSwap’s numbers are staggering. The Dune Analytics dashboard reports that PumpSwap achieved $10 billion in total volume by March 30, just before the year turned. This growth came from its direct integration with Pump.fun’s memecoin launchpad. PumpSwap eliminates migration needs by offering instant token transfers for free through its platform instead of routing tokens to Raydium anymore. This process provides better liquidity and eliminates the middleman. Saturday brought 67.4% of the total Solana DEX volume, while the remaining 18.2% belonged to Raydium DEX. Meteora, Whirlpool, and others? They couldn’t even crack 5% each.
The revenue from this system exceeds standard volume statistics because it generates profits. The protocol-based revenue from PumpSwap exceeded $20 million as liquidity providers received $5 million additional income. More than 700,000 wallets have joined the platform during its rapid time-to-market penetration. Raydium enjoyed the top position in Solana’s DEX volume market share during January, with a 25% dominance, but PumpSwap has managed to steal the spotlight in 2021. The rising popularity of PumpSwap marks a strategic market movement that has changed the direction of the entire ecosystem.
Why PumpSwap’s Timing Is Perfect
The launch of PumpSwap by Pump.fun occurred perfectly timed to seize the market opportunity. PumpSwap’s introduction aligns with a period where Memecoin mania has reduced Solana’s total value locked (TVL) from $1.4 billion to over $9 billion during 2024. The trading volumes at Pump. Fun has fallen during recent times. PumpSwap is a DEX solution that continues to control the memecoin market by reducing transaction costs to zero (from previous 6 SOL fees) and enhancing speeds. The Pump.fun platform depends on PumpSwap as its internal trading hub to keep creators and traders within the system rather than having them leave for competing platforms like Raydium.
The tech backs up the hype. The Constant Product AMM model used by PumpSwap functions identically to both Raydium V4 and Uniswap V2 while charging a low 0.25% trading fee of 0.20% for liquidity providers and 0.05% to the protocol. The system’s basic design, together with its efficient and scalable nature, attracted many users to the platform rapidly.
Raydium’s Response: Fight or Fade?
Raydium’s not sitting idle. Pump. Fun users initially used the platform as their primary trading destination, but now its market dominance falters. In January, Sorlendir led all Solana DEXs, but it has faced increased competition during the current month. Raydium’s counterpunch? Memecoin launchpad LaunchLab established its competition directly against Pump.fun by debuting in the market. PumpSwap took 67.4% of the market share from Raydium on Saturday, indicating that a significant change may occur. A potential native token launch from Pump.fun would finalize the user base shift from Raydium users to Pump.fun dedicated users.
The Bigger Picture for Solana
- The successful rise of PumpSwap has provided a major breakthrough to the whole Solana decentralized exchange marke. Here’s a quick snapshot:
- On Saturday, neither Pump.fun nor the Raydium controlled the major DEX volume as Pump.fun secured 67.4% volume while Raydium maintained at 18.2%.
The cryptocurrency platform gained 700,000 new wallets within the first ten days due to strong user acquisition, which attracted attention.
The dual existence of the protocol earning $20 million concurrently with LPs gaining $5 million verifies profitable operations despite the popular buzz.
But there’s a flip side. The wider memecoin trading volume at Pump.fun has decreased because the market excitement has faded, while PumpSwap continues to succeed because of this specific aspect. Can it expand beyond memecoins? The platform pursues its broader vision through partnerships involving Aptos and Tron and Coinbase’s cbBTC, even though it remains in an initial development phase.
